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Selling an Idea Dr. Mark McHale Chief Scientific Officer ASLAN Pharmaceuticals Singapore Seminar Format XXXX Know Your Stuff The Beetles Andy Murray Sun Tzu • • • • 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 • • • • • 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 • • • • 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? • • • • 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 • • • • 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 • • • 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 • • • • 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 • • • 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 • • • 13 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 15 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 16 • 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 • • • • • • • • • • 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