Venture capital
 Start-up success

Title: Commercialization Council venture news
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00088889/00005
 Material Information
Title: Commercialization Council venture news
Series Title: Commercialization Council venture news
Physical Description: Serial
Creator: University of Florida Commercialization Council
Publisher: University of Florida Commercialization Council
Publication Date: Fall 2004
 Record Information
Bibliographic ID: UF00088889
Volume ID: VID00005
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.


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Table of Contents
    Venture capital
        Page 1
        Page 2
        Page 3
        Page 4
        Page 5
    Start-up success
        Page 6
        Page 7
Full Text
Venture Newsletter

Commercialization Council


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Fall 2004

UF SDin-Offs a Credit to SuDDort Network

Members of the
Commercialization Council

Office of Technology Licensing
David Day Director
Jane Muir Associate Director

Univ. of Florida Foundation
Christopher Needles
Assistant VP/Development

Sid Martin Biotechnology
Development Incubator
Patti Breedlove Incubator Mgr.

The University of Florida and its spin-off companies are
spending a lot of time in the spotlight, as you will read in
this issue of the newsletter. This is a tremendous credit to
our growing support network that includes the university's
tech transfer and economic development arms,
sophisticated alumni network, active community support
from local business and civic leaders, and particularly to
our vigilant investment partners.


UF Companies Featured at November SEBIO

Three of the fastest rising stars in UF's growing
constellation of spin-off companies will be featured at the
6th Annual Southeastern Bio Investor Conference (SEBIO),
November 7-9, 2004 at the Doral Golf Resort & Spa in
Miami. Management teams from AxoGen, Osprey
Pharmaceutical Company, and Banyan Biomarkers will
present to an audience of 400, including numerous venture
capital firms and billions of potential investment dollars.

AxoGen is a biomedical company developing products that
will allow surgeons to repair and regenerate peripheral
nerves more successfully than ever before.

Osprey Pharmaceutical Company is the first to pursue
development of novel medications to treat the attention-
related deficits associated with schizophrenia.

Banyan Biomarkers is involved in the development and
commercialization of medical diagnostic technologies that
enable effective, efficient, non-invasive assessment of the
severity of brain injuries by detecting protein biomarkers in
a small sample of the patient's blood.

SEBIO is an event of the Southeastern Life Sciences
Association (SELSA), a regional collaboration of leading
organizations from life sciences, entrepreneurship, and
venture capital, from both the public and private sectors.
The conference features early stage companies seeking


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The Commercialization Council
is funded by the

Office of Research

Dr. Winfred M. Phillips
Vice-President for Research

PO Box 115500
(352) 392-1582

The UFCC Venture e-newsletter is
sent to you by the University of
Florida Commercialization Council.

To be removed from the UFCC
Venture mailing list, please email

The information contained in UFCC
Venture may not be reproduced
without the permission of the
University of Florida
Commercialization Council.

funding. UF spin-offs such as AGTC which recently netted
$15M in venture financing have presented at SEBIO in
recent years.

David Day, Director of the University of Florida 's Office of
Technology Licensing and a founding member of SEBIO, is
serving as co-chairman of this year's event along with
David Gury, Chairman of NABI Biopharmaceuticals. Patti
Breedlove, Manager of the Sid Martin Biotechnology
Development Institute at UF, is Recruitment Chair. UF
alumnus Wayne Hockmeyer, founder of MedImmune and
CEO of MedImmune Ventures, is one of SEBIO's featured

To read more about UF's featured start-up companies, visit
the Start-Up Companies page at the OTL website
www.otl.ufl.edu. For more information about the
conference, check the SEBIO website at

UF Spin-Offs Courted to Present at Innovation
Florida 2004

Two Gainesville-area technology companies will be
featured at Innovation Florida 2004, an early-stage
technology conference featuring the best new investment
opportunities in Florida, start-ups and existing companies
seeking "first outside" equity financing.

Vigilert Activity Monitoring, Inc. (VAM) is a start-up
software company marketing a business activity
monitoring platform with a particularly strong database
interface, differentiated from competing technologies by its
immense capacity supporting thousands of users who
can each create as many event triggers as they need.

