The finance of biotechnology:investment in new biotechnology firms by British venture capitalists-attitudes to, and evaluation of, business proposals

A notable feature of the recent commercialisation of biotechnology has been the success of 200 or so new firms, established in America since 1976, in exploiting specialised market niches. A key factor in their formation has been the ready availability of venture capital funding. These firms have been instrumental in establishing America's lead in exploiting biotechnology. It is this example which Britain has attempted to emulate as part of its strategy for developing its own biotechnology capabilities. This thesis investigated some aspects of the relationship between biotechnology and venture capital, concentrating on the determinants of the venture capitalist's investment decision. Following an extensive literature survey, two hypothetical business proposals were used to find what venture capitalists themselves consider to be the key elements of this decision. It was found that venture capitalists invest in people, not products, and businesses, not industries. It was concluded that venture capital-backed small firms should, therefore, be seen as an adjunct to the development of biotechnology in Britain, rather than as a substitute for a co-ordinated, co-operative strategy involving Government, the financial institutions, industry and academia. This is chiefly because the small size of the UK's domestic market means that many potentially important innovations in biotechnology may continue to be lost, since the short term identification of market opportunities for biotechnology products will dictate that they are insupportable in Britain alone. In addition, the data analysis highlighted some interesting methodological issues concerning the investigation of investment decision making. These related especially to shortcomings in the use of scoresheets and questionnaires in research in this area. The conclusion here was that future research should concentrate on the reasons why an individual reaches an investment decision. It is argued that only in this way can the nature of the evaluation procedures employed by venture capitalists be properly understood.

University-industry-relations - their role in technological innovation:the case of biotechnology in the UK

Biotechnology is one of a series of new `generic technologies' that have been identified by western governments as possessing stategic economic opportunities. In this thesis I examine the characteristics of the technology and the government policies that have been developed to both promote and exploit the underpinning scientific research for biotechnology. The approach I have taken involves an in-depth analysis of the role of university-industry research relations in the development of biotechnology. To this end I carried out a detailed survey of biotechnology companies in the UK on the nature of their interactions and objectives. Through individual case studies of the SERC and DTI club mechanisms in biotechnology, I provide a contemporary appraisal of the development of new mechanisms involving co-ordination and cooperation between industry, government and academia, established to couple state funded science and national economic development. The public policy implications of the club funding systems for science in the UK are examined.

A European competence framework for industrial pharmacy practice in biotechnology

Project Report: The PHAR-IN ("Competences for industrial pharmacy practice in biotechnology") looked at whether there is a difference in how industrial employees and academics rank competences for practice in the biotechnological industry. A small expert panel consisting of the authors of this paper produced a biotechnology competence framework by drawing up an initial list of competences then ranking them in importance using a three-stage Delphi process. The framework was next evaluated and validated by a large expert panel of academics (n = 37) and industrial employees (n = 154). Results show that priorities for industrial employees and academics were similar. The competences for biotechnology practice that received the highest scores were mainly in: . "Research and Development", . "Upstream" and "Downstream" Processing', " . "Product development and formulation", " . "Aseptic processing", ."Analytical methodology", . "Product stability", and . "Regulation". The main area of disagreement was in the category "Ethics and drug safety" where academics ranked competences higher than did industrial employees.

Production of ethanol, organic acids and hydrogen : an opportunity for mixed culture biotechnology?

Peer reviewed

Sortase as a Tool in Biotechnology and Medicine

We have harnessed two reactions catalyzed by the enzyme sortase A and applied them to generate new methods for the purification and site-selective modification of recombinant protein therapeutics.

We utilized native peptide ligation —a well-known function of sortase A— to attach a small molecule drug specifically to the carboxy-terminus of a recombinant protein. By combining this reaction with the unique phase behavior of elastin-like polypeptides, we developed a protocol that produces homogenously-labeled protein-small molecule conjugates using only centrifugation. The same reaction can be used to produce unmodified therapeutic proteins simply by substituting a single reactant. The isolated proteins or protein-small molecule conjugates do not have any exogenous purification tags, eliminating the potential influence of these tags on bioactivity. Because both unmodified and modified proteins are produced by a general process that is the same for any protein of interest and does not require any chromatography, the time, effort, and cost associated with protein purification and modification is greatly reduced.

