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Biotech Company Builder Papadopoulos Says Investment in Innovation Needed to Advance Drug Pipeline at Massachusetts Biotechnology Council's Ninth Annual MASS Opportunities Investment Conference
Date:11/8/2007

Governor Patrick Asks Biotech Community for Continued Efforts on $1 Billion

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Editor's Note: Reporters can listening to company presentations at http://massbio.org/events/mass_opps/press.php Plenary presentations will be

available on Friday on the same site.

CAMBRIDGE, Mass., Nov. 8 /PRNewswire/ -- The investment community must get back to financing innovation in science, said Stelios Papadopoulos, noted investment banker and biotech company builder, at the Massachusetts Biotechnology Council's ninth annual MASS Opportunities Investment Conference (MASS Opps). He said the industry can't rely on retooling failed drugs or repackaging therapies.

Papadopoulos's keynote address, The Declining Role of Innovation in Biotech, followed the steady decline of initial public offerings (IPOs) for biotechnology companies with innovative science and technology at early stages of development. The investment community is now focused on product-based companies with Phase II or III data, and balanced pipelines. He cited the investor influence as the big challenge: the need to deliver faster returns.

Papadopoulos did express positive trends for biotechnology companies focusing on innovation. The most recent activity in the mergers and acquisitions front suggests that pharmaceutical companies are prepared to pay premium prices in order to acquire science-based biotech companies. "It is our collective responsibility to find ways to continue funding companies with exciting ideas," said Papadopoulos, who concluded by remarking: "The end of innovation will spell the end of biotech, and that's unacceptable".

Papadopoulos spoke before nearly 500 attendees at MASS Opps, Ne
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SOURCE Massachusetts Biotechnology Council
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