The mission of Smart Structures, Inc. (SSI) is to
enhance the quality and reduce the time and cost of
concrete construction by embedding wireless sensors
directly into concrete piles and castings. SSI's technology
enables engineers, contractors and state agencies to
monitor critical parameters of concrete structures, both
during construction as well as throughout the entire life of
the structure.

VAM and SSI will present to an audience of venture
capitalists, investment bankers and individual investors.
Firms that presented at previous Innovation Florida
conferences have raised over $132 million through this
high-visibility opportunity.

Innovation Florida 2004 is presented by the University of
Central Florida Technology Incubator and the Central
Florida Innovation Corporation, and sponsored by Akerman
Senterfitt and Business Wire. The conference will be held:

Wednesday, September 29, 2004
at The Ballroom at Church Street



Venture Newsletter

225 South Garland Avenue, Orlando, FL, 32801
8am 5pm

For more information, contact the Central Florida
Innovation Corporation (CFIC) at (407) 277-5411 or visit
the website at www.cfic.org.

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UF Fills Need for Experienced Entrepreneurs
Searching for Opportunities

After Cheryle Touchton sold PathTech Software Solutions,
the company she co-founded and led as CEO, for $10
million, she was ready for another challenge.

Stefan Borg was eager to continue his momentum with
another leadership opportunity after taking SunPharm
Corporation public and later selling it.

With more than twenty years of success in various
corporate ventures including biometrics and business
valuation, Jared Kennedy was also looking for his next gig.

These and many other successful entrepreneurs are finding
their way to the University of Florida Office of Technology
Licensing (OTL) to identify a technology or platform of
technologies that could serve as the basis for their next
company. Why UF? Many reasons. Besides the more than
$450 million the university brings in annually in research
awards, and the 300 new inventions disclosed by UF
faculty each year, the university has proven it has the
machinery in place to leverage these IP assets into
successful companies.

"The University of Florida 's tech transfer office is one of
the most innovative and aggressive in the country -
particularly when it comes to new business creation," said
David Day OTL's Director. One of the most recent tools in
the new venture arsenal is the relatively new University of
Florida EDA University Center, a collaborative effort
between the university and the federal government's
Economic Development Administration (EDA).

Housed within OTL, UF's EDA University Center is at the
pulse-point of the region's high-tech start-up activity.
Because of the tremendous volume of research generated
at UF and the user-friendly reputation of its Office of
Technology Licensing, the University of Florida EDA
University Center serves as a magnet for entrepreneurs
and investors seeking new opportunities, and a catalyst for
new business creation. In its first 24 months of operation,

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Venture Newsletter

the Center helped create 20 new start-ups.

"Technology is important to investors, but a proven
management team and the ability to successfully
commercialize new technologies is key," according to Jane
Muir, Director of the UF EDA University Center and
Associate Director of the Office of Technology Licensing.
Muir looks for "experienced business people who
understand what it takes to start a company and who are
excited about bringing life-changing products to market."

Jamie Grooms is an excellent example. Introduced to the
UF community by the UF Foundation and Chris Needles,
Grooms led Regeneration Technologies (Nasdaq: RTIX)
through initial venture capital fundraising and an initial
public offering, raising $75 million in proceeds, before
searching for his next big project. He subsequently co-
founded and is currently CEO of Axogen, Inc., a company
that licenses several University of Florida monoclonal
antibody technologies.

Entrepreneur Cheryle Touchton, mentioned above, is now
spearheading an effort to raise funds for her newest
project, Vigilert Activity Monitoring, a UF spin-off in the
business activity monitoring (BAM) space. Stefan Borg is
now CEO of Osprey Pharmaceutical Company. Jared
Kennedy is the CEO of EnviroFlux. Information about these
and other UF spin-offs is available on OTL's website at

OTL and the UF EDA University Center continue to work
with entrepreneurs and investors seeking opportunities to
become involved with university spin-offs, and anticipate a
number of new successes this year. For more information,
contact Jane Muir at (352) 392-8929 or by email at

UF Tech Transfer Brings Disease-Fighting Compound
to the Marketplace

Critical care diseases such as rheumatoid arthritis, Crohn's
disease, and acute organ failure due to cardiopulmonary
bypass are more common in the United States than
cancer. Costs of care for these diseases in intensive care
units exceed $180 billion per year; 25-40% of U.S.
healthcare expenditure is associated with hospitalizations
of patients with critical care diseases, which are also a
tremendous drain on quality of life for patients and

