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Selling an Idea
Dr. Mark McHale
Chief Scientific Officer
ASLAN Pharmaceuticals Singapore
Seminar Format
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Know Your Stuff
The Beetles
Andy Murray
Sun Tzu
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Read everything in your field
Keep up to date
Be dedicated and train hard
Be a professional not an amateur
Lord Nelson
Invest in your 10,000 hours
Self Belief
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Quell your inner negative voice
Think positive thoughts about yourself
Tell yourself that you are lucky to have this opportunity so don’t waste it
Take time to enjoy the moment in major meetings
If you don’t believe in what you are doing nobody else will
Don’t Let People Hold You Back
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If you intend to change the world people will always tell you why you can’t
People are driven by maintaining status quo
What you intend to do may well mean big change for other individuals
Be aware that your actions could trigger negative emotions such as fear, anger, jealousy and resentment
Push Against The Status Quo‐ Change!
• Make constructive change part of your phenotype
• Be careful not to change for the sake of change
• If you implement change always finish the change process
Work With Like Minded Individuals
Steve Jobs
Bad Choice
Herb Boyer
Steve Wozniac
Crick & Watson
Robert Swanson
What about Rosalind Franklin?
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Pick the founding team carefully or you’ll never sell any idea
Investors are largely putting money behind the founding team
The team must be comfortable challenging each other
The team must be totally behind the company
Always Be Honest
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If you don’t know the answer to a question just say so
Don’t try to blag your way out If you don’t know an answer always go and find out
If an investor can’t trust your answers they will not invest
Believe In What You Are Doing & The Product
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Investors are very sensitive to your belief in what you are selling
~80% of you the message that you impart is in your body language
Be passionate about your idea
Understand Your Audience
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Tailor the level of detail to help your audience understand
Tell the story and don’t use big words to appear clever
80% of the sell is body language, 15% tone, 5% actual words
Einstein said “If you can’t explain what you are doing to a 6yrs old you don’t understand it yourself”
Establish a Track Record
Barry Furr
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A track record of success in a discipline helps investment
This maybe that you are known for excellence in your area
Even if this is your first venture you will usually have examples or connections that cement the impression that you know what you are doing THE ASLAN PHARMACEUTICALS EXPERIENCE
DRUG DEVELOPMENT PROCESS
Cost of the Drug Discovery Process
Big
Pharma
AZ
GSK
Sanofi
Roche
Pfizer
J&J
Eli Lilly
Abbott
Merck
BMS
Novartis
Amgen
R&D
Cost per Drug
(MUSD)
11,790.93
8,170.81
7,909.26
7,803.77
7,727.03
5,885.65
4,577.04
4,496.21
4,209.99
4,152.26
3,983.13
3,692.14
1997-2011
Cost R&D
(MUSD)
58,955
81,708
63,274
85,841
108,178
88,285
50,347
35,970
67,360
45,675
83,646
33,229
Sources: InnoThink
Center For Research In Biomedical Innovation; Thomson Reuters Fundamentals via FactSet Research Systems
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19972011Drugs
Approved
5
10
8
11
14
15
11
8
16
11
21
9
Cost of drug development is very high with long development times
Approved drugs are precious and lucrative
IP defence of new drugs and marketed drugs is very fierce
A WAY FORWARDS
ASLAN creates value by taking experimental drugs and progressing them through clinical development
Value of drug
Value Creation
Discovery
14
Preclinical
Phase 1
Phase 2
Drug ready for final stage trials and commercialisation
NEW CONCEPT IN DRUG DEVELOPMENT
Concept Behind ASLAN Pharma
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Preclinical and phase 1 drugs acquired from global pharma
ASLAN conducts phase 1 and 2 in Asia
Sale of commercialisation
rights in US / EU
ASLAN retains rights for Asia • Form a small (10‐20 people) company based in Singapore
• License 5‐6 drugs from global pharma / large biotech with no upfront payments • ASLAN will conduct clinical development in Asia to deliver proof‐
of‐concept and enable global phase 3 using its own cash
• Sell phase 2 positive compounds to big pharma or sell back to the originator for global phase 3 development/ commercialisation
OUR COMPANY
ASLAN Senior Management Team
Dr Carl Firth
CEO
• Formerly Head of Asia Healthcare Investment Banking, Merrill Lynch
• 10 years in pharmaceutical industry, including roles in Asia and China leading new product development
Dr Alan Barge
CMO
• Former VP Clinical & Head Oncology / Infection at AstraZeneca, responsible for executing AstraZeneca’s global oncology portfolio
• Over 20 years senior clinical leadership
• Former Head of Molecular Sciences at AstraZeneca Dr Mark McHale
Respiratory & Inflammation
CSO
• Over 20 years pharmaceutical R&D and leadership
Jeff Tomlinson
CBO
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• 12 years senior Business Development and IP experience at North American biotech companies and VC
• 10 years pharmaceuticals R&D
OUR COMPANY
3 compounds in clinical development, targeting a portfolio of 5‐6 clinical stage projects • ASLAN has in‐licensed 3 clinical stage compounds from Array Biopharma, Bristol Myers Squibb and Almirall Pharmaceuticals
• Get the right drug in the right patients at the right time in their disease
• Multiple shots on goal
2012
2013
2014
ASLAN001 ONCLOLGY PHASE 2B
ASLAN002 ONCOLOGY PHASE 1
ASLAN003 RHEUMATOID ARTHRITIS PHASE 1
ASLAN004 INFLAMMATION
ASLAN005
17
ASLAN006
Responses to the Concept of ASLAN Early 2010
Positive
• Great idea come and see me again when you prove that it works
• Great idea wish I was doing that
• Pharma need to change towards the ASLAN model. The meteor is closing in but they just haven’t looked up yet
• Don’t tell too many people about this or we can’t justify our huge infrastructure
• Model makes good sense to reduce the cost base of development and de‐risk early development for pharm • We want to move more into Asia and have compounds that you should look at
Negative
• You cannot run drug development with 10‐20 people
• This will never work in Asia
• You cannot develop drugs in Asia for global launch
• This type of thing is OK for some big pharma but not for us
• Your career will be ruined, come and work for me instead
• Are you crazy?
FINANCING
ASLAN financial strategy
Founding
Apr 10
Seed
Jun 10
Series A
Apr 11
Series B
Oct 2013
19
• Company founded in Singapore
• $2.4M
• Capital raised provides $12M for initial compounds
• Led by BioVeda Capital (Singapore)
• 22MUSD led by Cenova Shanghai
Securing Investment: Personal Perspective
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Seasoned investors are very smart people that are excellent at their business Be prepared for challenging meetings
You will have to sell the concept of your company many times and titrate the detail as appropriate
Many early investment meetings will be fruitless but are necessary
Exude passion for the product in all meetings and interactions
Remember that the investors are investing in both the team & portfolio
• A strong management team will succeed
Work hard at the relationships with your in‐licensing partners too
• Investors want to be assured that these partnerships are strong
Only generate high quality data with high quality consultants, CROs & CMOs
Turn around additional information from investors requests quickly
Be available 24/7 for meetings wherever you are in the world and F2F meetings whenever possible
Consider all these points when selling your idea!
Final Message
“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living”‐ Nelson Mandela
Dr Mark McHale
Chief Scientific Officer
ASLAN Pharmaceuticals
[email protected]
www.aslanpharma.com