Live Blogging the Biocryst Presentation @ the Venture Club luncheon

The following notes are from Charlie Bugg’s presentation to the Birmingham Venture Club today:

  • Biocryst founded in 1986 and IPO’d in 1994
  • Core technology is “structure-based drug design” with a focus on “small-molecule pharmaceuticals for oncology, autoimmune, viral and cardiovascular diseases.” (which are programs that are very strong at UAB)
  • Currently employs 52 people (36 of which are in R&D) – do a lot of contract to keep up with the growing demand
  • First round was $4.5M in 1986 when venture capital was virtually noexistent
  • Two ways a long-term biotech company is financed…
    1. Go to the equity market
    2. Sell off rights to a partner for each drug before it hits the market
    • BCX-4208 collaboration with Roche
      • Rights to specific uses (which picks up all of development costs)
      • Right of first negotiation for future uses
    • Fodosine partnership with Mundipharma
      • European and Asian rights in oncology
      • Mundipharma fully funds all European and Asian trials
  • Peramivir is following an urgent development agenda and have large-scale manufacturing effort in progress
  • Strong financial position:
    • $91.7M of cash
    • 2005 burn was $24M
    • 2006 projected burn is $30M
  • Equity raised has totaled $203.45M / price was $5.11 a share originally, the low was .60 a share in 1991 / The most recent peak was in 1999 at $25.25 a share
  • Manufacturing should be US-based to protect against other countries “border in” if there’s a pandemic
  • Other sites may be found in other countries
  • When asked if Birmingham has been a hindrance or help, Dr. Bugg said that once you’re public then it doesn’t matter where you’re located
  • Further, recruiting scientific personnel is very easy (partly due to UAB) and turnover is virtually nil
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