Tag Archives: application

LSN Launches RESI on MaRS Innovation Challenge with an All New Application Portal – LSN Sourcing & Ranking Expert System

25 Jan

By Samuel Rubin, Business Development Manager, LSN

After receiving some excellent feedback from past applicants, the RESI Innovation Challenge Review Team has re-tooled the online application to create a standardized and efficient Sourcing & Ranking Expert System. For years LSN has been evaluating technologies for government organizations, large pharma, and other groups using this system to vet biotech, medtech, diagnostics, and healthcare IT companies based on their science and “invest-ability”.

LSN believes the RESI Innovation Challenge application process will now be more logical and easier to navigate, streamlining the process from beginning to end. The application has now launched online. The deadline to apply for RESI on MaRS is Friday March 2nd. We look forward to reviewing all of your impressive applications!

What Makes A Good Innovation Challenge Application?

30 Nov

By Christine A. Wu, Senior Research Analyst, LSN

chrsitine

Every RESI Conference, LSN holds a fun life science competition – the Innovation Challenge. Thirty early-stage fundraising companies with top-tier life science technology exhibit in a poster-board format for a chance to pitch to investor attendees one-on-one and place as one of three winners voted by conference attendees. Out of our hundreds of applications, how do we choose the top thirty? As the Innovation Challenge application deadline draws near (it is tomorrow folks!), the LSN scientific review team has compiled a list of what we look for in a company and its application.

While the following surrounds the Innovation Challenge application itself, the criteria and the tips we provide are also guidelines for companies to use for their fundraising process. Much of our evaluation and the questions we ask are based on standard criteria that entrepreneurs will face when speaking with investors.

What makes a high-score company?

The LSN scientific review team uses a detailed rubric with a 200-point scoring system. Our evaluation process is based not only on scientific merit, but also on how ready the company is to present to an investor (“investor-readiness”). A perfectly scored company would have a transformational technology that can achievably address a high unmet need using a differentiable novel approach or target. Alongside high innovation, differentiation, unmet need, and market fit, the 200-point company would have a broad IP position, an experienced management team and CEO with top-tier advisors, and strategic alliances with manufacturing and clinical partners. The company will also receive high marks for having what we call “investor-ready” marketing material (executive summary, pitch deck, website).

Application Tips

Clearly describe your technology.

Like any marketing material, you need to be clear. Be sure you understand and answer the questions fully. The team has seen unclear responses as to what a company’s technology is and its significance in improvement.

Be honest with your answers.

The team frequently reviews applications that state they have no competitors in the space, when the honest answer is, there are. Novel products do have competitors before them, for established technology does exist in the indication your product targets. Be honest with whom your competitors are, and then address what the key differentiators are to your product. Even if your product is an incremental improvement, be honest and highlight this and it can still be attractive!

For example, competitors for your disease-modifying therapeutic may be symptom-treating therapeutics in the same indication that are either commercialized or being developed. You should identify these symptom-treating therapeutics and highlight your novel target approach that makes your product disease-modifying.

Explain your current standings in detail.

Outline everything you have in terms of your current standing, while also providing your outlook of where you hope to go. Avoid ambiguous statements such as, “CEO is an experienced entrepreneur”. Instead, provide details that highlight the CEO’s experience – years as an entrepreneur, number and names of companies exited, background expertise, etc.

Provide near-future and long-term horizons.

If you do not have certain criteria, such as a strategic alliance or IP, it’s OK. State your current standing and provide what steps you are currently taking to reach that milestone. For Alliances and Collaborations, state your verbal relationships; for IP status, state how many you have filed or are planning to file. Providing us your strategy is better than a simple yes or no.

Put in a balanced effort.

You should not spend 5 minutes on this application, and neither should you spend 5 hours. Your answers should be brief, as well as detailed – we have received hasty, effortless applications in which we quickly discard with a low score. On the other hand, you also shouldn’t spend an excessive amount of time on the application, as these are all straight-forward questions that you should be comfortable in answering and have down pat. Remember, as your executive summary should answer all these questions alone, this application is the backbone of our evaluation process and essentially your executive summary to us.

