In situations in which people need to make quick judgments on whether they want to work with you based on limited information (a pitch, an interview), never underestimate the importance of *not being prickly*. A defensive reaction to a question; a demanding inquiry about...1/4
...the firm you seek to join; a harsh word about a former colleague or employee; all of these can plant the seeds of doubt. Was it just an off moment, or was the brief, unpleasant interaction the tip of the iceberg? Interacting over Zoom also makes it harder to read people...2/4
...than interacting in-person. The reasons for a particular “gut feel” often aren’t articulated – even to ourselves; maybe if we did sit back and analyze why we left a conversation feeling a particular way about someone, we’d be less certain of our first impressions. But...3/4
...don’t count on people doing that. We all have Zoom fatigue, we all have bad days, and no one wants to feel fake… But important to bring your A game to those initial encounters. 4/4
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When building a preclinical data package, management teams (esp. those who are bootstrapping) should keep in mind that investors may have a different threshold for being convinced. If you live and breathe a space, you may be able to “smell” a drug based on an experiment or...1/5
...two. And you may see a very straight path to getting your molecule into the clinic – why wait? But institutional investors may have a more rigorous approach (or looked at differently, may not “get it”). Replicating academic experiments, generating data on positive...2/5
...controls, validating the molecule in more than one model, elucidating the precise mechanism, showing dose response, understanding pK, dealing with complexities like isomers and formulation challenges – all of these are costly and time-consuming, but may be necessary for...3/x
Academic-led early stage biopharma co's, particularly those that haven't yet raised institutional capital, can face a chicken-and-the-egg issue. They may need an experienced operator to help refine strategy & kickstart fundraising. But w/o capital, it can be hard to attract...1/5
...entrepreneurs to the project. One way to move the ball forward is w/ advisors. Many operators who have had significant success w/ past co's decide to retire from full-time operational work, but still enjoy being part of the ecosystem. They can serve as consultants, board...2/5
...or SAB members, informal advisors. If they're excited about your technology, some may do significant work on your behalf, incl. making connections, for a small equity grant. Of course, VC firms with a focus on "venture creation" may be interested in forming a co. around...3/5
Suggestions for biopharma co’s on positioning BD efforts to investors: 1) Don’t suggest that you’ll partner out your lead program. Generally inv’s will appreciate licensing deals for the revenue they bring in to reduce dilution as well as for the validation they provide. 1/12
...However, once a program is in the hands of a partner, it’s rarely viewed as a reason to invest in and of itself. Licensing out Asian rights could be acceptable and reasonable; these deals are achieving higher upfronts than a few yrs ago. But there are some pharmas who...2/12
...will want worldwide rights in an acquisition. Partnering in Europe further reduces the universe of likely M&A buyers. Still, as long as US rights are retained – or in some cases, a US co-promote (opt in to co-promote is a bigger maybe) – inv’s may still see the asset as...3/12
One element of the workplace environment that can impede progress (personal & team) is feeling intimidated by a boss, leader, or even colleague. Just as problematic is when someone seems unapproachable. Ppl rarely *intend* to come across this way. Sometimes it's even just...1/7
...prior success / reputation. The phenomenon is esp. challenging when CEOs are viewed this way; the CEO role requires strong communication across all functions of a company. How does one even know if they're seen as approachable? Well, signs that you *aren't* include team...2/7
...members not passing on key info immediately; seeming nervous around you; going through someone else to get input from you; taking an offhand comment & running with it without confirming or engaging in further back and forth. So, maybe you've realized you're unapproachable. 3/7
Suggestion for biopharma co's perfecting their pitch decks: run your deck by a non-scientist who has a discerning eye. Ask them if the conclusions are clear, particularly on slides that lay out your data. They may not be familiar w/ the experiments or models, but they..1/5
...should be able to generally follow your argument. Conclusions can be communicated in the title, a strap box at the bottom of the page, a summary slide... Somehow. Don't make the mistake of letting data "stand on its own." Why bother with this if biopharma inv's are...2/5
...generally facile w/ scientific data? A few reasons: 1) VCs have limited time & attention span: if it takes too much work to discern the takeaways, someone might take away the wrong thing (or nothing at all; no impression = a bad impression). & don't save your key points...3/5
We know that honest feedback is hard to come by, & especially so for women & minorities. Had this Q posed to me: how do I get specific, actionable feedback if no one seems to be offering it? I'd say first, look for the "hidden message". Sometimes a vague piece of advice...1/6
...actually holds something useful. "You often ghost me on projects we do together" can be coded as "Try to increase your visibility within the group." Sometimes you have to ask a few Qs to really get at the real message. 2nd - if you get a piece of feedback that is clear...2/6
...from one person, try bringing it to someone who never offers anything specific. "I have gotten some feedback that I should _____; do you have any advice around that?" Research shows men sometimes worry women will get emotional if they are very frank, so by getting an...3/6