The Road Less Traveled: Alternative Avenues to Public Markets

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Tuesday, February 12th, 1:30pm - 2:25pm

While an IPO has long been a preferred way to go public, an increasing number of companies have employed alternate routes to the public markets, using reverse mergers, Form-10 self-filings, and variations of each to avoid the expense, uncertainty, and complexity of the IPO process. In particular, these alternate avenues may offer advantages by separating the straightforward process of becoming a publicly-filing company from less predictable fund raising. Hear an experienced attorney, executives, and crossover investors who have traveled these new paths discuss lessons learned, deal structures, and how recent legislation like the JOBS Act could affect public exits.

Moderator

  • William Hicks, Member, Mintz Levin

Panelists:

  • Charles Crain, Manager, Policy & Research, BIO
  • Michelle Dipp, MD, PhD, Chief Executive Officer & Co-Founder, OvaScience
  • Daniel B. Dubin, MD, Vice Chairman, Leerink Swann, Founder MEDACorp
  • Peter Kolchinsky, PhD, Managing Partner, RA Capital

 

Charles Crain
Manager, Policy & Research, BIO

Charles Crain is the Manager of Policy & Research at the Biotechnology Industry Organization (BIO). BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers, and related organizations in all 50 states. As a member of the policy team for BIO’s Emerging Companies Section, Charles’s portfolio includes financial services, securities, accounting, and tax issues that affect BIO’s member companies. His particular areas of focus include the Jumpstart Our Business Startups (JOBS) Act, the Therapeutic Discovery Project tax credit, market structure reform, tax treatment of net operating losses (NOLs), and other SEC and PCAOB pronouncements important to the biotech industry.

Prior to joining BIO, Charles worked on Capitol Hill for Congressman Paul Hodes and Senator Debbie Stabenow. Charles holds a Bachelor’s degree in political science from Mercer University and a Master’s in legislative affairs from The George Washington University.

Michelle Dipp, MD, PhD
Chief Executive Officer & Co-Founder, OvaScience

Dr. Michelle Dipp is the founding Chief Executive Officer of OvaScience and serves on the Board of Directors. Dr. Dipp is also a Founder and Partner of Longwood Fund, which founds and invests in healthcare companies such as Alnara (acquired by Eli Lilly) and Verastem. Previously, Dr. Dipp was the Senior Vice President and Head of the CEEDD at GlaxoSmithKline. Prior, she was Vice President of Corporate Development at Sirtris, where she led the successful acquisition of Sirtris by GSK for $720 million. Before joining Sirtris as a founding employee, she worked in healthcare private equity at The Wellcome Trust, London. Dr. Dipp serves on the Beth Israel Deaconess Medical Center Board of Trustees, the Boston Symphony Orchestra Board of Overseers, and the Board of Directors of the City on a Hill Charter School in Roxbury, Mass.

Dr. Dipp holds an MD and a PhD from the University of Oxford.

Daniel B. Dubin, MD
Vice Chairman, Founder of MEDACorp, Leerink Swann

Over the past 16 years, Dr. Dubin has served as an advisor to life sciences companies and investors. In 1996, he founded MEDACorp, a provider of insights on the commercial potential of biotherapeutics and medical devices to institutional investors and life science companies. In 2001, Dr. Dubin sold MEDACorp to Leerink Swann and joined its Board of Directors and Executive Committee. In 2006, he was appointed as the firm's Vice Chairman and has actively advised healthcare companies on numerous M&A, partnerships, as well as public and private financing transactions.

Dr. Dubin has specialized expertise in executing financings for high quality life science companies which have attained public status via alternative transaction structures. Further, as a currently board-certified dermatologist, he also leads the firm’s dermatology and medical aesthetics advisory practice which serves both emerging growth and Fortune 100 companies. He is currently an advisor to both Living Proof and SKS Ocular. In the past, Dr. Dubin has served as Chairman of MetaWorks (sold to UBC in 2005), an Instructor in Dermatology at Harvard Medical School, as well as Ambulatory Medical Director of Clinical Dermatology and a member of the Clinical Executive Committee at the Brigham and Women’s Hospital. He has published over 30 manuscripts in peer reviewed publications and is a graduate of Dartmouth College and Harvard Medical School.

William Hicks
Member, Mintz Levin

Bill Hicks has extensive experience representing placement agents and underwriters in structuring and executing initial public offerings, alternative public offerings, including reverse mergers, Form 10/Resale S-1 club deals and confidentially marketed IPOs, Confidentially Marketed Public Offerings (CMPOs), registered directs, PIPEs and private placements. He represents venture capital firms and private equity firms in customized investments in public companies, including structured PIPEs and registered directs, in OTC and exchange listed companies. He also represents public companies in public and private financings, SEC compliance, corporate governance, and general counseling.

Bill has extensive experience representing buyers and sellers in M&A transactions, including public company deals, private company deals, and spin-offs. He regularly represents domestic and foreign companies, and he is well-versed in issues specific to cross-border deals.

Additionally, Bill represents private companies and investors in venture capital transactions.

Peter Kolchinsky, PhD
Managing Partner, RA Capital

Dr. Kolchinsky is a co-founder and General Partner of RA Capital Management, which has been investing in healthcare companies since 2002. He is a member of the National Academies Board on Global Science and Technology, authored an e-book titled “The Entrepreneur’s Guide to a Biotech Startup”, and serves as an advisor to startup companies and non-profits. Peter received his undergraduate degree in Biology from Cornell University and a Ph.D. in Virology from Harvard University, where he conducted research at Dana-Farber Cancer Institute on the entry mechanism of Human Immunodeficiency Virus (HIV).