We also developed an innovative and unique method that attaches a tunable number of drug molecules to any recombinant protein of interest in a site-specific manner. Although the ability of sortase A to carry out native peptide ligation is widely used, we demonstrated that Sortase A is also capable of attaching small molecules to proteins through an isopeptide bond at lysine side chains within a unique amino acid sequence. This reaction —isopeptide ligation— is a new site-specific conjugation method that is orthogonal to all available protein-small conjugation technologies and is the first site-specific conjugation method that attaches the payload to lysine residues. We show that isopeptide ligation can be applied broadly to peptides, proteins, and antibodies using a variety of small molecule cargoes to efficiently generate stable conjugates. We thoroughly assessed the site-selectivity of this reaction using a variety of analytical methods and showed that in many cases the reaction is site-specific for lysines in flexible, disordered regions of the substrate proteins. Finally, we showed that isopeptide ligation can be used to create clinically-relevant antibody-drug conjugates that have potent cytotoxicity towards cancerous cells

Seaweed Aquaculture and Marine Biotechnology

Macroscopic marine algae, typically known as macroalgae or seaweeds, form an important living resource of the oceans, as primary producers. People have collected seaweeds for food, both for humans and animals for millennia. They also have been a source of nutrient rich fertilizers, as well as a source of gelling agents known as phycocolloids. More recently macroalgae are playing significant roles in medicine and biotechnology. Although Biotechnology and in particular marine biotechnology may have different meanings for different people, under the present context we will consider a broader definition. Marine biotechnology consists on the use of biological knowledge and/or the application of biological techniques on marine organisms, for the development of products in some way beneficial for humans. Seaweed aquaculture is, therefore a biotechnology activity. It is also one that can allow for further development of the industry. Today, seaweed cultivation techniques are standardized, routine and economical. Several factors, including understanding the environmental regulation of life histories and asexual propagation of thalli, are responsible for the success of large-scale seaweed cultivation. Presently, seaweed aquaculture represents approximately 23% of the world’s aquaculture production, including fish, crustaceans and other animals. A promising approach for the development of seaweed aquaculture, and aquaculture in general, is the integrated multi-trophic aquaculture (IMTA). In these systems, fed-aquaculture is combined with extractive organisms like bivalves and/or algae. The constraints and advantages of IMTA will be discussed. In particular, land based IMTA systems allow for much greater environmental and input controls. Traceability, security of supply, high-quality standards and safety should be the future of seaweed aquaculture and contribute for the development of marine biotechnology.

Is there a case to be made for a global patent system? The example of plant biotechnology

The assessment of patterns of patentability in plant biotechnology on the basis of existing statistics shows a considerable concentration of patents to a few countries, in particular the United States, Australia, Japan, China, Mexico, Brazil, Germany, Canada, New Zealand, South Korea, India, Spain and Hungary. These patterns suggest that there is a clear relationship between the choice of patent jurisdictions and the biotechnology regulatory framework. This observation of the geographic distribution of biotechnology patents lends credence to maintaining a system of territorial rights that allow for regulatory competition, but continuing the process of substantive patent law harmonization which potentially minimize trade barriers.

Biotechnology and crop protection in Brazil.

The process of modernization of Brazilian agriculture aimed at increasing the productivity in response to the high demand for agricultural products in the world market and it was based on the intensive use of inputs such as agrochemicals, intense mechanisation and breeding of new varieties. Among these, pesticides were incorporated in almost all production systems. Over reliance on pesticide use has produced many negative effects on both biotic and abiotic components of the environment, generating chemical contamination of soil and water, decrease in biological diversity of agroecosystems, disruption of natural cycles, pest resistance, intoxication of growers, among others. The consumption of pesticides in Brazil was 151.8 thousand tonnes in 1989, and today the country is the fifth world market of these products. The use of pesticides increased from 16 thousand tonnes (a.i.) in 1964 to 60.2 thousand tonnes in 1991, while the area planted to crops grew from 28.4 to 50.0 million ha in the same period. This means an increase of 276.2% in consumption of pesticides compared to an increase of 76% in planted area. Even with this large increase in the use of pesticides, the losses caused by pests have not been significantly reduced, and the net gain in crop productivity has been low. On the other hand, problems with food contamination, environmental degradation of growers have considerably mounted. It is possible to define two classes of crops regarding intense use of pesticides. One is represented by those crops that occupy large areas, and therefore contribute to a large amont of pesticides used for pest control in a country basis. The other class comprises crops that require large amounts of pesticides per unit of area, but not necessarily represent large amounts of pesticides used coutry-wide. Based on the classes proposed, citrus, soybean and sugarcane stand as crops with a nationally great consumption of pesticides, while tomato, potato and citrus are important as intensive users of pesticides. In this paper the biotechnologies in use, the biotechnologies in advanced stages of development, the main constraints to the development and use of biotechnlology and the impact of pesticed on the environment are discussed.