Medical Fusion Conference Lecture Videos Available

Freelance MD has become a great place for physicians to learn more about ways they can leverage their medical training in order to advance their careers.  This web hub is a great distance-learning tool to connect like-minded physicians and promote learning.

The live/physical version of Freelance MD is our Medical Fusion Conference which occurs every November in Las Vegas.  At the Medical Fusion Conference we bring together experts from a variety of niche areas-- many of whom write for Freelance MD-- in order to network and connect person to person.  It's an event that only happens once a year, so we eagerly promote it here on Freelance MD with the hope that our readers will pencil the event into their busy schedules.  We want to meet our Freelance MD members and we know you'll benefit from the speakers we've assembled.

Over the past few weeks we've reorganized our Medical Fusion Conference website to make it more interactive and give potential participants an idea of what happens at this innovative event.  We recently added a blog to the Medical Fusion Conference website and we've posted a few lecture clips from past Medical Fusion Conferences.

Check out the videos below to get an idea as to what goes on at the Medical Fusion Conference.  We'll be posting more lecture clips in the near future, so stay tuned to Freelance MD.  

Video clip #1:  In this video, we assembled a team of venture capitalists to discuss VC and how clinical physicians can become a part of this interesting career.  Dr. Bruce Robertson, Managing Director of H.I.G. Bioventures, Dr. Josh Resnick of Prism Ventures, and Dr. Joe Smith, VP of Emerging Technology at Johnson & Johnson are the members of this interesting panel discussion.

 Video Clip #2:  Dr. Michael VanRooyen in the director of the Harvard Humanitarian Initiative and a well-known expert on humanitarian disasters.  However, Dr. VanRooyen is also an experienced entrepreneur and has helped start and develop four businesses, one of which, Ibex, was eventually bought by Picis for millions.  In this lecture, Dr. VanRooyen discusses the culture of start-up companies and how clinical physicians can develop their business skills in order to be more effective in enterprises like these.

Video Clip #3:  Dr. Mike Woo-Ming, a Family Physician who retired from medicine at the age of 35 years old in order to focus on his internet businesses, discusses internet marketing and internet entrepreneurship.  "Dr. Mike" as he is known in internet circles, offers advice to those who are interested in using the internet to leverage their clinical knowledge in a variety of ways.

Biotech Deals in 2011

PIPES, option licensing and reverse mergers are starting to look pretty again.

It's difficult to read the tea leaves when it comes to 2011 Biotech and Life Science financing trends, according to the Life Sciences Group at www.headwatersmb.com

An analysis determined mixed messages regarding financing, M&A and partnering opportunities in the broad healthcare markets going into 2011.  

While an IPO window opened during the first quarter of 2010, that window has closed for the foreseeable future. However, there has been a recent uptick in follow-on and PIPE (private investment in public equity) offerings over the last couple of months.  

Although venture investment in life sciences was less in 3Q2010 than the previous quarter, VC investment in the sector in 2010 is on pace to exceed the total amount invested in 2009. Nonetheless, the VC markets remain tight. Many companies are seeking alternative or supplemental sources of capital such as the 2,923 life science companies that recently received grants under the new Qualifying Therapeutic Discovery Project (created by the Affordable Care Act).  

Other mixed messages in 2010: Partnering transaction volume is down, but mean transaction size is up. M&A activity is up, but mean transaction size is down.  

It is a unique transaction environment for life science companies. We believe both the private and IPO markets will remain tight but follow-on and PIPE activity might pick up. We also believe M&A and partnering activity stay consistent or pick up slightly.

Here's a link to the Life Sciences Partnering Commentary.

Where Have All the BioAngels Gone?

Finding your angel takes
preparation, execution
and luck.

BioAngel networks have taken flight, both in the US and abroad. In an effort to match investors with bioentrepreneurs, local trade associations , investment groups and business incubators have launched, networks, events and online sites to identify and match those with money and interested in investing it with those who need money and interested in accepting it. Like any angel, early stage private investors are  elusive, secretive, ephemeral, and  difficult to recognize.In the UK, for example, the industry wide BioIndustry Association has launched a BioAngel Network in an efffort to get more business angels to invest in early stage projects after a decline in the number of venture capitalists willing to fund riskier start-up companies.

