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Finance

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Thursday, October 28, 2010
 
Session I:  9:00 a.m. - 10:15 a.m.

Deconstructing a Term Sheet: Financing Considerations for Earlier-Stage Companies

What are the most critical elements of a term sheet and why are they relevant to early-stage companies? This session will provide attendees with an overview of financing considerations for development-stage companies including: 

  • The current market trends for equity financings
  • The current “market” terms that will impact future financing events
  • The pitfalls for management and/or existing shareholders
The panelists will discuss common terms and their recent experiences with equity financings of early-stage companies, with additional consideration given to management protections and typical VC or investor preferences and expectations.     
 
The discussion will also cover different types of early-stage investors and the different expectations each type of shareholder brings to the table. They will also examine how to approach the various investors and how you graduate from one class of investor to another.
 
Finally, the panel will cover the types of investments that are available to development-stage companies and their experiences with different types of debt, equity, and convertible instruments. 
 
Moderator:

Thomas Koncsics
Partner
KPMG LLP
 
Panelists:
 
David King
Partner
Quaker BioVentures
 
Joseph La Barge
Vice President, General Counsel
Tengion Inc.
 
Maria Maccecchini, Ph.D.
CEO
QR Pharma Inc.

Kathleen McGowan
Vice President of Finance
Tobira Therapeutics

 
Session II:  10:30 a.m. - 11:45 a.m.

How Do the Buy-side and Sell-side Really Look at Companies?

A group of leading health care research analysts/fund managers will discuss what compels them to provide research coverage, when and why they invest, and their view on what companies can do to achieve a premium valuation. During the panel, attendees will gain insight on smart money’s appetite for risk, valuation of innovation, and expectations for 2010 and beyond.
 
Topics will include:
  • What criteria are used for investment decisions?
  • What does the decision-making process include?
  • What qualities do investors look for in a company?
  • What qualities and/or background do investors look for in a management team?
  • How and how much does the buy-side rely on the sell-side?
  • When is a private company ready for an IPO?
  • How early analysts like to see companies before an IPO?
  • What are deal killers for IPOs and other investments?
  • What will be the ultimate impact of health care reform on the capital markets?

Moderator:

Brian Lenz
CFO
CorMedix, Inc.

Panelists:

Gregory Chodaczek
Senior Research Analyst
Boenning & Scattergood

Annette Grimaldi
Managing Director
BMO Capital Markets

Gloria Rabinowitz
Managing Director
Golden Seeds Philadelphia

Evonne Sepsis
Managing Director
ESC Advisors
 
Session III:  1:45 p.m. - 3:00 p.m.

Collaborations: Upfront Planning Can Pay Dividends 

In reaction to many of the same factors impacting the biotech industry, as well as the upcoming patent cliff for a number of blockbusters, the majority of large- and mid-sized pharmaceutical companies have made strong commitments to strategic collaborations. The strategies pursued by pharma have varied however, with a multitude of potential implications for biotechs. This session will address the varied strategic directions of historically key biotech licensing partners and assess the likely outlook for licensing activity in the near future and beyond.
 
Topics of discussion will include:
  • What do recent strategic shifts in pharma and the response to health care reform mean for overall licensing activity?
  • Do any of the pharma strategic initiatives signal a change in those firms’ commitment to biotech?
  • Do the current trends favor any particular segments or stage of development of biotech?
  • What is the importance of tax planning and implications related to potential transactions?
  • What is the importance of merger and acquisition planning along with due diligence?  

Moderator:

Manya Deehr
Chief Legal Officer, General Counsel
Eurand

Panelists:

Thomas Hess, CPA
Senior Vice President, Finance and CFO
Yaupon Therapeutics Inc.

Will Mongan
Executive Director, US Business Development
AstraZeneca

Joel Sussman, CPA
Chief Financial Officer
Ascenta Therapeutics, Inc.

 

 
 
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