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Tuesday, December 31, 2013

Vanessa Kachadurian Biosciences for CNS increasing in USA, Retrophin, Inc., acquires Kyalin Bioscience

Vanessa Kachadurian Bioscience studies why there is so much technology focusing on CNS.  Hint Hint, it has to do with an aging population and an average person losing between 10,000 and 50,000 brain cells a day.

Acquisition expands Retrophin's CNS Pipeline

NEW YORK--(BUSINESS WIRE)--December 12, 2013--

Retrophin, Inc. (OTCQB: RTRX) today announced that it will acquire privately-held Kyalin Biosciences, Inc., an early-stage company based in San Diego, CA, that is developing therapies targeting the core symptoms of autism and related conditions. Its lead product is an optimized intranasal delivery form of carbetocin, a synthetic analog of the naturally occurring peptide hormone, oxytocin. The deal is scheduled to close by year-end.

As part of the transaction, Srinivas Rao, M.D., Ph.D., Founder and President of Kyalin Biosciences, joins Retrophin effective today as Executive Vice President, Head of Neuroscience with responsibility for central nervous system (CNS) drug development.

"We are pleased to announce the acquisition of Kyalin Biosciences and look forward to leveraging Dr. Rao's extensive work and expertise, particularly in the area of autism, as we seek to bring new treatment options to this catastrophic condition," said Martin Shkreli, Founder and Chief Executive Officer of Retrophin. "Kyalin's development of carbetocin for the treatment of autism and related conditions is a seamless fit with our strategy, which was outlined in this morning's announcement of our U.S. licensing agreement with Novartis for intranasal Syntocinon, and our planned clinical trial program for potential use of the drug as a treatment for schizophrenia and autism."

Dr. Rao has more than 13 years of experience in the biopharmaceutical industry, in both R&D and senior management positions. Prior to Kyalin Biosciences, Dr. Rao spent approximately 11 years at Cypress Bioscience, Inc., most recently as Chief Scientific Officer, where he played key roles in both preclinical and clinical drug development. In addition, he played an integral role in business development at Cypress, with responsibility for all aspects of technical diligence, as well as negotiation and financial modeling on a select number of opportunities, including intranasal carbetocin for the treatment of autism. Further, Dr. Rao was responsible for the development, prosecution, and maintenance of Cypress' patent estate and was the inventor on more than 30 patents and patent applications filed at Cypress for a range of indications. He is the parent of two sons with autism.

Dr. Rao earned an M.S. and B.S. in electrical engineering, as well as an M.D. and Ph.D., from Yale University. He completed an internship in Internal Medicine at Yale-New Haven Hospital. His Ph.D. research focused on the neuropharmacology of working memory. Dr. Rao has published 17 manuscripts with topics ranging from original, basic science and clinical research to invited, topical reviews. He currently serves as an advisor to the Simons Foundation Autism Research Initiative (SFARI).

About Kyalin Biosciences

Kyalin Biosciences develops therapies targeting the core symptoms of autism and related conditions. While autism affects 1 in 88 children in the U.S. (CDC, 2013), there are no approved therapies for the core social and repetitive behavior deficits associated with autism. Kyalin's lead product is a highly optimized intranasal delivery form of carbetocin, the latter a synthetic version of the natural occurring peptide hormone oxytocin. This asset represents a potential breakthrough treatment for the core deficits that characterize the autistic spectrum disorders. Intranasal carbetocin leverages the natural biology of oxytocin, the 'trust hormone' shown to promote affiliative behavior in hundreds of studies. For additional information, please visit www.kyalinbio.com.

About Retrophin

Retrophin is a pharmaceutical company focused on the development, acquisition and commercialization of drugs for the treatment of serious, catastrophic or rare diseases for which there are currently no viable options for patients. The Company's pipeline includes compounds for several catastrophic diseases, including Focal Segmental Glomerulosclerosis (FSGS), Pantothenate Kinase-Associated Neurodegeneration (PKAN), Duchenne Muscular Dystrophy and others. Retrophin's lead compound, Sparsentan, formerly known as RE-021, is scheduled to begin enrollment in a potentially pivotal Phase 2 clinical trial for FSGS during 2013. The Company also intends to initiate clinical trials for intranasal oxytocin as a potential treatment for schizophrenia and autism. For additional information, please visit www.retrophin.com.

