The North Carolina Biotechnology Center’s inaugural Southeast Investor & Venture Philanthropy Oncology Summit showcased a variety of oncology venture philanthropists and more than 30 of the region’s top private oncology companies.

More than 100 of the region’s cancer fighters gathered last week to share information, forge relationships, and discover opportunities to catapult innovation for new cancer treatments. During the event more than 100 one-on-one partnering meetings matched research ideas with philanthropy and foundation experts.

The same day, the IMS Institute for Healthcare Informatics issued a report saying global spending on cancer—including spending on oncology medicines, therapeutic treatments and supportive care—topped $100 billion in 2014 for the first time, reinforcing the need to accelerate development of new therapies and get them to market.

Greg Evans, Ph.D., program director and team leader of the National Cancer Institute’s (NCI) Small Business Innovation Research (SBIR) Development Center and Small Business Technology Transfer (STTR) Programs, kicked off the event by illuminating how the organization works to help companies commercialize cancer therapeutics through:

  • Phase I (feasibility)
  • Phase 2 (development)
  • Phase 2 B (bridge awards to assist crossing the ‘Valley of Death’—the process of translating basic research into a viable product), and
  • Phase 3 (commercialization)

“Our mission is to push innovative new cancer products to market. But SBIR funding only goes so far. NCI is always looking to partner with academia, industry, government, and philanthropy,” he said.

Evans introduced a new initiative, the NIH Innovation Corps (I-Corps) Team Training Pilot Program, which seeks to accelerate the development and commercialization of new products and services growing out of projects supported and currently funded by NIH SBIR and STTR awards.

John Hardin, Ph.D., executive director for the North Carolina Board of Science, Technology & Innovation, discussed the inner workings of the North Carolina matching grant program for SBIR And STTR-funded projects. With an extensive and active portfolio of projects, these grants are an integral source of capital, enabling small businesses to move promising technologies through development and toward commercialization.

“It remains one of the largest sources of early-stage, non-dilutive technology financing available,” Hardin said. He added that there is still funding available for North Carolina-based companies through June 30, and he encouraged those interested in applying for a Phase I grant to contact him.

Important source of funding

Venture philanthropy has become an important source of funding for innovative life science companies as traditional venture capital funding has become harder to find for earlier-stage companies.

A panel of venture philanthropists shed light on how industry can work together with NIH SBIR, STTR, and other funding agencies to enhance the oncology treatment ecosystem.

They shared their understanding of the new and growing phenomenon of venture philanthropy, a critical source of funding for medical research that accounts for 2.3 percent of total funding. The panelists revealed the essentials of their particular organizations, including their missions; how they find, vet and work with biopharma companies and partners; and the value of these relationships.

Panelists included:

  • Kristin Schneeman, Program Director, FasterCures
  • Susan Braun, CEO, The V Foundation
  • Walter Capone, CEO, Multiple Myeloma Research Foundation
  • Laura Thrall, CEO, CureSearch for Children’s Cancer

According to the panelists, shared characteristics of venture philanthropy include:

  • An inclination to fund novel high-risk research, particularly in early stages
  • A strong scientific expertise with internal staff, teams, and networks
  • Bridging disciplines, institutions and ideas as conveners of collaboration
  • Having access to, and the trust of, patients

Innovation and promise

A dozen NCI-funded private oncology companies from Southeastern states showcased their original and promising work during the podium presentations, together with 20 companies presenting posters.

The keynote speaker was Frank McCormick, Ph.D. He’s professor emeritus at the University of California, San Francisco, co-leader of the NCI’s National RAS Initiative, past president of the American Association for Cancer Research (AACR), and Founder of Onyx Pharmaceuticals.

McCormick gave a compelling history of his fascinating, and sometimes surprising, journey thorough cancer research, along with his forecast of the trajectory of RAS therapy development.

Doug Edgeton, president and CEO of NCBiotech, said this event has been in the works for two years, and is the first such summit to happen outside of Massachusetts and California.

“By creating opportunity for industry and venture philanthropy to connect, we hope to further the shared desire to see that the next generation of cancer diagnostics and therapeutics makes it out of the lab and to the patient—quickly.” He noted that one-fifth of the 600 life science companies in North Carolina are involved in oncology.

(C) NC Biotechnology Center