The new collaboration between academic tech transfer experts, venture capitalists and law firms provides a platform for life science startups.
The collaboration will leverage life science entrepreneurs to create new businesses based on their discoveries and innovations.
Simplifying the path to life sciences transactions will lead to an overall improvement in healthcare options for patients.
PALO ALTO, Calif., November 28, 2022 –( BUSINESS WIRE )–As of the spring of 2020, the group of academic institutions, investors, and law firms listed below have been collaborating to coin the term "representation." A worksheet that an investor and academic institution can use to start a conversation about starting a new life science business. The goal was to create a reasonable approach with terms and conditions that most parties could use in most situations. The philosophical framework can be found here: "Guidelines for Life Sciences University Startups" and "Recommended Process Improvements for Life Sciences Universities Startups" originally published in December 2020.
Since then, the creators have incorporated these principles into a sample word sheet (available in PDF and Word versions) with complete words, which any entity can download and use for free. The hope is to dramatically reduce the time it takes to negotiate these early-stage life science deals, which can bring therapeutic, diagnostic and therapeutic devices to market months or years earlier, with benefits similar for patients around the world.
Important Note: The authors use the word "representative" to describe the list of terms, as most terms are considered reasonable by both parties. Therefore, the term list can be used in many contexts without further content modification. However, it should be noted that each institution or investor may have a preferred approach or guidelines that may leave a strong impression on you. For example, some companies have particularly strong positions on securing revenue, securing rights, or future expansion, and some investors have similar positions on equity, success fees, or board seats. . In fact, it would be impossible to create a single document containing all possible options. Therefore, some Participating Organizations and others may need to use alternative approaches to those described in the Standard Terms of Use, and while they support the general approach presented here, nothing in these documents should be interpreted as binding on an innovative organization. . On the contrary, the list of conditions should be considered a reasonable generalization for most situations.
Over the next few months, the developers plan to release a full license agreement template based on this specification. If you have any questions, comments or concerns or would like your institution to be included in the list of sponsors below, please email techtransferVCstartups@gmail.com.
The list of contributors is as follows (individual contacts are indicated in parentheses):
Institutions: Columbia (Orrin Herskovitz, Ofra Weinberger, Melissa Cohen), Duke (Robin Rasor), Harvard (Isaac Kohlberg), Johns Hopkins (Steve Kouzouris), MIT (Lauren Foster), Stanford (Karin Emergluk), Indiana University (Terry Wiley ) ), University of Michigan (Rick Brandon), University of Kentucky (Ian McClure), University of Pennsylvania (John Swartley), and Yale University (John Soderstrom).
Venture capitalists : 5AM Ventures (Galia Blachman, Jessica Alfano and Deb Palestrant), Atlas (Kevin Bitterman), Omega Fund (Daider Kanein), OUP (Kirsten Lute and Bill Harrington), Polaris (Amy Shulman and Alexandra Cantley), RA Capital (Sarah Reed, Nadeem Shohdi and Josh Resnick) and Wenrock (Kami Samuels).
Law firms: Cooley (Jeff Spolar), Goodwin (Sarah Solomon) and Wilson Sonsini (Katie Ku)
Terms have been reviewed and approved by the Technology Licensing Divisions of California Institute of Technology (Caltech), Columbia University, Cornell University, Duke University, Harvard, Indiana University, Johns Hopkins University, Massachusetts Institute of Technology, New York University, Stanford . University of Michigan, University of Kentucky, University of Pennsylvania, and Yale University, and venture capital firms 5AM Ventures, A16z, Atlas, F-Prime, Omega Funds, OUP, Polaris, RA Capital, Sofinnova Investments, and Third Rock Ventures.
View the first edition on businesswire.com: https://www.businesswire.com/news/home/20221128005167/en/
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