Send us your marketing material.

If you have marketing material, send it. This includes your pitch deck, executive summary, website, videos – any supplemental material that can boost our understanding of your technology and whether your company is investor-ready. The application provides limited space – while this forces you to get straight to the point, supplemental material explains what an application cannot (i.e. figures, graphs, pipeline, non-confidential data, etc.).

Overall, applying for the Innovation Challenge is great practice for fundraising companies. For those who have yet to apply, be sure to take note of these suggestions and apply here before midnight tomorrow!

RESI Boston 2017 Innovation Challenge – Winners Announced NYC Application is Now Open

28 Sep

By Natasha Eldridge, Director of RESI Conference Series, LSN

natasha-wp-newOn Tuesday September 26th, RESI Boston was host to the largest RESI Innovation Challenge yet, with 40 companies competing for the “investment” votes of their fellow attendees. These innovative startups came from across the life science spectrum – develop ing novel products in biotech, medtech, diagnostics and healthcare IT, with the aim of addressing a wide range of different diseases. We hope that all will succeed in bringing their products to patients, but there could only be 3 prize winners. Without further ado, LSN would like to present the top three competitors:

First Place: Wellesley Pharmaceuticals

Nocturia, the frequent need to urinate at night, afflicts 2.3B people, causing insomnia, fatigue, depression, and lower quality of life. It leads to higher rates of heart disease, stroke, brain damage, and deadly falls, killing thousands daily. Wellesley’s Phase 2 trial ended 9/8/17. Results will be unblinded 10/2, but 50% of patients reported >25% nocturia reduction and 27% reported 40-96% benefits, with no side effects. 25% took placebo and 25% reported results averaging 0%. OAB drugs offer 10-15% benefits, bad side effects, and sell $2B/year! Licensing dozens of worldwide patents to big pharma comes next. We expect $10M upfront and 15% of revenue, while they take over all future costs, before launching our drug worldwide. Net margins should approach 95%.

Michael Quigley, VP of Investor Research, Life Science Nation | David Dill, CEO, Wellesley Pharmaceuticals | Dennis Ford, CEO, Life Science Nation

Second Place: Molecular Targeting Technologies

Molecular Targeting Technologies, Inc.’s (MTTI) TDURA is an imaging agent with a unique mechanism to “see” cell death. It is fast, sensitive and enables actionable tracking of cell damage, reducing toxicity,improving survival and minimizing healthcare costs. MTTI has demonstrated proof of efficacy in cardiotoxicity and oncology models. TDURA detected chemotherapy related cardiac dysfunction prior to existing technologies, detected tumor response to therapy as early as 1 day and distinguished responders from non-responders. TDURA is ready for clinical development. Phase II approval for the first indication is projected in 2022. Exit prior to phase III should deliver ≥$100 million value. MTTI has an experienced team, a strong IP and an innovative platform with multiple indications targeted to several unmet medical needs.

Michael Quigley, VP of Investor Research, Life Science Nation | Koon Yan “Chris” Pak, Co-Founder & CEO, Molecular Targeting Technologies, Inc. | Michael Silvon, Senior Vice President of Business Development, Molecular Targeting Technologies, Inc. | Dennis Ford, CEO, Life Science Nation

Third Place: RPS Diagnostics

RPS DIAGNOSTICS is developing FebriDx® for launch outside the USA in 2018. FebriDx is the first and only rapid, in-office test that uses a fingerstick blood sample to help differentiate viral from bacterial acute febrile respiratory infection. The FebriDx® test can be used to help triage infectious patients at the point of care, providing clinicians with a clear path to diagnosis and treatment, leading to more efficacious healthcare decisions. Test results are available in 15 minutes, allowing for an effective treatment plan to be established during the patient’s initial office visit.

Michael Quigley, VP of Investor Research, Life Science Nation | Dennis Ford, CEO, Life Science Nation | Doug Lawrence, CEO, RPS Diagnostics

Thank you to all who competed in the RESI Boston Innovation Challenge, and to all the RESI attendees who took part by investing their votes in their favorite competing companies.

Apply for RESI NYC Innovation Challenge Now!

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