2. Ron Cohen, M.D. CEO, Acorda Therapeutics, Inc. Nature Biotechnology - Meet the Author May 6, 2009

3. Copyright Ron Cohen. Not to be distributed without written consent The Promise of Biotech

4. Copyright Ron Cohen. Not to be distributed without written consent The Reality of Biotech

5. Copyright Ron Cohen. Not to be distributed without written consent Inspiration

6. Copyright Ron Cohen. Not to be distributed without written consent Bright Ideas Are Not Enough...

7. Copyright Ron Cohen. Not to be distributed without written consent Have a Business Plan

8. Copyright Ron Cohen. Not to be distributed without written consent Engage the Right People

9. Copyright Ron Cohen. Not to be distributed without written consent Obtain Survival Gear Business plan Savvy business and financial advisor(s) –Board of Directors Corporate counsel Scientific Advisory Board Accessories –Thick rubber soles –Thick skin

10. Copyright Ron Cohen. Not to be distributed without written consent Find the Funding

11. Copyright Ron Cohen. Not to be distributed without written consent The Funding Environment

12. Copyright Ron Cohen. Not to be distributed without written consent A Funding Hierarchy Grants Loans/Credit cards Corporate partnerships VCs Low hanging fruit Friends & family Parties interested in companys mission Men with attache cases and strange accents

13. Grants SBIR/STTR ATP Orphan Drug NIH DARPA CRADA State and local grant programs Private foundations

14. Remember what you and your investor are facing

15. Copyright Ron Cohen. Not to be distributed without written consent All financial sources have the same fear.

16. Copyright Ron Cohen. Not to be distributed without written consent A Visit to the VC

17. Copyright Ron Cohen. Not to be distributed without written consent Typical VC Partnership

18. How to Ask for Funding

19. Copyright Ron Cohen. Not to be distributed without written consent Due Diligence

20. Copyright Ron Cohen. Not to be distributed without written consent Global Biotech IPOs Year# IPOs$$ Raised 200452 $2.60B 200545 $1.90B 2006 49 $2.00B 2007 51 $2.90B 2008 6 $0.13B 1Q:09 0 $0.00B Source: BioCentury

21. Copyright Ron Cohen. Not to be distributed without written consent 2008-09 Global Biotech IPOs

22. Copyright Ron Cohen. Not to be distributed without written consent Global Biotech VC Investment Year$$ Raised 2004 $5.30B 2005 $5.30B 2006$5.70B 2007$6.7B 2008$5.40B 1Q:09 $1.40B Source BioCentury

23. Copyright Ron Cohen. Not to be distributed without written consent 2008-09 Biotech VC Investment

24. Copyright Ron Cohen. Not to be distributed without written consent Virtue #1: Perseverance

25. Virtue #2: Patience

26. Copyright Ron Cohen. Not to be distributed without written consent Virtue #3: Optimism

27. Copyright Ron Cohen. Not to be distributed without written consent Optimism is Warranted In the short term, people tend to grossly overestimate what they can do…. in the long term, however, 25 years or greater Id say, people underestimate what they can do. Leroy Hood

28. Copyright Ron Cohen. Not to be distributed without written consent Resources Publications: e.g., BioCentury/BioWorld Today Onlinesites-e.g., Bioentrepreneur (nature.com/bioent/index.html); Evelexa.com University tech transfer office Friends & family contacts Biotech industry organizations –NYBA –BIO Biotech company staff Executive recruiters VCs

29. Copyright Ron Cohen. Not to be distributed without written consent Good Reading Alternate Careers in Science: Leaving the Ivory Tower –Cynthia Robbins-Roth, Ph.D. From Alchemy to IPO: The Business of Biotechnology –Cynthia Robbins-Roth, Ph.D. The Billion Dollar Molecule –Barry Werth Gene Dreams –Robert Teitelman Growing Pains: Transitioning from an Entrepreneurship to a Professionally Managed Firm –Eric G. Flamholtz, Yvonne Randle

30. Copyright Ron Cohen. Not to be distributed without written consent