Forward-Looking Statements

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of pharmaceutical products. Without limiting the foregoing, these statements are often identified by the words "may", "might", "believes", "thinks", "anticipates", "plans", "expects", "intends" or similar expressions. In addition, expressions of our strategies, intentions or plans are also forward-looking statements. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect the Company's business. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond our control. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Investors are referred to the full discussion of risks and uncertainties as included in the Company's filings with the Securities and Exchange Commission.

 

    CONTACT: Retrophin, Inc.

Marc Panoff, CFO

646-564-3671

marc@retrophin.com

 

    SOURCE: Retrophin, Inc.

Copyright Business Wire 2013

 

Vanessa Kachadurian Bioscience Fund of Connecticut





Vanessa Kachadurian Bioscience researches the states of America and how each are establishing funds for Bioscience industry.  Is this a smart move?  Vanessa Kachadurian thinks so for many reasons. 1) builds the economy and jobs  2) keeps technology in the USA   3)  Encourages more Americans to get into research and development.
Rocky Hill, Conn. (PRWEB) December 23, 2013

Connecticut Innovations (CI), the state’s quasi-public authority responsible for helping businesses grow through innovative financing and strategic assistance, today announced the names of the appointees to the 13-member Bioscience Innovation Advisory Committee, which will steer the direction of the $200 million Connecticut Bioscience Innovation Fund (CBIF) and approve expenditures. CI executive vice president and chief innovation officer Jeremy Crisp, Ph.D., a former Novartis Institutes for BioMedical Research executive, was hired earlier this year to lead the CBIF. The committee held its first official meeting on December 5.

In July, Governor Dannel P. Malloy signed Public Act 13-239 into law to create the CBIF, establish an Advisory Committee to oversee the fund's operations and require CI to administer the fund under the committee's supervision. Under the statute, the governor appointed four members to the committee while the president pro tempore of the state senate, speaker of the house, and majority and minority leader of both chambers appointed one member each. The commissioners of the state’s Department of Economic and Community Development and Department of Public Health or their designees serve as ex-officio voting members, and CI’s chief executive officer and executive director will serve as committee chairperson. Appointed members were selected based on their skill, knowledge and experience in relevant businesses and sciences related to health care delivery, medical devices, life sciences, insurance or information technology.

"We are delighted to have attracted such high caliber individuals to the advisory committee," said Claire Leonardi, CEO of Connecticut Innovations. "Their collective depth and breadth of experience across the bioscience spectrum will ensure great stewardship of the fund."

The new board members are Peter Farina, Ph.D., executive in residence, Canaan Partners; Steven Hanks, M.D., vice president of medical affairs for Hartford HealthCare - Central Region; Joseph Kaliko, J.D., chief executive officer of Gaming Innovations International; Marc Lalande, Ph.D., Health Net Professor and chair of the Department of Genetics and Developmental Biology, and executive director of Genomics and Personalized Medicine Programs, UConn; William LaRochelle, Ph.D., head of healthcare and key opinion leader management, Roche 454 Sequencing Solutions International; Charles Lee, Ph.D., scientific director, The Jackson Laboratory for Genomic Medicine; Jewel Mullen, M.D., commissioner, Connecticut Department of Public Health (ex-officio); Claire Leonardi, chief executive officer of Connecticut Innovations (chair); Alan Mendelson, general partner, Axiom Venture Partners; Edmund Pezalla, M.D., M.P.H., national medical director for pharmaceutical policy, Aetna; Carolyn Slayman, Ph.D., Sterling Professor of Genetics, professor of cellular and molecular physiology and deputy dean, Yale School of Medicine; Catherine Smith, commissioner, Department of Economic and Community Development (ex-officio); and Eleanor Tandler, founder and chief executive officer, Novatract Surgical.

About Peter Farina, Ph.D.
Peter Farina, Ph.D., of North Salem, New York, is an executive in residence at Canaan Partners, a venture capital firm located in Westport, Conn., where he assesses and advises on pharma/biotech/healthcare investments. He is also the managing partner of a consulting firm, Salient Science & Technology LLC, which advises several U.S. and Chinese biotech firms on strategic and technical matters in pharmaceutical research and development. Farina serves as co-chair of Connecticut United for Research Excellence (CURE) board and a member of the advisory board of the University of Connecticut School of Pharmacy, the NIH Blueprint Neurotherapeutics Network (BPN) steering committee, and the Emory University DRIVE Advisory Board. Additionally, he was a founder and chief executive officer of Developing World Cures, a nonprofit company working on neglected diseases.

