The co-founders of 6-month-old consulting company NovoBioPharma want to carve a niche for themselves in the area of helping manage and advise growth-stage life science industry companies — an area they view as underserved.
Members provide advice on a wider range of areas than what’s typical for an advising and consultancy business in the life science sector. It offers management support, strategic planning and IP strategies, and financing advice, but it also advises on target selection for growth-stage companies. Members draw from their collective experience as serial entrepreneurs and investors, and their work on the clinical side of biotech and pharmaceutical companies.
In a phone interview, Bernard Rudnick, a co-founder and chief business officer with the business, said it wants to help companies avoid making the wrong decisions up front and being forced to do restarts that burn away capital. “Most young companies really can’t afford, or are not prepared to bring in, a senior management team. We work as an extension of the management team.”
With the Rise of AI, What IP Disputes in Healthcare Are Likely to Emerge?
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
Rudnick founded Mid Atlantic Diamond Ventures and more recently, Mid Atlantic Bio Angels. Dr. Ira Wallace, the chief development officer, has spent the past 11 years guiding companies, helping them develop and carry out strategies that create commercial validation and monetize their products. Dr. Shahin Gharakhanian is the head of pharmaceutical medicine and a managing partner. His experience includes working as a vice president at Vertex Pharmaceuticals in research and development in strategic leadership, clinical development and medical affairs. His specialty areas include HIV medicine, viral hepatitis and infectious diseases. Andrew Luber is a managing partner and chief scientific officer and has served as a clinical pharmacist with antiviral drug development and clinical research.
What’s their criteria for companies? The management has to be coachable, said Rudnick. “They have to know what they don’t know – those are the folks we work with readily.” Another strong criteria for Novo is whether they can add value. “Because we do this for some combination of fees and equity, we have an aligned interest with management and think about ways we can help a company win.”
Novo is currently working with five companies. Although still in the prototype stage, OtoSense is developing technology to alert hearing impaired people to the presence of cars, trucks, ambulances with a visual flashing alert on smartphones. Another company, InnaVirVax is entering phase 2 clinical development for an HIV vaccine. The company is based in Paris but is likely to open a U.S. office this year.
Technology transfer is the source of some of its collaborations. It works with UpStart, an incubator for University of Pennsylvania’s Technology Transfer office.
A Personalized Approach to Medication Nonadherence
At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
Although plenty of consultancy companies, investment groups and law firms offer some mix of the advice areas listed above, few companies focus as early as the proof-of-concept stage. If the upbeat biotech investment vibe at the JP Morgan Healthcare Conference is anything to go by, the company’s launch seems well-timed.
