Posts tagged Biotechnology
After being a member of the Toronto Biotechnology Initiative (TBI) for several years, I recently joined the newly founded Mentorship Committee to help develop a program for TBI that bring mentors and proteges together to promote skill and knowledge development.
A short bit on TBI:
The Biotechnology Initiative represents and promotes life sciences technologies and encourages their commercial success in Ontario through Government advocacy, stakeholder engagement, mentoring and education and promotion of Ontario’s world-class science and industry.
With over 300 members, TBI supports a wide range of sectors: academic and research institutions; government; companies from the biopharmaceutical industry, agriculture biotechnology sector, agricultural/ petrol bioproducts, medical devices, biopharmaceuticals, pharmaceutical multinationals, contract research/manufacturing, financial, legal, human resources and consultants.
To those of you that are interested, we will be starting a 6-month pilot program soon. Feel free to get in contact with me if you wish to be either a mentor or a protege for this period. After the pilot, we will open up the program to new TBI members, who may join TBI for the benefits gained from this mentorship program and from being a part of the TBI community.
I will keep everyone in the loop with regards to key dates.
I have certainly been neglecting my blogging recently! I have been busy focusing on completing my masters degree, and delivering good results at my internship with GSK. Either way, sorry to dissappoint my readers who used to come by here much more often!
This week I will be attending BioFinance, a conference known to bring together early-stage life science and medical devices companies. In fact, I will be volunteering at the partnership desk, so I will get to work with a number of the companies during my time slot there.
This year will mark the 3rd BioFinance conference that I have attended – I must say that heading out to these types of events really helps to grasp the state of the financial markets and the state of entrepreneurial ventures in the Canadian marketplace, particularly in the biotechnology/pharmaceutical sector. It is also the first time that I have ever seen a focus on Cleantech; there is a luncheon with a Cleantech panel and then a number of Cleantech company presentations on the Thursday afternoon. I will try my best to report back on some interesting leads there.
The Luncheon with the Cleantech Panel will include:
Moderator: Duncan Stewart, Deloitte and National Post
Panel: (1) Dr. Jürgen Scheffran, Center for Advanced BioEnergy Research University of Illinois; (2) John Cook, Investeco Financial Corporation; (3) Steven Winokur, Canaccord Adams; (4) Alex Kilgour, Gowling Lafleur Henderson LLP; and (5) Susan McLean, TSX Group Inc.
Invest in biofuels today. At least, 2 people think you should — Vinod Khosla of Khosla Ventures, and Dr. Jens Riese of McKinsey & Co. who gave keynote speeches at the World Congress on Industrial Biotechnology and Bioprocessing.
An article from TheAutoChannel discussed this in further detail, but I want to highlight some important points from the post:
In a speech titled “The Role of Venture Capital in Developing Cellulosic Ethanol,” Khosla outlined the range of technologies currently being commercialized to convert cellulosic biomass to transportation fuels. Khosla said that the U.S. Department of Energy’s recent grants to cooperatively fund biorefineries that produce ethanol from cellulose is an acknowledgment that the technology is moving faster than expected. He said that a 100 percent replacement of petroleum transportation fuels with biofuels is achievable, and predicted that ethanol from cellulose technology will be cost competitive with current ethanol production by 2009.
Dr. Jens Riese of McKinsey & Co. also addressed the World Congress plenary session with a speech titled “Beyond the Hype: Global Growth in the Biofuels Industry.” Riese predicted that global annual biofuel capacity would double to 25 billion gallons over the next five years and could reach 80 billion gallons – meeting 10 percent of world transportation fuel demand, enough to replace the annual oil production for fuel of Saudi Arabia – by 2020. According to McKinsey & Company’s model, biofuels can economically replace 25 percent of transportation fuel with crude oil above $50 per barrel. He concluded that the race is on to build a biofuels industry and that companies should invest now.
Pharma seeking patents on old drugs, and a 40x increase venture capital spent on biofuel-related companies:
An article from CNN talks about big pharmaceuticals looking to acquire new patents on old drugs to fend off generic competition. They are using the creative minds of their in-house, legal teams to try to “work the system” to their advantage… see Big Pharma teaches old drugs new tricks for the full story.
On the biotech side, there was a report today that discussed a 4000% year-over-year increase in the amount of venture capital spent on biofuel companies from 2005 to 2006. The majority of the funds were geared toward genetically engineering enzymes in the production of bioethanol.