The Massachusetts Life Sciences Center Return on Investment September 29, 2010 0 The Massachusetts Life Sciences Initiative – Major objectives State investments in the life sciences “Super Cluster”: � Promote economic development � Support the Commonwealth’s world-class academic medical centers, research institutions, universities and industry leaders � Promote a highly skilled and educated workforce � Create an industry-friendly environment � Strengthen and protect Massachusetts’ global leadership position in the Life Sciences � Support the development of treatments, therapies and cures 1
The Massachusetts Life Sciences Center – Board of Directors � Secretary of Housing and Economic Development � Gregory Bialecki � Secretary of Administration and Finance � Jay Gonzalez � President of the University of Massachusetts System � Jack Wilson, Ph.D. � A CEO of a Massachusetts-based life sciences corporation � Abbie Celniker, CEO, Taligen Therapeutics � A researcher involved in the commercialization of biotechnology, pharmaceuticals or medical diagnostic products � Lydia Villa-Komaroff, Board Member and CSO, Cytonome/ST � A physician licensed to practice medicine in the Commonwealth and affiliated with an academic medical center � Peter Slavin, M.D., President, Massachusetts General Hospital � A person with financial expertise in the life sciences � Joshua Boger, Ph.D., Former President & CEO, Vertex 2 Massachusetts Life Sciences Center Scientific Advisory Board • Richard A. Goldsby, Ph.D., John Woodruff • CHAIR: Harvey Lodish, Ph.D., Whitehead Simpson Lecturer and Professor of Biology, Amherst Institute, and Professor of Biology and of Bioengineering, MIT College • James Barry, Ph.D., Vice President, Corporate • Jeffrey Leiden, M.D., Ph.D., Managing Director, Research and Advanced Technology Development, Clarus Ventures Boston Scientific • David T. Scadden, M.D., Professor of Medicine, • Doug Cole, M.D., General Partner, Flagship Harvard University, Co-Chair, Department of Stem Ventures Cell and Regenerative Biology, Harvard University, Co-Director, Harvard Stem Cell Institute, Director, • James J. Collins, Ph.D., Professor of Biomedical Engineering, Boston University MGH Center for Regenerative Medicine • George Q. Daley, M.D., Ph.D., Children's Hospital • Alan E. Smith, Ph.D., Chief Scientific Officer, Boston, Harvard Medical School, Harvard Stem Cell Genzyme Corp. Institute • Allison Taunton-Rigby, Ph.D., CEO and Director, • Patricia K. Donahoe, M.D., Director of the RiboNovix, Inc. Pediatric Surgical Research Laboratories and Chief Emerita of Pediatric Surgical Services at • David Walt, Ph.D., Robinson Professor of Massachusetts General Hospital, and the Marshall Chemistry and Howard Hughes Medical Institute K. Bartlett Professor of Surgery at the Harvard Professor at Tufts University School of Medicine. Medical School • Philip Zamore, Ph.D., Professor, Biochemistry and • Jonathan Fleming, M.P.A., Managing General Partner, Oxford Bioscience Partners Molecular Pharmacology, UMass Medical School • Jean M. George, M.B.A., Partner, Advanced Technology Ventures • Lila Gierasch, Ph.D., Professor of Biophysical Chemistry, Department of Biochemistry, University of Massachusetts Amherst 3
MLSC Strategy Summary : Priorities and Focus Areas Strategic priorities: Vision � Competitiveness of the State’s academic institutions � Pipeline of new therapies, technologies, molecules, etc Mission � Supply and distribution of life sciences workers with skills that are aligned with stakeholder needs Strategic Priorities � LS infrastructure and ecosystem � Retention and growth of LS companies Focus areas for investment: � Competitiveness : Faculty grants and Focus Areas infrastructure � Pipeline : Industry sponsored (translational) research; New Investigators, Programs, Products, Services and Young Companies � Workforce : E ntry level workers; New Investigators Impact � Infrastructure: Capital Projects � Retention and Investment : Tax Incentives 4 Life Sciences Initiative Investment Tools d FY 10 = $30M FY 10 = $25M n T u a F x $ l FY 11 = $TBD a I 2 FY 11 = $25M n t 5 i c p 0 e a n m C t i i n v l • 10 years l e i o o i P n l l • $1 billion r i m o g Investment 0 r a 0 m 5 $ $250m Investment Fund (subject to appropriation) FY 10 = $10M FY 11 = $10M 5
