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TM
T
L ife S c ie
eThe 3rd Annual Life
Science ConferenceThe 3rd Annual Life
Science Conference
February 2001
Batsheva Elran - Batsheva Elran - Concord VenturesConcord VenturesBatsheva Elran - Batsheva Elran - Concord VenturesConcord Ventures
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TM
February 2001
E&Y Life Sciences Meeting, Feb 2001E&Y Life Sciences Meeting, Feb 2001
• Batsheva Elran, General Partner • Concord Ventures• Diversified VC Fund, over $250M• Specialty areas : Telecom, Software and Healthcare• Dedicated Healthcare group• www.concordventures.com
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TM
February 2001
Adapting Your Investment Adapting Your Investment Structure to the Israeli Reality Structure to the Israeli Reality
Technicalities Technicalities FundamentalsFundamentals
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TM
February 2001
What Do We Look for ? What Do We Look for ?
• Big Market opportunity • People • Technology/science• Business model• Financial strategy • Execution ability • Long term vision
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TM
February 2001
Main Financial Resources for Main Financial Resources for Biotechnology Companies Biotechnology Companies
• Venture funds and institutional investors
• Collaborations with strategic partners
• IPO is not an EXIT
Heavily financed sector $$$$ !
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TM
February 2001
Business Model Business Model
Financial Strategy Financial Strategy
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TM
February 2001
Tools Vs. Product Company Tools Vs. Product Company
• Time to Exit • Risk • Growth Potential – long term performance• Sensitivity to Hype
Y2000 - Toolkit group outperformed product group Y2001 –Back to fundamentals – reverse ? !
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TM
February 2001
Combined Business Model Combined Business Model
• Tools for early revenues and risk reduction
• Products for long term growth
Make tool-deals and migrate to therapeutics
Think Big, Think Forward !
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TM
February 2001
Greater Need for Collaboration Greater Need for Collaboration
• Fewer companies accessing larger amounts of cash
• Increase technology depth and IP base• Increase experience base
Create financable milestone events good luck !
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TM
February 2001