Through cutting edge research and aggressive tech
transfer efforts, the University of Florida is helping the
nation's healthcare system, patients and families fight
these diseases. UF recently licensed a family of compounds
developed by Professor William Kem of the College of
Medicine, Department of Pharmacology and Therapeutics,
and a team of researchers to Critical Therapeutics, Inc.
(Nasdaq: CRTX). Critical Therapeutics is a
biopharmaceutical company focused on the discovery,

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development and commercialization of products for
respiratory, inflammatory and critical care diseases.

"This license provides us the opportunity to accelerate our
development path by granting us access to the intellectual
property on a series of molecules known to be active," said
Critical Therapeutics President and Chief Executive Officer
Paul Rubin, M.D.

"UF is world-renowned for its groundbreaking research and
discoveries," said David Day, UF Office of Technology
Licensing Director. "Moving those discoveries to the
marketplace through relationships like this one with Critical
Therapeutics is what enables the university to help
improve people's quality of life, which is really why we're

For more information on UF's technology transfer process,
visit OTL's website at www.otl.ufl.edu or contact Jane
Muir, OTL Associate Director, at (352) 392-8929 or

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Florida Tech Transfer Conference Debut

The first-ever Florida Tech Transfer Conference, held in
May in St. Petersburg was well attended by university
researchers and industry insiders. The conference
showcased Florida universities' breakthrough information
technology, biotechnology and nanotechnology available
for licensing and commercialization.

The program featured heavy-hitters such as Florida 's Lt.
Governor Toni Jennings and Andreas Stavropoulos of
California venture capital firm Draper Fisher Jurvetson.
Other prominent speakers included John Kozarich, Scripps
Research Institute and President of ActivX, and
Charles Linzner from Bristol Myers Squibb. Topics included
how to collaborate with university researchers, structure
deals and turn university-developed technologies into
profitable businesses.

The conference was hosted by the Tampa Bay Technology
Forum (TBTF) and the Florida Research Consortium (FRC)
in association with the Florida Venture Forum. The
University of Florida sent inventors and other
representatives, including Karl R. Zawoy, Assistant
Director of the university's Office of Technology Licensing.
"This conference represents a great opportunity for our
inventors to gain experience meeting with potential
partners in industry," said Zawoy, "for investors and
industry reps, it's a chance to browse the vast array of



Venture Newsletter Page 6 of 7

breakthrough technologies that are being developed here
in Florida."

2005 Florida Venture Capital Conference

The 2005 Florida Venture Capital Conference is scheduled
for January 27-28, 2005 at the Omni Resort at
ChampionsGate in Orlando, Florida. This event will be an
opportunity for Florida's best prospects for equity financing
to make presentations to an audience of venture
capitalists, investment bankers, financial intermediaries
and entrepreneurs.

Carl Roston, a UF alumnus who remains highly involved in
the commercialization process locally and statewide, is the
chair of this year's conference. More than 800 people
attended the 2004 Conference, representing 115 venture
capital firms from across the US with billions of dollars to
invest in Florida To date, former Conference presenters
over the last 13 years have been successful in raising over
$675.6 million.

The Florida Venture Forum is seeking corporate sponsors
for this event. Those interested should contact Robin
Kovaleski at (813) 335-8116 or email her at

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Top 10 Early Stage Company Mistakes

Topping Fred Hutchison 's Leno-like list of the top 10 early
stage company mistakes, is "Failing to have founder
vesting and shareholder agreements." Fred Hutchison, of
Hutchison & Mason PLLC, presented this list at a seminar
on Legal Issues for Biotech Startups held at the Sid Martin
Biotechnology Development Incubator on July 30.

In addition to examining issues like founders vesting,
board composition, employee inventions, IP issues, and
pre-money valuation, he reviewed his top ten list with the
audience of early stage founders and executives. Second
on Fred's list is "Not owning what you pay for," followed by
"Ignoring obligations to former employers," and "Failing to
read contracts."

Hutchison co-founded the Council for Entrepreneurial
Development in North Carolina in 1984. During 2003,
Hutchison & Mason helped clients raise over $119 million
in private and public financings.

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