The “Bottom Line” Life Sciences Center’s Impact: June ‘08 – July ‘10 Matching Investments Attracted = $706 M Job Potential = 6,501 • Corporate Investors • Permanent Public Dollars Invested • NIH = $191.5 M 4 X multiplier • Private Foundations Grants to Academic Organizations and • Building Trades • Institutes Medical Centers • Other Private Investors “Shovel Ready” Capital Projects • Academic Institutions Life Sciences Companies 6 Center Programming Portfolio Funding Gap Framework & Programming at a Glance Universities, Current programs help Universities, Institutes, Institutes, late stage companies Companies Medical Companies Medical Centers Centers Patent Filing Launch Discovery Development 1250 Annual Net Cash Flow 1000 Initial R&D Preclinical Phase I Phase II Phase III FDA/510k Product/prototype Review Discovery, Approval 750 (in millions) identification Public Equities 500 Corporate & Debt Venture Venture Mezzanine Grants and Funding Funding Financing Public 250 Angels Equities &IPO Time in Market Funding Gap Funding Gap 0 Medium Risk Highest Risk Medium Risk Lowest Risk & Low or & Lowest & Medium & Highest -250 Medium Valuation Valuation Valuation Valuation -500 Bonded Capital Fund Accelerator Tax Incentive Bonded Capital Fund Small Business Fund Cooperative Research 7
Investment Fund Programs Investments in Scientific Research: Matching Grant Program 2008 : the MLSC launches a Matching Grant Program for new investigators, faculty positions, and cooperative research in Massachusetts. These grants: � Are enabling 21 young Massachusetts scientists to continue their research, establish independent laboratories and possibly secure larger-scale NIH funding � Are improving the ability of five (5) universities and academic medical centers across Massachusetts to compete more effectively for top faculty � Are funding research collaborations between six (6) industry and academic partners focused on new therapies and technologies with high commercialization The Center’s grants leveraged $12.6 potential million in matching funds from private � Will accelerate the translation of and public research institutions and industry sponsors -- creating a $25.2 treatments and therapies “from the research million investment in translational bench to the bedside” research across the Commonwealth 8 Investment Fund Programs Leverage on the New Investigator Grant Program* � To date, nearly half (43%) of the Center’s New Investigators (9 of 21) have leveraged their MLSC grants with follow-on funding. � The Center’s investment in these nine (9) Investigators totals $2.4M. � However, these nine (9) New Investigators have won 15 grants totaling over $6.5M. Leverage on MLSC investment = 2.7x *A total of 21 New Investigators were funded; MLSC grants average $100k for 2-3 years; all grants received a 1:1 match from the Investigator’s affiliated academic institution 9
Investment Fund Programs New Investigators’ Scientific Contributions* � In addition, over half (57%) of the Center’s New Investigators (12 of 21) have published articles based on the work being funded by MSLC grants. � These 12 grantees have published a combined total of 31 articles that have been presented in the following journals: � Nature � Applied Physics � Nature Biotechnology � Cell � Nature Methods � EMBO Journal � Nature Reviews Immunology � European Journal of Immunology � New England Journal of Medicine � Gastroenterology � Optics Express � Genes & Development � Proceedings of the National � Hearing Research Academy of Sciences � Journal of Bacteriology � Sem. Immunology � National Academy of Science *A total of 21 New Investigators were funded; MLSC grants average $100k for 2-3 years; all grants received a 1:1 match from the Investigator’s affiliated academic institution 10 Investment Fund Programs Matching Research Grants -- Cooperative Research Grants The Cooperative Research Grants encourage industry-sponsored research at Massachusetts academic institutions and accelerate “bench to bedside.” The Center awarded 6 grants totaling $3.76 million. Award Recipient Award Research Research Partners UMass Lowell/ $199,596 per year Novel polymer Dr. Rudolf Faust Boston Scientific for three years biomaterials Immune Disease Institute/ Epic $250,000 per year An siRNA-based Dr. Judy Lieberman Therapeutics for three years microbicide Harvard School of Engineering and Development of a $250,000 per year Applied Sciences/ Dr. David Weitz functional fluorescent- for three years Rain Dance Technologies activated cell sorter Massachusetts General Hospital/ $63,100 per year Targeting of toll-like Dr. Andrew Luster Idera Pharmaceuticals for three years receptors in A.I.D. Design and testing Brigham & Women’s Hospital/ Dr. Richard Lee $250,000 per year of a new regenerative Biomeasure Dr. Prath Patwari for three years protein for delivery Development of UMass Medical School/ Dr. Michael Czech $249,593 per year orally-delivered RNAi Rxi Pharmeceuticals Dr. Gary Ostroff for three years therapeutics 11
Recommend
More recommend