In the Western US, another organization, The Business Catapult, cosponsored by a local venture capital association, hosts an annual investor-inventor match fest and online service.

Finding angels take preparation, execution and luck.

Your preparation should include polishing your product and finding potential investors. Make sure your elevator pitch is clean, you have created a credible business entity, you have business cards and basic supporting marketing materials and that you have assembled the A team.

Finding potential private investors is more difficult. Helpful steps include targeting bioangel network attendees, going to events likely to be attended by high net worth individuals, like fund raising events and flying business class. (HINT: DO NOT ASK FOR MONEY AT FUNDRAISING EVENTS)

The next step is to network and create opportunities where you are likely to interact with potential investors. Remember, this is the first date. Your goal is to get the next date by getting someone interested in you and your idea. Read the other posts on this site about networking tips and practice them.

Finally, the best laid plans often go up in smoke. When you least expect it, you will bump into someone in a supermarket, be introduced to a person at a cocktail party, meet someone on a social networking site or ride up on a chairlift with the very person who wants to invest in your company. Luck favors the prepared.

Finding early stage money is a lot like finding love. It will often happen when you least expect it, you'll be excited when you find it, and, unfortunately, at some point ,the glow will fade and the work begin.

The Physician Entrepreneurs Five Minute Business Plan

The executive summary is the Cliff’s Notes of your business

One of my favorite Saturday Night Live sketches was Father Guido Sarducci’s Five Minute University. The idea was that a 16 week college course could be reduced to one thought in five minutes, like economics is basically the law of supply and demand. To pass the test all you had to do was attend the right class for five minutes.

When you need money for your business, investors will initially want to see an executive summary of your business plan. Nothing elaborate or fancy, pruned of jargon and business buzz-speak, the executive summary is like a Cliff’s notes of your business, quickly identifying the highlights to help them determine whether, in five minutes, your idea is worth a further look.

Here’s an example of what is should look like in PDF form so it can be sent to your favorite smart money source.

OVERVIEW

Our Awesome Company (OAC) is a medical device company with a revolutionary patent pending technology to treat bad breadth.. Our goal is to be the market leader in providing minimally invasive treatments that address the root cause of bad breadth. In 2010, OAC successfully completed its initial human proof of concept study outside the US. OAC is seeking a $500,000 bridge fund right now and  $3 million in funding to perform a Pilot clinical study at a US site beginning in early 2011. An additional $10 million will be required for a Pivotal study in Q4 2011. FDA approval is expected in late 2012. The Company anticipates financial exit via acquisition.

BAD BREATH

Bad breath has multiple causes including gastroesophageal reflux disease, sinus infections and chronic infections of the tonsils and adenoids. The most common cause is gingivitis and bacterial impregnation at the base of the tongue. Treatments to date, including turning your head to the side, oral breath mints and putting your hand over your mouth have proved ineffective over the long term.

MARKET

The current market for bad breath/halitosis products is $6+ billion worldwide. Market growth rate is estimated at 20% per year due to demographic factors , growing awareness of the condition and increasing intolerance of members of the opposite sex. The current standard of treatment for patients are insults, denigraton and criticism.. The current treatment  consists of an air pump and mask that the patient wears while in contact with humans.. The compliance rate for this treatment is less than 50%. The National Institutes of Health has stated that bad breath is a major public health problem and is associated with other chronic diseases like excessive nerdiness, depression and withdrawal..

TECHNOLOGY

Our product, BetterBreath,  is an implanted device inserted into the tongue by a single needle injection under local anesthesia. Once implanted, the device emits a remotely controlled plume of breath freshener into the mouth.  The entire procedure takes 2 to 5 minutes and can be performed in a doctor’s office. The device can be easily adjusted or totally removed in 1 minute without the need for anesthesia. Extensive preclinical and initial human studies show efficacy with excellent safety and patient comfort.