About Steven Hanks, M.D.
Steven D. Hanks, M.D., M.M.M., F.A.C.P., F.F.S.M.B., of Farmington, Connecticut, is vice president of medical affairs for Hartford HealthCare’s central region. He is the former executive vice president and chief medical officer for The Hospital of Central Connecticut (THOCC). Hanks has been and will continue to serve as THOCC’s chief academic officer and remains the assistant dean for graduate medical education at the University of Connecticut. An internist and emergency physician, Hanks joined THOCC in 2004 from the Finger Lakes Regional Health System, where he served as senior vice president of medical affairs and chief medical officer. Prior to that he was chief medical officer of Adroit Research Solutions, a doctor's research organization that he co-founded, as well as chief medical officer of the Rochester Community Individual Practice Association, at the time one of the largest IPAs in the nation.

About Joseph J. Kaliko
Joseph J. Kaliko of Greenwich, Connecticut, serves as president and chief executive officer of Gaming Innovations International LLC, which designs innovative gaming products and services for lotteries and their suppliers internationally. He is a member of the Connecticut and Ohio bars and is registered to practice as a patent attorney before the United States Patent and Trademark Office. As an inventor, Kaliko has been awarded patents that have been used to launch businesses in the U.S. and abroad.

About Marc Lalande, Ph.D.
Marc Lalande, Ph.D., of West Hartford, Connecticut, is Health Net Professor and chair of the Department of Genetics and Developmental Biology and executive director of Genomics and Personalized Medicine Programs at the University of Connecticut. He received a Ph.D. in medical biophysics from the University of Toronto in 1981. His postdoctoral training was with Samuel A. Latt, M.D, Ph.D., in the Department of Pediatrics, Harvard Medical School and Children's Hospital, Boston, Mass. From 1985 to 1988, he was assistant professor, Department of Pathology and Center for Human Genetics, McGill University, in Montreal, Quebec, before returning to Boston Children’s Hospital. He remained at Harvard Medical School until 1998, where he was an associate professor of pediatrics and an assistant investigator of the Howard Hughes Medical Institute.

About William J. LaRochelle, Ph.D.
William LaRochelle, Ph.D., of Madison, Connecticut, is currently a member of the Roche 454 Sequencing Solutions International Business Team and head of key opinion leader management. In addition, he is the Roche 454 global liaison to Genentech, Roche Pharma, Chugai

Pharmaceutical Co. and external key opinion leaders for Roche’s personalized healthcare strategy in cancer genomic medicine. He has over 25 years of translational research and drug development experience beginning with 13 years at the National Cancer Institute, Bethesda, Md., and almost 13 years at CuraGen/454 Corporation, Branford, Conn.

About Charles Lee, Ph.D.
Charles Lee, Ph.D., of Farmington, Connecticut, is the scientific director of The Jackson Laboratory for Genomic Medicine. Prior to joining the laboratory, Lee was director of the Molecular Genetic Research Unit at Brigham and Women’s Hospital, an associate professor at Harvard Medical School, and a board-certified clinical cytogeneticist. He received his doctoral degree from the University of Alberta, Canada; completed a research fellowship at Cambridge University, England; and conducted his clinical training at Harvard Medical School.

About Commissioner Jewel Mullen, M.D.
Jewel Mullen, M.D., of Middlefield, Connecticut, oversees the state’s leading public health agency as commissioner of the Connecticut Department of Public Health. Appointed to this position by Governor Dannel Malloy in December 2010, Dr. Mullen has combined clinical work, research, teaching and administration throughout a career focused on improving the health of all people, especially the underserved.

About Claire Leonardi
Claire Leonardi of Avon, Connecticut, is chief executive officer of Connecticut Innovations, where she manages the organization’s full array of business startup and growth initiatives, which include diverse lending programs, venture and equity investment funds, and programs to support innovation, entrepreneurship, collaboration and commercialization. Claire is a veteran investment and venture capital executive with more than 30 years of experience in the financial services industry. Leonardi will serve as committee chairperson.

