Incept LLC was founded by Sawhney shortly after Incept CEO amarpreet sawhney; chairman farhad Khosravi. SVLS - Healthcare focused VC firm Charles Warden expected a promotion to partner Felt there was great potential in surgical sealant applications. Sawhney unwilling to broaden the license scope for confluent to make it an attractive investment opportunity.
Incept LLC was founded by Sawhney shortly after Incept CEO amarpreet sawhney; chairman farhad Khosravi. SVLS - Healthcare focused VC firm Charles Warden expected a promotion to partner Felt there was great potential in surgical sealant applications. Sawhney unwilling to broaden the license scope for confluent to make it an attractive investment opportunity.
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Incept LLC was founded by Sawhney shortly after Incept CEO amarpreet sawhney; chairman farhad Khosravi. SVLS - Healthcare focused VC firm Charles Warden expected a promotion to partner Felt there was great potential in surgical sealant applications. Sawhney unwilling to broaden the license scope for confluent to make it an attractive investment opportunity.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPT, PDF, TXT or read online from Scribd
V Envisioned as IP holding company and technology incubator V Retain control of IP and out-license for specific fields of use V No development or commercialization of products on its own V Jointly owned by founders with less than 2% ownership among family and friends 2
V Founded by Sawhney shortly after Incept V CEO Ȃ Amarpreet Sawhney; Chairman Ȃ Farhad Khosravi V Developing applications of DzHydrogeldz technology V Aiming at two broad sets of applications Ȃ Adhesion prevention & Surgical sealant V Significant uncertainty about applications Ȃ should to be proven in the clinical trials V On the look out for VC investor V SVLS - Healthcare focused VC firm V Charles Warden Ȃ expecting a promotion to partner V Felt there was great potential in surgical sealant applications V Confident about Sawhneyǯs and Khosraviǯs business acumen V Concern Ȃ Licensing arrangements between Incept and Confluent seemed restrictive on Confluent V Interested in widening the license scope for confluent to make it an attractive investment opportunity V Spray Ventures already invested small amount in Confluentǯs seed round Ȃ necessity for SVLS to move fast V No room to bob and weave for Confluent V Narrow set of applications Ȃ Sawhney unwilling to broaden the license terms to cover other applications V Concerns over the license to Confluent regarding exit opportunity V Charles Warden Ȃ fear of blowing the deal and losing the promotion V Sawhney and Khosravi Ȃ desperate need for funds; seed capital completely depleted
DzWho will compromise?dz
- Agreement terms in-line with the purpose of Incept providing launching pad to other start-ups - Limits Confluent to a few specific applications, Allows Deal them to target particular market at a time - Incept could become a financing vehicle in the future
- Seed capital is depleted
No - No competing VC offer for funding Deal - Obligation to existing investors - Other VCs may also share the same concern - A very good opportunity - success would pave the way for his promotion to partnership - Hampers his chance at partnership if this turns out to be a blunder, exit opportunities pose a threat Deal - Betting on small set of unproven applications without the insurance of having access to a platform technology - Difficulty to bring new investors with these terms
- Already won the confidence of his colleagues.
Pulling off the term sheet would spoil his No reputation and his group Deal - Lost a long-term upside potential and potential leaders - Other VC firms would seize this opportunity V No Deal Ȃ Pull off the Term Sheet V Deal
£ Accept the existing terms and conditions
£ Amendments in the licensing agreement to give
Confluent access to the surgical sealant application development
£ Negotiate with Incept to remove/change the clause
that prevents confluent from using its discoveries V Deal signed V Sept Ǯ99 Ȃ Confluent Raised $4mn in the private placement led by Spray Ventures and SVLS, Spray general partner Dan Cole and Schroeder principal Charles Warden joined Confluent's board of directors V Nov ǯ01: Received product certification for commercial distribution of SprayGel Adhesion Barrier in Europe V Jun ǯ03: Awarded product certification for commercial distribution of DuraSeal Sealant System within Europe V 2006 Ȃ U.S. Surgical, a division of Tyco Healthcare acquires Confluent Surgical for $245 mn V Tyco Healthcare changes its name to