Transcript DIA 2008 Annual Meeting

Millennia
Sales & Marketing in a Challenging Economy
How to Sell to VC’s
Robert W. Jevon
Partner
Boston Millennia Partners
Boston Millennia Partners
March 27th, 2009
30 Rowes Wharf
Boston, MA 02110
Tel. 617 428.5150
Fax. 617 428.5160
©www.bmpvc.com
1999 Boston Millennia Partners
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Millennia Partners
BMP Overview
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Boston Millennia Partners – a venture capital firm that evolved from Boston
Capital Ventures in 1997
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10 investment professionals
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100 years of venture capital experience
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$700M+ in assets under management
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100 direct investments and 150 acquisitions completed
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New fund is focused on healthcare and life sciences
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Proven Core Acquisition Investment Strategy
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Investors and Partners from 14 countries worldwide
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Strategic and investor relationships with IBM Corp. (Healthcare) and
PAREXEL International Corp. (NASDAQ: PRXL)
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Located in downtown Boston
© 2009 Boston Millennia Partners
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Millennia Partners
Massachusetts Healthcare Portfolio
(Sold to Incyte Genomics, 12/00)
Protein Platform
(Sold to Oxford Health Plans, 3/02)
HMO
(IPO: 1997)
(Nasdaq: EPIX)
Orthopedic Devices
(IPO: 1996)
Contract Research Organization
(IPO: 1/97)
Pharmaceuticals
Health Care Information Technology
(Sold to Merck, 6/06)
Protein Platform
Drug Development
(Sold to Cedara Software, 10/04)
Healthcare Internet Services
Drug Development
Clinical Trial Solutions
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Millennia Partners
The Venture Capital Perspective
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Millennia Partners
It’s not just the money…
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Millennia Partners
It’s ONLY the money…
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Millennia Partners
Equity Investments in VC Backed Healthcare Companies
Amount Invested ($B)
$3.0
$3.0
Amount Invested ($B)
$2.7
$2.3
$2.3
$2.0
$2.3
$2.3
$2.6
$2.4
$2.2
$2.1
$2.2
$1.9
$1.8
$1.5
$1.0
$0
4Q05
2Q06
4Q06
2Q07
4Q07
2Q08
4Q08
Source: Dow Jones VentureSource
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Value, Spend, Risk Profile
Phase I
Seed Stage $$$
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Phase II
Early Stage $$$
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Phase III
Growth Stage $$$
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Millennia Partners
Who gets the money?
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Millennia Partners
What’s behind the curtain?
1. Verifiable Data
2. Strong IP with a reputable firm
3. Clear rationale & milestones
4. Cost effective use of capital
5. Careful competitive analysis
6. Practice changing therapeutics
7. Clear mechanism of action
8. Proprietary platform
9. Multiple shots on goal
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Millennia Partners
Risk Factor Checklist
• Compound Risk
• IP Risk
• Clinical Risk
• Approval Risk
• Market Risk
• Management Risk
• Syndicate Risk
• Reimbursement Risk
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Millennia Partners
Expected Questions (cracking the code)
How will this change clinical practice?
i.e. - Why will doctor prescribe?
How can you shorten time lines?
i.e. - Are they realistic?
Tell me a little more about your background
i.e. - Are you the right CEO?
Why does the control arm only have 120 subjects?
i.e. - Do you know what you’re talking about?
What kind of an exit do you anticipate?
CAN I CONVINCE MY PARTNERS DO TO THIS DEAL???
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Millennia Partners
Investment Decisions
How hard the partner bangs the table
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Millennia Partners
Investment Decisions
Who else is around the deal
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Millennia Partners
Investment Decisions
Strength of due diligence
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Millennia Partners
Investment Decisions
Has the CEO made money before
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