About Alan Mendelson
Alan Mendelson of West Hartford, Connecticut, is the founder and a general partner of Axiom Venture Partners. Prior to founding Axiom Venture Partners, Mendelson had a 24-year career in investments at Aetna Life & Casualty in Hartford, Conn., where he was involved in more than $3 billion of private placement debt financings with estimated combined losses of under $10 million. During his final six years with Aetna, he focused its venture investing on the medical/healthcare area, where he made a number of successful investments, including investments in GMIS, Geron, Human Genome Sciences and SyStemix. In several of these companies, he was a founding investor, and in the case of SyStemix, also its de facto chief executive officer. Overall, the $65 million portfolio of direct investments generated approximately $265 million of proceeds.

About Edmund Pezalla, M.D.
Edmund Pezalla, M.D., M.P.H., of Wethersfield, Connecticut, is Aetna’s national medical director for pharmaceutical policy and strategy. He is responsible for the integration of pharmacy policy and activities into Aetna’s overall strategy and operations. He also serves as the lead clinical spokesperson for Aetna in pharmacy-related issues and represents Aetna on industry work groups and conferences. He is Aetna’s leading executive on pharmaceutical development, reimbursement strategy and drug evaluation. He is active on projects with the IOM, CDC and FDA as well as MIT’s Center for Biomedical Innovation. Recently, Pezalla served as a consultant for the President’s Council of Advisors on Science and Technology for their report “Propelling Innovation in Drug Discovery, Development and Evaluation.”

About Carolyn Slayman, Ph.D.
Carolyn Slayman, Ph.D., of Hamden, Connecticut, is the deputy dean of Yale School of Medicine (YSM), where she is also Sterling Professor of Genetics and a professor of cellular and molecular physiology and heads a laboratory focusing on the biogenesis and molecular mechanisms of membrane transport proteins. She chaired the medical school’s Department of Genetics for 11 years, and since then has served as deputy dean for academic and scientific affairs. In the latter role, she has broad oversight of YSM research, working with the heads of the school’s 29 departments and five interdepartmental centers to recruit faculty, launch new areas of investigation, and stimulate partnerships and collaborations. She also participates on behalf of YSM in the development of Yale’s new West Campus (purchased from the Bayer Pharmaceutical Company in 2007), where work is underway to form interdisciplinary institutes in areas including biodesign, cancer biology, chemical biology, microbial diversity, and systems biology.

About Commissioner Catherine Smith
Catherine Smith of Northford, Connecticut, is commissioner of the Connecticut Department of Economic and Community Development (DECD), the lead state agency responsible for attracting and retaining businesses and jobs, revitalizing neighborhoods and communities, expanding affordable housing opportunities and fostering appropriate development in Connecticut’s towns and cities. Governor Dannel P. Malloy appointed her to the position in April 2011. Prior to joining DECD, Commissioner Smith had a distinguished career in the insurance and financial services industry, beginning with Aetna in 1983.

About Eleanor L. Tandler
Eleanor L. Tandler of Guilford, Connecticut, is the founder and chief executive officer of NovaTract Surgical Inc. Prior to NovaTract, Tandler was the director of venture development at the University of Connecticut Research and Development Corporation (UConn R&D), where she worked to create new business startups based on innovative technologies developed by the faculty and staff at the university. During her tenure at UConn R&D, she served as interim chief executive officer of New Ortho Polymers, a UConn startup focused on the development of new orthodontic appliances based on utilizing high-performance polymers. Prior to that, she spent five years as a venture capital investor with Radius Ventures, an early-stage venture capital firm focused on health and life sciences with approximately $230 million under management.

About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit http://www.ctinnovations.com.


Vanessa Kachadurian Bioscience, OTC Prevagen with Apoaequorin to prevent memory loss by Quincy Bioscience


Vanessa Kachadurian Bioscience Researches why CNS products are being produced in the USA.  This product has a good outcomes profile, I have asked some thought leaders in the area of Neuroscience and we will see.  With the alarming increase of ALZ, Dementia, etc., isn't it worth the time to look into all products?  This is the study of protein and it's effects on the brain cells health

MADISON, WI--(Marketwired - December 23, 2013) - Quincy Bioscience, best known as the creators of leading memory supplement Prevagen®, gives more resources and opportunities for consumers to learn tips for better brain health this holiday season. The Wisconsin-based biotech company is thrilled to present the takeoff of the new Prevagen Blog.

