Nano gene case study
“NanoGene Technologies Inc.”
Case study
Market
• NanoGene, life sciences
• Share -$10,000,000 for 60% equity (assumption)
• Commercial Market Place
Issues
• Company culture and hiring practices
• Paige Miller hiring
• Series A funding
• Management team
Funding
• First Round (angel round) o $600,000 at a $2.25 million post-money evaluation o 20% immediately, 20% at the end of the first year, remaining 60% at a 2% per month
• Second Round (venture round) 2002 o $10 million series A financing 60% equity o 18 months operating o Technical proof-of-concept and pilot production
Key People
• Founders o Will Tompkins
• 41, biochemistry Ph. D. EIT Advanced materials sciences lab (AMSL)
• CEO NanoGene Technologies, $120,000, 330,000 shares o Mark Masterson
• Senior scientist in biophysics group
• $90,000, 330,000 shares o Ravi Rhoota
• Scientist in the biology group
• $65,000, 330,000 o Gary Garfield
• Post-doctoral fellow in biology
• $55,000, 330,000 shares o Don Rupert
• Head of AMSL
• Contribute 1 day a week to work at NanoGene, Advisory Board
• Brings many industry contacts needed, 330,000 shares
• Consultant/VP operations o Paige Miller
• Harvard MBA, UCLA Bachelors of Science, Business Administration
• Consultant in the Biomedical Field since 2001
• $175,000 with 2.5%-3% equity post series A financing
• Investors o Susan Stone a venture capitalist o Group of investors from Tompkins contacts at a biotech company
Players
• NanoGene Technology Inc. a life sciences start-up based on nanotechnology
• Eastern Institute of Technology’s Advanced Materials Sciences Lab (AMSL)
Intellectual Property
• July 2002,
• Four key patents in Mark Masterson’s name but owned by EIT
• One additional patent was in Ravi Rhoota’s name also owned by EIT
• License to NanoGene o 400,000 shares (15%), 3% royalty on sales
NanoGene Technologies was a very interesting case in the fact that it looked at
Case study
Market
• NanoGene, life sciences
• Share -$10,000,000 for 60% equity (assumption)
• Commercial Market Place
Issues
• Company culture and hiring practices
• Paige Miller hiring
• Series A funding
• Management team
Funding
• First Round (angel round) o $600,000 at a $2.25 million post-money evaluation o 20% immediately, 20% at the end of the first year, remaining 60% at a 2% per month
• Second Round (venture round) 2002 o $10 million series A financing 60% equity o 18 months operating o Technical proof-of-concept and pilot production
Key People
• Founders o Will Tompkins
• 41, biochemistry Ph. D. EIT Advanced materials sciences lab (AMSL)
• CEO NanoGene Technologies, $120,000, 330,000 shares o Mark Masterson
• Senior scientist in biophysics group
• $90,000, 330,000 shares o Ravi Rhoota
• Scientist in the biology group
• $65,000, 330,000 o Gary Garfield
• Post-doctoral fellow in biology
• $55,000, 330,000 shares o Don Rupert
• Head of AMSL
• Contribute 1 day a week to work at NanoGene, Advisory Board
• Brings many industry contacts needed, 330,000 shares
• Consultant/VP operations o Paige Miller
• Harvard MBA, UCLA Bachelors of Science, Business Administration
• Consultant in the Biomedical Field since 2001
• $175,000 with 2.5%-3% equity post series A financing
• Investors o Susan Stone a venture capitalist o Group of investors from Tompkins contacts at a biotech company
Players
• NanoGene Technology Inc. a life sciences start-up based on nanotechnology
• Eastern Institute of Technology’s Advanced Materials Sciences Lab (AMSL)
Intellectual Property
• July 2002,
• Four key patents in Mark Masterson’s name but owned by EIT
• One additional patent was in Ravi Rhoota’s name also owned by EIT
• License to NanoGene o 400,000 shares (15%), 3% royalty on sales
NanoGene Technologies was a very interesting case in the fact that it looked at