INTELLECTUAL PROPERTY

OAC/BetterBreath’s initial patent application has been filed in the United States, the European Union, Japan, and other important markets. Two other patent applications are also pending.

FDA PATHWAY

Intraoral devices for treatment of halitosis are considered  predicate devices with a 510(k) regulatory approval process.

FINANCIALS

Management is seeking $500,000 in bridge financing to prepare for pilot clinical studies in the US;  $3 million to fund Pilot study clinical trials beginning in early 2010, and an additional $10 million is budgeted for Pivotal study trials leading to FDA approval in late 2012.

TEAM

Bob Dragonbreath is the Chief Executive Officer of OAC. He has 20+ years of product development experience focused in minimally invasive implantable medical devices at Johnson and Johnson, Cordis, and C.R. Bard. He has 10 issued patents and several more submitted. He has lead small and large teams in the areas of concept development, product design, clinically relevant testing, and product commercialization.

I.M. Lookingforanotherjob, M.D.DDS, is founder and currently Chief Medical Officer. Dr. Lookingforantoherjob is a leading authority on the anatomy of the human upper airway as well as a board certified Otolaryngologist and Dentist with 20 years experience in treating patients with really bad breath. He was a faculty member in the Departments of Otolaryngology at Harvard, Cambridge and Oxford for 17 years. During that time he was Principal Investigator on 5 NIH grants researching unique aspects of the human upper airway. He has published over 50 articles in medical journals and received 15 major research awards.

INVESTORS

Big Deal Ventures LLC, a New York-based venture fund, invested $3.5 million in early 2007 to fund product development and the first-in-man trial.

In the words of Father Sarducci, ''There were actually more than ten, but Moses was old and grumpy, and after he broke the tablets he could only remember the negative ones. "Don't do this. Don't do that." The truth is, most of them were more like advice. The Twelfth Commandment, for example, was "Whistle while you work." (People think its from Disney, but Disney stole it from God.)" Even Moses needed to keep it short.

Dancing For Dollars: Raising Seed Stage Capital

Finding the right investor is about much more than finding someone to write you a check.

Dancing with the Stars continues to get good ratings, maybe because of the the Palin factor, maybe because of the ornate, skimpy outfits or bare –chested celebrities strutting their stuff in front of millions. I don’t watch the show very often, but I’m a big fan of another extravaganza of choreography, the early stage company money dance, the money minuet, the cha-cha for cash. In this intricately interwoven , highly developed two-step , inventors and investors feel each other out, try to find the right fit and come to terms in a process that easily trumps the best fox trot, flamenco or fandango.

One takes the lead, the other follows. Eye ball to eye ball, with dramatic flair, there are moments of action, suspense, intrigue, passion , deception, and dazzling technique, all summed up with an exciting lift or a death defying twirl before the big ending. What’s more, I work on both sides of the aisle as an advisor to an investment bank, HeadwatersMB and to early stage companies looking for money, so I get a front row seat to the finals.

There are several articles and tips on what investors look for. The titles of the articles typically start with “5 Things" or “What investors look for". Like a ballroom dancer, though, let’s talk about what inventors should look for in a good investment partner.

Firstly, can they execute? Does the investment banker , private equity or money manager have a track record, connections, a client list, business process and skill sets to find the money and get the deal done within your time frame and budget. With the IPO market deader than a duet without music, target investors will come from family offices, endowments, private money and strategic partners. BioAngels, are hard to find outside of most major bioclusters. For that reason, the geographic coverage of your investment partner should be broad.

Secondly, is there a fit? Like a well matched couple performing the paso doble, you should find a partner with the same risk temperament, personality, and business savvy as you. They should have a technical background and a client list in industries similar to yours, with a thorough understanding of the investment landscape in your industry or specialty.

Finally, there are the intangibles. That certain “je n’ais sais quois” -the drama of their pitch, the energy to do the job, compatibility or having a feel for what you are trying to achieve. They just get it.

Finding the right investor is about much more than finding someone to write you a check. Anybody can move their feet when the music starts. Your job is to find a partner with whom you are in synch and who will work with you over the long term even after the music stops.

Ok. One, two, three...