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Biotechnology in Practice > L19 Communication > Flashcards

L19 Communication Flashcards

1
Q

What is the “Code of Best Practice for Reporting by Life Science Companies” and why was it developed?

A

The Code (second edition, 2013) aims to support directors and management of Australian ASX-listed life science companies to adopt international best practice in reporting events to investors. It promotes investor confidence by helping directors balance confidentiality and continuous disclosure and includes educational support for clinical trials.

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2
Q

Biotechs need to pitch to VCs. Explain this statement and describe some dos and don’ts of pitching

A

see onenote slides

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3
Q

Why communicate?

A
  1. persuade
  2. provide info
  3. seek info
  4. express emotion
  5. to warn
  6. to reassure
  7. to change behaviour
  8. to deceive
  9. to celebrate
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4
Q

What is communication?

A

exchanging your message with other people clearly and unambiguously

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5
Q

What is exchanged and how?

A

Exchange

  • info
  • ideas
  • thoughts
  • feelings
  • emotions

Through

  • speech
  • signals
  • writing
  • behaviour
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6
Q

The process of communication

A

see onenote diagram

Cycle of:

  • sender
  • message
  • channel
  • receiver
  • feedback
  • channel

noise barrier

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7
Q

The 5 Ws and a H

A

see onenote

  1. who
  2. what
  3. where
  4. why
  5. when
  6. how
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8
Q

Are you a good communicator - Johari’s window

A

see onenote

  1. open self
  2. blind self
  3. hidden self
  4. unknown self
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9
Q

The Basic Biotech Strategy + communication

A

see onenote diagram

Attract investment into IP to develop it

Communicate business plans successfully to attract investors

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10
Q

Business plans are a key communication document

A

see onenote

  1. internal - board
  2. external - investors
  3. figuring out what you’re doing
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11
Q

Communicating with VCs

A

see onenote diagram

Startups are eager to grow but need to compete for capital in order to get past the valley of death, a period of high company mortality

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12
Q

VC fund is profitable when…

A

see onenote diagramm

when its best investment is worth more than the rest of the fund combined

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13
Q

The VC Process

A

see onenote diagram and side notes

  1. first contact
  2. first meeting - CDA
  3. Business plan - diligence
  4. term sheet
  5. formal diligence
  6. funding - shareholder agreement
  7. exit
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14
Q

VC activity in Australia

A

see onenote table

VCs meet with lots of companies but only roughly 1/10 of these meetings proceed to due diligence. Very few of these get funded.

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15
Q

The VC traffic light

A

Stack 1 - must fund (~1%)
Stack 2 - might fund (~10%)
Stack 3 - Forget it (the rest)

to get into stack 1, you must convince the VC that you can:

  • make the VC money
  • make them more money than any other company or project
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16
Q

Pitching - the basics

A

see onenote

  1. the sound bite
    - describe the business in 8 words or fewer
  2. the elevator pitch
    - 2-3 minutes, financing requirements, action points for follow-up by VC
  3. extended pitch
    - 10-20 minutes. Key points including products/tech, management team, business model, financing requirements, action points for follow-up by VC
17
Q

Don’t tell the science story

A

see onenote

Always start with the market - what’s the market opportunity, don’t start with the science
- VCs need to see the market opportunity, after that you can start with why your science is better than someone else’s science

18
Q

Pitching - dos and don’ts

A

see onenote

19
Q

The delivery

A

see onenote

  1. plan
  2. prepare
  3. practice
  4. deliver
  5. interpret
20
Q

The follow-up

A
  1. collect business cards (names and contact details)
  2. leave your pitch pack
  3. take notes (ask a colleague and they can take that role)
  4. if you promised to do/provide anything, make sure you do it
  5. follow up with the organiser
  6. if appropriate, arrange a next meeting
21
Q

ASX - false market rules

A
  • has strict rules around disclosing info likely to create a false market
  • listing rule 3.1 says that companies must disclose immediately any info that a reasonable person would expect to have a material effect on its share price
22
Q

Why the need for a code?

A
  1. scientific research is intellectually complex
  2. regulation, laws, IP legislation etc is also complex and changing
  3. hard for outsiders to assess what aspects of a biotech company are key drivers of value
  4. easy to get the message wrong
23
Q

What is material?

A

see onenote slides and side notes

  1. companies must disclose material info
    1. companies should not disclose information that is not material
  3. materiality is decided on a case-by-case basis
24
Q

Summary

A
  1. communication is a two-way process and a skill that must be practices
  2. biotech companies develop pitches to attract investors. A good pitch is science-based but market-led and is the product of good competitive intelligence
  3. legal requirements govern the communications of publicly listed biotech companies
  4. the Code of Best Practice describes the test of materiality

Biotechnology in Practice (25 decks)

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