The Prevagen Blog is a source for readers to find valuable articles that provide new ways for healthy cognitive function and overall well-being. Each week, the writers at Quincy Bioscience post a new article that provides insight on a specific aspect of health to help individuals reach optimal aging success and life satisfaction. Topics included, but not limited to, are superfoods, memory-making ideas, brain fitness tips, and more.

At the end of each article post, there is a unique banner that offers further information on a related topic of interest for free, such as online brain games and memory screenings, for example. All blog posts are archived and created to be readily accessible for readers.

Check out the Prevagen Blog now! Find it on the Prevagen website at http://info.prevagen.com/blog.

About Quincy Bioscience
Quincy Bioscienceis a biotechnology company based in Madison, Wis. that focuses on the discovery, development and commercialization of novel technologies to support good health in aging. The company's products focus on supporting memory and cognitive health. Quincy Bioscience is set apart by its cutting-edge applications of the protein apoaequorin, which is breaking new ground in the area of brain health.

*These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.

Contact information
Todd Olson
(608) 827-8134
tolson@quincybioscience.com


Prevagen (Pronounced: prev-uh-gen) is a new brain health supplement and functions unlike other brain or memory supplements.* The main ingredient is a new use for a well-known protein called “apoaequorin” which was originally found in a certain species of jellyfish.

Prevagen was tested in a large double-blind, placebo-controlled study using computers to assess brain performance. 218 adults over 40 years old participated in the three month study. Prevagen significantly improved learning and word recall.* Clinically tested and shown to improve mild memory problems that occur in aging.*

As we age, the body’s ability to naturally produce this protein slows down. When this happens you begin to lose about 30,000 brain cells every day, and may start to experience difficulty with memory, focus and concentration. Prevagen helps support brain cells by supplementing the proteins and supports healthier brain function.*


Nobel prize in chemistry


Apoaequorin (Pronounced: ā-poe-ē-kwôr-ĭn) was first discovered in 1962 in glowing jellyfish. Turns out these proteins caused the jellyfish to glow when the proteins bound to calcium ions. We’ve learned a lot about how calcium functions in the body by using apoaequorin. The Princeton professor who discovered this protein and his colleagues who helped develop the research won the Nobel prize in 2008. Prevagen does not cause any glowing!

Apoaequorin is a protein



It was originally found in jellyfish, nature’s most simple nervous system and is able to help in humans who have the most complex nervous system in all creation. Apoaequorin is classified as a protein. Proteins are needed for healthy brain function.

Apoaequorin supports healthier brain function.*

 

Vanessa Kachadurian, Bioscience spotlight on Semprus Bioscience preventing complications from medical device implants


Any medical device implanted in the body attracts bacteria, proteins, and other microbes to its surface, causing infections and thrombosis (blood clotting) that lead to hundreds of thousands of deaths annually. Devices can be coated with antibiotics, blood thinners, and other agents – but these eventually dissolve, limiting their longevity and effectiveness.

Now, Semprus BioSciences, a startup co-founded by two MIT alumni – Christopher Loose PhD ’07 and CEO David Lucchino MBA ’06 – is developing a novel biomaterial for implanted medical devices that permanently barricades these troublesome microbes from the device’s surface.

The biomaterial is a nonleaching polymeric sulfobetaine (polySB) that, when applied to a medical device, sprouts a thicket of polymers that attract water, creating an impenetrable barrier for microbes. Its chemical makeup also mimics that of cells important to homeostasis, potentially reducing the body’s natural rejection of implanted devices.

“Basically, we’ve developed a long-lasting solution that blocks negative consequences in the body by making devices look more like the human body,” Loose says.

The application of polySB to catheters yields a significant reduction in the buildup of protein, mammalian cells, and microbes on a device’s surface, compared with unmodified catheters. This has potential to reduce blood clots and infection, and improve overall patient health, the co-founders say.

The technology was described in a paper published last year in the journal Science Translation Medicine, co-authored by Loose, Lucchino, MIT Institute Professor Robert Langer, and other researchers.

Based on Loose’s work at MIT, the biomaterial has positioned Semprus as a fast-growing biotech firm in Kendall Square. In its six years, the startup – seed-funded, in part, by the MIT $100K Entrepreneurship Competition – has earned millions of dollars in private and federal funding. In 2012, Semprus sold to a medical device-manufacturing giant for an amount that could reach $80 million. As a wholly owned subsidiary, the Semprus team continues developing the technology.

