Monthly Programs - October 9, 2007

Worcester Polytechnic Institute
Campus Center - Odeum Room
Doors open: 5:30 p.m.
Meeting: 6:30 - 9 p.m.
Cost: $15 members, $25 non-members
Pre-registration
Parking

Cooperation Key to BioPharma Growth

Ranier Fuchs

What are the characteristics of a successful biotech startup? And how can startups and established companies in the biopharmaceutical industry find ways to cooperate? Answering these questions at the October 9 WPI Venture Forum meeting will be keynote speaker Dr. Rainer Fuchs, Vice President of Biogen Idec and Executive Director of the Biogen Idec Innovation Incubator, Bi3.

His talk will examine some of biotech's productivity issues and address established and novel models for cooperation between startups and established companies. According to Fuchs, compared with other high-tech industries, the biopharmaceutical industry has yet to establish a culture of "co-opetition" while retaining its reputation as a more prolific source of innovation. He will also discuss whether pre-money and seed stage companies are critical to the growth and success of biotech and pharma.

A molecular biologist by training, Fuchs has a PhD in biochemistry and a master's degree in microbiology. He has been with Biogen Idec since 2000 in various executive leadership roles, including co-head of Discovery Research and VP Informatics and Operations. In his new role at Bi3, he oversees the company's efforts to provide facilities, space, money, and expertise to help scientific entrepreneurs develop new therapeutic candidates.

Before joining Biogen, Fuchs was Global Head of Lead Generation Informatics for Aventis Pharma. His experience in the biopharmaceutical industry includes senior leadership positions at Ariad Pharmaceuticals and Glaxo Wellcome. Prior to his work in industry, Rainer was staff scientist at the European Molecular Biology Laboratory (EMBL).

Case Presentation

Synscia, Inc.

Joe Straight

Synscia, Inc. is a Boston-based biopharmaceutical company commercializing a novel product portfolio in ophthalmology. The company is targeting the chronic diseases of age-related macular degeneration (AMD) and proliferative diabetic retinopathy (PDR), both of which have rapidly growing patient populations and represent a market opportunity of $10 billion.

The company's strategy is to develop proprietary products based on proven drug entities with known safety and efficacy, and to apply them in the isolated environment of the eye. Focused expenditures allow the company to accelerate commercialization while lowering development and clinical risk. The company is currently seeking funding to complete development of the initial products and move them though Phase II clinical trials.

As President and CEO, Joe Straight brings to Synscia more than 26 years of operating experience in start-up entities, with the last 16 years in the biotechnology industry. Most recently he was co-founder and CEO of Verax Biomedical Inc., where he raised $24 million in financing. Prior to co-founding Verax, Straight served as CFO of the biotechnology firm ZymeQuest, Inc., and as VP of finance at Hybridon, Inc. He also has experience in the high tech sector, serving as VP of finance for SIS Corp., and in several financial and operating positions with GTE. He received a BA in business administration from the University of Washington and is a Certified Public Accountant.

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Last modified: Oct 23, 2007, 14:45 EDT