Biotech and Finance Forum looks forward to The Cell Factory
There were new developments in line with the European Union's Fifth Framework Programme (FP5) for Research, Technological development and Demonstration (RTD) at the second conference of the Biotechnology and Finance Forum in Lyon, France, between 26 and 29 March 1999. The conference set out to - Stimulate entrepreneurship in the scientific world; - Provide the scientists with information on the financial resources available; - Improve the legal and regulatory environment; - Present some success stories. It brought together more than 200 professionals with different expertise and experience (scientists, managers of biotech companies, and investors) who participated in an interactive programme linked to five principal topics: - The Scientist as Manager; - From seed capital to flotation; - Creating the right environment; - From business creation to business development; - 'Bio-Valleys' in Europe The Biotechnology & Finance Forum stemmed from the close cooperation between EASD (European Association of Securities Dealers) and the European Commission since 1997, in order to promote the creation and development of young, innovative, biotechnology companies with the objectives of: - Encouraging job creation; - The integration of high-quality research with the commercial use of results; - The stimulation of investment. Less than a year after the inaugural conference of the Forum in May 1998, some results are clear: - The European players in research, industry and finance have mobilized and networked with a clear objective: promoting the creation and development of biotech small and medium-sized enterprises (SMEs). The Forum itself is a concrete result, as it creates a medium for interaction and essential discussion which did not exist before; - The key actions of FP5, in particular "The Cell Factory", largely reflect the guidelines identified by the first Biotechnology & Finance Forum. These key actions represent the new approach of FP5, as they are guided by socio-economic objectives, and show flexibility towards the scientific and technical areas to be mobilized to reach these objectives. This is particularly the case with the key action, "The Cell Factory", the objectives of which are as follows (to quote): "The problem-solving approach of this key action will give particular attention to strengthening European industrial competitiveness by improving the potential for creation of small research-based biotechnology firms and entrepreneurial initiatives. These new knowledge-based industries correspond to a reservoir of industrial competitiveness, scientific and technological innovation, opportunities for investors, and job creation, which is still underexploited in Europe . . . The challenge is therefore to set up a nurturing environment for the development of established bio-industries and a new generation of European entrepreneurs to start up and flourish . . . The projects to be supported must address the link between the ability to discover and the ability to exploit, through focusing on the mobilization of players from the research, industry, and finance sectors."; - The Forum has also contributed to putting together and focusing various initiatives of the Commission, such as I-TEC, the IPR and LIFT help desks, and the Eurotech Capital network, which were represented in Lyon; - A company based in the Netherlands, which was presented at the first conference of the Forum, has been floated on EASDAQ and raised 55 million euro. At least two others are in the process of flotation. Other firms have concluded agreements either of an industrial nature with pharmaceutical groups or of a financial one with investors, in order to ensure their development; - The Forum has also inspired a symposium to pass on entrepreneurship in our scientific culture, "Researchers meet Entrepreneurs", which will be held in Brussels in July 1999 during ECB9. In addition, the Biobiz initiative (preparing a business plan), supported by DG XII's Biotechnology programme, also provides assistance to entrepreneurial scientists. Beyond these initial results and the impetus given by the Forum, the second conference of the Forum announced new developments in line with FP5. The objective was to go one step further. In the field of biotechnology, the EU has an important research potential. Our societies should benefit from it as expected in terms of economic growth and job creation. In this respect, FP5, particularly the key action on "The Cell Factory", is a working tool to be used by researchers, entrepreneurs, industry and financiers.