Semprus’ first commercial product based on the biomaterial, Semprus Sustain technology, is designed specifically for venous catheters and recently earned clearance from the Food and Drug Administration as a medical device deemed safe and effective for commercial distribution in the United States. It also recently received designation as a product meeting European Union standards of health, safety, and environmental protection.

Addressing an ‘unmet need’
The Semprus story began in Langer’s lab, where Loose, a chemical engineering PhD student, was charged with developing medical devices that could permanently be inserted in the body without triggering an immune response – in other words, creating medical devices that “looked more human,” Loose says.

Loose developed a means of applying naturally occurring antibiotics, called antimicrobial peptides – found in bacteria and human sweat – on medical devices. These peptides would puncture bacteria that came near, and microbes would have trouble developing resistance to them. In 2007, Loose was named one of “35 innovators under 35” by MIT Technology Review for this innovation.

Seeing commercial potential, Langer – a chemical engineer, bioengineer, and famed MIT entrepreneur – “played matchmaker” between Loose and Lucchino, who had previously worked for Polaris Ventures Partners and was, at the time, an Alfred P. Sloan Fellow at the MIT Sloan School of Management.

The two had an instant rapport, Lucchino says – and an ambition to commercialize Loose’s innovation. So they “went to school” on the medical-device market, canvassing hospitals to meet patients and to talk with nurses and doctors about unmet clinical needs.

“We learned quickly that the most successful entrepreneurs are good listeners,” Lucchino says. “We conducted our own ‘listening tour’ to understand the problem, so we could develop the most strategic business and technology solution.”

They found many patients suffering from chronic diseases – such as diabetes, cancer, and heart disease – and a lack of permanent “coatings” for medical implants that might help these patients. Thus, Loose says, they were ahead of the curve in addressing the “unmet need” of the medical devices market.

“We realized an unmet need that was going to grow over the next few years and we were one of the first to have a solution to it,” he says. “Everything starts with the unmet need.”

Today, the Semprus technology has proven its effectiveness. In the Science Translation Medicine paper, the co-founders exposed polySB-modified catheters to blood for 60 days. In vitro, the modified catheters – on both their external and internal surfaces – saw a 98% reduction in the accumulation of platelets and three types of white blood cells. Additionally, thrombotic material on the device was reduced by 99%. In vivo, the modified catheters showed a 99 percent reduction in thrombus accumulation, 50% less inflammation, and fewer bacteria.

‘A pathway’ for a startup
A catalyst for starting Semprus was winning MIT’s $100K (as SteriCoat) in 2006, and going on to win similar business-plan competitions at Harvard and Oxford universities.

“Once we had clear confirmation that there was an enormous unmet need, in terms of cost and patient impact, we had a clear business plan refined through the competitions, and even more so thereafter,” Loose says. “It gave us a pathway to say, ‘This is how we can solve a big problem and here’s the pathway to do it.’”

The two were also “very diligent in going to any networking and entrepreneur event at MIT. There is a tremendous [number] of MIT alumni, very open with their time, who provided critical support and advice,” Loose says.

Through MIT’s network of entrepreneurs, investors, and lawyers, “we were able to assemble a great team of advisers to refine our plans and give us the momentum to go out and do financing,” Lucchino says.

Under Lucchino’s stewardship, Semprus secured $28.5 million in venture capital financing and $2.4 million in federal funding, primarily from the National Science Foundation, and grew from two to 40 employees.

Lucchino says he owes some of his business acumen to his education at MIT Sloan, which taught him a broad set of entrepreneurial skills in finance, business, and operations strategies. “It was continuing to fertilize my entrepreneurial soil to get me in the best position to succeed,” Lucchino says.

Today, the two entrepreneurs continue to mentor students and give talks at MIT and Harvard Business School, sharing startup advice, or their “rules of the road” – such as knowing your technological and personal limitations, working with limited resources, being flexible to economic and other changes, and, most importantly, teamwork.

“No one person builds a company alone,” says Lucchino, who has served as guest lecturer at MIT Sloan. “As your company grows and there’s real value attached to what you’re doing, you need to be able to trust the people you’re working with. Chris and I, as a team, made Semprus a success. The most important skill and functionality we have is trust.”

Source: MIT News