Life science firms have to follow a rigorous documentation process to comply with a host of FDA regulations. As a result, when entering into various corporate agreements these firms are faced with the daunting task of sharing thousands of confidential documents. Firmex provides life science firms with an affordable unlimited use facility to share thousands of confidential documents securely and indefinitely. Typical uses are corporate finance, partnering, M&A and executive reporting.
(PRWEB) September 21, 2009 -- Life science firms have to follow a rigorous documentation process to comply with a host of FDA regulations. As a result, when entering into various corporate agreements these firms are faced with the daunting task of sharing hundreds if not thousands of confidential documents. "We have more customers in life sciences than any other corporate vertical. They have a far more document intensive business than other industries and are frequently engaged in transactions" says Joel Lessem, Firmex CEO. The Firmex product is licensed by life science firms to manage confidential document sharing processes on an unlimited use basis. Firmex's flat fee subscription pricing based on internal users accommodates small, medium and large global organizations. Since approximately 82% of the industry's firms have fewer than fifty employees, having an offering that is affordable to smaller companies is essential. Further as a hosted solution, there are no IT costs or implementation fees. Firmex provides world-class security and data back-up as part of the subscription.
Common uses of Firmex for life science firms are:
1. Multiple Rounds of Equity Financing
Since most firms are in the development stage, they are almost entirely dependent on investor capital. As a result, the majority of life science firms are either raising capital or preparing to raise capital on a continuous basis.
Larger life science firms frequently partner with smaller life science firms to develop new products. The combination of the creativity of small firms with the financial strength, clinical development and marketing expertise of a larger firm is a way firms efficiently bring new products to market. Studies conclude that it is more cost-effective and less risky for established firms to actively partner with smaller firms who may be more efficient at product innovation, rather than to try and develop new products themselves.
3.Mergers & Acquisitions
Life Science firms will hedge risk with a number of potential candidate products. Some of these will make rapid clinical progress and become the core of the firm's strategic direction. Selling non-core IP helps a firm generate cash and to focus on core strategy. The acquisition of core IP helps deliver necessary value and pipeline for future financing or partnerships.
4.Executive and Board Reporting
Secure document sharing also applies to internal reporting processes. A common request comes from executives who want up-to-date reporting and are frustrated with delayed access to information. Normally, managers and staff use email to resend documents to various stakeholders, as the documents are often buried in overloaded email inboxes. Furthermore, board members need access to documents from remote locations. By keeping updated key documents online eliminates a lot of unnecessary work and keeps staff abreast of current and key information.
5.Security, Reliability and Accessibility
Locating and reviewing key corporate documents stored on a local file server is neither always accessible nor reliable. Local file servers generally don't have real-time failover, several weeks of diesel powered generators and multiple-firewalls. In fact, imagine the cost of the worst case scenario (earth quake, fire or flood) in which documentation is lost or near impossible to recover. A lesser disaster could be a hard drive failure and inadequate backup, where documents may be recovered by not in an organized manner. Even if there is an off-site backup file, it can take weeks to re-organize the information. A hosted solution, with tier one security and business continuity standards, eliminates these risks.
Firmex™ is a secure, collaborative, and branded virtual data room environment for conducting due diligence, reviewing transaction drafts, closing deals and providing document libraries online. Firmex is licensed to organizations that seek to enhance and streamline their transactional and document exchange processes.
Read the full story at http://www.prweb.com/releases/2009/09/prweb2889134.htm.
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