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Life Science Leaders Discuss Strategies for Surviving the Financial Crisis at Yankee Public Relations Symposium
Date:6/18/2009

position to find yourself in is asking people for money when they have not heard of you."

Several panelists emphasized how difficult it has become for early stage companies to get funding.

"On the private company side, it has been difficult to fund early stage, pre-clinical or stage one," said Emilio Ragosa, J.D., a Partner in Business Finance with Morgan Lewis in Princeton. "It's mainly later stage deals that are getting done. And for those companies that have not been able to get funding, we have seen a number of distressed sales."

Gene Detroyer, a Director with Five Prime Advisors in New York City, emphasized that the current crisis is unlike anything the industry has seen before and big pharma is unlikely to come to the rescue.

"Big pharma is in the business of delivering drugs through their channels," said Detroyer. "They need billion dollar drugs to justify supporting their channels. So if you think you're going to cash out with big pharma, don't wait for it. Find ways to incrementally increase the value of your company. There was a similar crisis in 2001, but this one is much deeper. It will take much longer to come out of it. Those folks with funds are more reticent. They are looking at a completely different risk-reward equation."

Symposium panelists also included: Annarie Lyles, Ph.D., Genmab, Senior Vice President/Head of Business Development;

SOURCE Yankee Public Relations LLC
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