moving ip from universities to spin offs: a smooth or bumpy...
TRANSCRIPT
Ricardo Ferreira
Virgílio Loureiro
Sara Monteiro
Moving IP from Universities to spin�offs: a smooth or bumpy road?
The case of Problad
Sara Monteiro, CTO, CEV SA
Introduction
NE
CE
SS
AR
YF
UN
DIN
G
BASIC RESEARCH
APPLIED RESEACH
1991 2000 2006 2008 2010
FUNDING
F.C.T.
FUNDING
AdI
FUNDING
COTEC
FUNDING
PRIVATE
1 COMERCIAL AND INDUSTRIAL DEVELOPMENT: CEV CONSTITUTION
2 SETTING UP OF PILOT AND INDUSTRIAL PLANT
Necessary funding from discovery to the market
SHORT TERM
OBJECTIVES1
LONG TERM
OBJECTIVES 2 COMMERCIALIZATION
DEATH VALLEY
Introduction
Seventeen years of research led to the discovery of Blad, a remarkable multifunctional polypeptide, and allowed the development of a new kind of fungicide.
During those years only two accidental discoveries have been made:
- The discovery of the polypeptide Blad, in 1991;
- The observation, in 2005, that Blad has a plant growth promoter activity.
The anti-fungal activity and the Blad enormous potential as a fungicide were deducted, and non accidentally discovered, from the experimental results accumulated during those years.
Fourteen years of basic research (1991 to 2005) clearly support the experimental results observed nowadays in field trials.
Research and development
2000 – The Blad polypeptide was known and it showed important biochemical activities.
2000 – 2003 – Potent anti-fungal activity discovery and determination of the aminoacid sequence. The first in
vitro trials with fungal pathogens.
2003 – 2005 – Greenhouse trials and accidental discovery of Blad plant growth promotor activity.
A B C D
One and a half month-old watermelon plants were spryed with: (A) Water (control);(B) Lupinus extract containing 100 µg protein/mL; (C) Commercially availablebiostimulant, applied under the conditions recommended by the manufacturer; (D)Problad (200 µg protein/mL). The plants were photographed after two weeks.
We had a good idea and a potential application of a product developed from research
Publishing vs. patenting?
Contact Agrochemical companies?
Research and development
2005 - COHiTEC stage 1- project submission
2005 – 2007 - COHiTEC stage 2
GOAL:
Build foundations to generate business from the knowledge generated by the researchers
IDEA DEVELOPMENT
STAGE I
COHiTEC – Stage 1
BLAD Polypeptide
PROBLAD Fungicide
projectOutcome:
Business project
• 4 month long trainingprogram
• TEC approach (NCSU)
• Multidisciplinary teams (researchers, MBA students, executives)
COHiTEC – Stage 2
PROBLAD
Project
Interview
Cooperation rules
Contract
• IP License
• COTEC support
Business model analysis meeting
Virtual Company
Business plan
Beauty Parade
• Promoters
• Co-promoters
STAGE II
PROBLAD VIRTUAL COMPANY
COHiTEC – Stage 2
COHiTEC – Stage 2
• Risk acknowledgement
• Market knowledge
• Competition identification (current and future)
• Definition of assumptions and milestones
• Value creation for investors
PROBLAD VIRTUAL COMPANY
Ricardo FerreiraProject promoter
Sara MonteiroProject promoter
Virgílio LoureiroProject promoter
João Silveira Lobo
Chairman
Carlos Moreira da Silva
Board member
Pedro Vilarinho
CEO
BEAUTY PARADE
• Presentation of binding offer
• Management team
• IP valuation
• Exit strategy
COHiTEC – Stage 2
. Problad Project presentation to potential co-promoter
. Business plan submission to interested investors
. Presentation of non-binding offers
. Selection of potential co-promoters and negotiation
PROBLAD TIMELINE
2006 2007 2008
STAGE J F MA MJ J A S O N D J F MA MJ J A S O N D J F MA MJ J A S O N D
Virtual company setting up
ISA IP negociation
Business Plan
Beauty Parade
Investors negotiation
First production unit
CEV SA constitution
Pilot Plant
Problad @ Inovisa, UTL
Collaboration with ISA has been constrained
by three main factors, namely:
• Lack of experience in IP licensing from ISA.
• % of royalties to the University?
• Support services?
PROBLAD FUNDING
2006 2007 2008
J F MA MJ J A S ON D J F MA MJ J A S ON D J F MA MJ J A S ON D
COTEC FUNDING
PROMOTORS FUNDING
NEOTEC FUNDING
INVESTORS FUNDING
75.000€
15.000€ (SA constitution)
75.000€
12.4M€
50% promoters50% investors
INVESTORS:
José Romão de Sousa (PROMOTOR)
Mário Pinto(CHANGE-PARTNERS)
João Borges de Oliveira(COFIHOLD)
F-HITEC(ES Venture)
CEV, SA
2009 – PILOT PLANTSara Monteiro
Carlos Cunha
Alexandra Carreira
Luís Batista
João Duarte
Sérgio Soares
Mário Araújo
Ana Marques
Ana Rosa
CEV, SA
PROBLAD - THE BIOFUNGICIDE
Mode of action
Problad is an extract prepared from Lupinus seedlings
. Natural origin
. Potent antifungal activity against a large array of fungi
. Rich in lipids, proteins, amino acids and carbohydrates
. Plant growth promoter activity
. No toxicity to man, animals and the environment
. Edible to man and animals
PROBLAD - THE BIOFUNGICIDE
Efficacy in Field trials Tomato
PROBLAD - THE BIOFUNGICIDE
BEFORE PROBLAD 2 WEEKS AFTER SPRAYING
Efficacy in Field trials
PROBLAD - THE BIOFUNGICIDE
GRASS LAWNS
CEV – Biotecnologia das plantas, S.A.
Production at medium scale- 2007
CEV – Biotecnologia das plantas, S.A.
PILOT PLANT- 2008
RESEARCH AND DEVELOPMENT FUNDING:
BUSINESS DEVELOPMENT FUNDING:
RESEARCH AND DEVELOPMENT UNITS:
ACKNOWLEDGMENTS
ACKNOWLEDGMENTS
RESEARCH:
S
Tulasi Baru Rajasekhar
Regina Maria Freitas
Artur Ricardo Teixeira
Claudia Santos
Paula Cristina Ramos
Emanuel Franco
Sérgio Soares
DEVELOPMENT:
COTEC:
Pedro Vilarinho
Carlos Moreira da Silva
João Silveira Lobo
Hugo Costa