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Download TASCF`s Approach to New Venture Development The AviGenics Case
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TASCF’s Approach to New Venture Development The AviGenics Case Journée Tendances 2000 Montreal, Quebec 19 May 2000 1 TARAVAL ASSOCIATES LLC Outline • The Idea of a “Spin-In” • Georgia Research Alliance • AviGenics – Background – Value Creation • Other Mechanisms for Commercialization • Taraval Associates Seed Capital Fund 2 TARAVAL ASSOCIATES LLC The University of Georgia AviGenics, inc. 3 TARAVAL ASSOCIATES LLC The University of Georgia University of Georgia AviGenics, inc. 4 TARAVAL ASSOCIATES LLC “Research centers and institutions are undisputedly the most important factor in incubating high-tech industries. “ “Formation of public-private ventures that aim to establish and maintain leading-edge regional research centers and educational institutes is a critical long-term economic growth strategy.” The Milken Institute 5 TARAVAL ASSOCIATES LLC There’s A Role For Government Create an environment that propels research and development into economic development 6 TARAVAL ASSOCIATES LLC Mechanisms for Commercialization - 1 AviGenics - Angel & Venture Capital Backed Start-up SR&L Agreements w/UGARF Leases w/UGA GRA & State have been very helpful Licensed in considerable technology Sponsoring Research at University of Cincinnati & Overseas The AviGenics case is unique because no technology existed at UGA prior to AviGenics' initiative. 7 TARAVAL ASSOCIATES LLC Poultry Market Poultry industry exceeds $30 billion • Broilers (Meat) • 8 billion birds/year U.S. • 27 billion birds/year worldwide • Layers (Eggs) • 68 billion eggs/year U.S. • 553 billion eggs/year worldwide Current Needs/Problems • Cost of vaccination and disease losses is ~ $750M/yr • Limitations Of traditional breeding methods 8 TARAVAL ASSOCIATES LLC Creating Value In AviGenics - 1 • Technology Development – Risk Erosion - Hitting Milestones – Risk Erosion - Multiple Approaches to Avian Transgenesis – Risk Erosion - Pilot Birds (D.O.T.) – Knowledge Building & Know-how Making Birds • Corporate Partnering – Oakwood Laboratories -- Hen Oviduct Bioreactor (Inf) – Metamorphic -- Agronomic Traits (↓ ↓GDF-8) • Technology Alliances & In-Licensing • AviGenics - The Corporation 9 TARAVAL ASSOCIATES LLC Creating Value In AviGenics - 2 In-Licensed Technology & Technology Alliances + + + + + + 10 Nature Technology Corp. Salk Institute Univ. of Maryland Stem Cell Sciences Chromos Molec. Sys. Univ. of Cincinnati Avian Vector Patent Ribozyme Knockouts Accelerated Rooster Fertility IRES Vectors Artificial Chromosomes Gut-Specific Promoters TARAVAL ASSOCIATES LLC Other Proven Mechanisms for Commercialization 11 TARAVAL ASSOCIATES LLC Mechanisms for Commercialization - 2 12 BioTransplant - HealthCare Investments --> NASDAQ Harvard/MGH (TBRC) Capitalized SCS Funding(ed) Sponsored Research at Tufts, Universities of Missouri, Wisconsin, London, et al A/F Protein - Privately Financed Venture Bay City Capital just invested $5 million Considerable support from Canadian govt. Collaborations w/University of Toronto and Memorial University (NFLD) SCS (Australia) - BTI capitalized SCS in Exchange for Exclusive in Xenotransplantation - Collaborations w/Universities of Edinburgh, Melbourne and Monash TARAVAL ASSOCIATES LLC Mechanisms for Commercialization - 3 13 Smart Drug Systems - Raised $5 million from Bay City Capital - Operations in Australia & Connecticut - Licensed technology from Sumitomo - Field trial agreement w/University of Melbourne ProLinia - Founders Seeded This Venture Negotiated SR&L Agreements w/UGARF Negotiated Leases w/UGA Negotiated Technology Licenses w/BresaGen - Negotiating Corporate Partnerships w/Hog & Cattle Producers TARAVAL ASSOCIATES LLC Taraval Associates Seed Capital Fund 14 TARAVAL ASSOCIATES LLC TASCF Mission Overall • Significant Capital Appreciation • Private Equity Investments • Very Early-Stage Companies Primarily in the Life Sciences • Willing to Travel to Regional Center of Excellence Specific • Shape Early-Stage Ventures Able to Attract Later-Stage Funding and Corporate Partners This is Success for TASCF 15 TARAVAL ASSOCIATES LLC Old Approach With a New Twist Seed Capital Is Essential But Not Sufficient • Hands-On • Gathering and protecting intellectual property • Conveying a sense of urgency >> First Mover Advantage • Emphasis on creating value through revenue generation and/or technical advancements 16 TARAVAL ASSOCIATES LLC TASCF Portfolio Companies AviGenics, inc. Smart Drug Systems, Inc. 17 TARAVAL ASSOCIATES LLC
