entrepreneurship 101: hey buddy, can you spare a $100 million
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hey buddy, can you spare a $100 million?
how to convince successful financiers to give you
millions of dollars in a project doomed to fail!
or
Michael PolonskyApril 19th, 2006
I love love loveentrepreneurs life sciences canada
high quality
information
title here
generates long lasting, defined, effective, profitablerelationships
power of a narrative
which came first?
hungerno hunger … no plot … no one cares
Underlying Value Propositiondaysminutes
DAC™:PeptideNative Peptide
Coronary Heart Disease
20%of all deaths
oneNumber
killer!
B R E A K I N G T H R O U G H
FORTUNE MARCH 22, 2004
2
6 millionpatients in the worldAnnual incidence: 700,000
arrhythmias 1 in 4 adults will get AF (age 40+)
* Wang et al. Circulation: Journal of the
American Heart Association. August 2004.
AF Incidence
evidence evidence evidenceremember: high quality information
B R E A K I N G T H R O U G H
50 YEAR CANCER BARRIER
Heart disease
Cancer
600
500
400
300
200
100
0
1950 1960 1970 1980 1990 2002
Age-adjusted death rates per 100,000-population
FORTUNE CHART/SOURCES CDC3
Top 3 drug categories 2004 annual sales
5 blockbuster
Cytostatics(Cancer)
Antiulcerants(GI tract)
Cholesterol & triglyceridereducers
World’s Largest Drug Market
drugs$23.8B
$25.5B
$30.2B
}
Current treatment drawbacks
drugs heat ablation
treats symptoms only
30 – 60% effectivenessdiminishes over time
serious side effects
used in <3% of casesonly when drugs fail
high procedural risks:PV stenosisThrombosisEsophageal perforation
Healthcare ramifications and risks
1
2
3
4
>15%
>20%
415,000 (U.S.)
US$6.6 billion
leading cause of stroke
leads to chronic heart failure
leading cause of hospitalizations
cost to healthcare
* Donald M Lloyd-Jones, Md, ScM, FACC.
Medscape Cardiology 8 (2). 2004.
no practical solution!
the billion dollar slide
No one invests in hyper growth stories to double their money
“you have to show them the 10 bagger”
- Michael Denny
B R E A K I N G T H R O U G H
paradigm marketcurrent expected
$140 M $126 M $3 B
aGvHD current AlloSCT
aGvHD other cancers
Blood disorders
Solid tumours with GVT
Autoimmune life-threatening
TheraluxTM Market Opportunity
17
NB1011 Market Opportunity
B R E A K I N G T H R O U G H
$1.0B
Lung (NSCLC)
Breast
Stomach
Small bowel
Ovarian
Bladder
Colorectal
Lung (NSCLC)
Breast
Stomach
Small bowel
Ovarian
Bladder
Colorectal
Initial MarketEnd Stage
Paradigm ShiftFirst Line Treatment (with TS over expression)
$4.7B
25
High TS patient
54 million
low HDLAmericans with
There are
AF Business OpportunityUntreated Pool New Cases/Year
2.2 million 160,000
2.1 million 145,000
4.3 million 305,000
>$2 BillionAnnual Business Opportunity
at last, your passion…
valueproposition
solution to hunger
value
“if only they understood me”
evidence evidence evidenceremember: high quality information
23
Our Customers: Leading U.S. HospitalsOur Advanced Neuro-Diagnostic Instruments are used in over 1,300
hospitals in the United States including 6 of the top 10 Neurology and
Neurosurgery Hospitals
Positive Phase I Results
Safety andtolerability established
• 3 phase I trials
• Single and multiple dose
• 65 healthy volunteers
• Blood chemistry within
normal ranges
• No reported significant
adverse events
CRD5 Rapidly Increases HDL
Crestor(Statin)
Niacin - ERCRD5
Poorly toleratedLow market share
Levels still risingNon-optimizedformulationHealthy volunteers
% incre
ase in H
DL
Arctic Front: Encouraging early results
> 84% AF free
> 95% reduced burden & AF free
no safety concerns!
20 patients / 2 centers (rev 1)
75 patients / 6 centers (rev 2)
>98% acute success
Neuradiab
MATUREPRODUCTCANDIDATE
R&D invested by NIH grant
/ foundation funding
60
Progressive survivalbenefit demonstrated
7
Established safety profile
193
million
trials
patients
1.
2.
3.
$
27
Neuradiab Outcomes
Clinically compelling difference
42%Increase in survival =
1980 to
2004
2005
91Surgery + Radiation + Temozolomide + Neuradiab
Surgery + Radiation + Temozolomide
Surgery + Radiation
Survival in weeks
75604515 30 105900
weeks
28
competitive landscape
be honest/humble - don’t be cavalier
In all likelihood, the person across from you
a) has an opinion
b) knows more than you
respect other interpretations of the truth
Competitive Landscape - Surgical
Only 1 of “big 5” in the game today Only 1 start-up in the game
AtriCure (20-25%)bipolar (RF)
Medtronic (30-35%) bipolar (RF)
BSx (10-15%)unipolar (RF)
Guidant (10%)
AFX (Microwave)
St.Jude (pre-commercial)Epicor (HIFU)
J&Jno initiative
CryoCath15-20%
don’t forget
milestones
request for cash
current shareholders
financings to date
IP
Milestones
Q3 2005 Q4 2005 Q1 2006
X
X
X
X
X
X
U.S. sales partner
Installed in 25 U.S. hospitals
Initiate studies for expanded indications
Initiate North American multi-centre trial
Initiate combo trial with multi-national partner
File for Canadian and European approval
SPY System
OPTTX System
Investment Opportunity
– Launching
commercial platform
– Expanding content
partnerships
– Developing molecular tests
– Scaling quality manufacturing
Seeking
in financing to drive the business forward
$ million51
34
Financing History & Shareholders
• MDS Capital
• Covington Capital
Convertible
Subordinated Debt
C$5MDecember 2003
C$26MTOTAL
• MDS Capital
• Covington Capital
• Genesys
• Temple Ridge
• Management
Series A Preferred Shares
C$21MApril 2001
ShareholdersTypeAmountDate
closing thoughts
show a
little leg …
speed dating
… move on
(20 – 30 slides) (never turn down a meeting)
…transacts!
generatingearnedattributes
TALKlike a person
be authentic!
STOPthe bullshit
how do you get to Carnegie Hall?
100%of zero is zero
dilution
Think
big!!!
if I had only one slide
need expressed: hunger
need addressed: value proposition
market opportunity: greed
thank you
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