Q&A with William Hagstrom
Oklahoma biotech entrepreneur to offer tips on building business
Q: You will lead a session at the Oklahoma BioSummit on March 26 at the Skrivin Hilton Hotel. What will be your message to the audience?
A: The talk will be titled “Keys to Success in Building a Biotech Business.” I will focus on assessing technology opportunities, framing market potential, the criticality of defining the business model, developing the scientific and technical path forward, mapping the path to commercialization, identifying the right talent, the importance of understanding risk mitigation/inflection points and capital raising insights, as well as the path to ultimate liquidity. I will also discuss the criticality of passion, purpose and persistence in the entrepreneurial journey.
Q: What does the recent $270 million acquisition of Crescendo by Myriad Genetics mean to Oklahoma as far as the founders/original investors are concerned?
A: The company, which provides molecular testing for better management of autoimmune and other inflammatory diseases, was founded as a technology transfer from the Oklahoma Medical Research Foundation. This success is a further testament to the quality and strength of science at Oklahoma research institutes and academic centers. As OMRF is an equity holder and has a royalty stream from intellectual property derived in collaboration with the OMRF, there is a positive economic impact to the institution. Additionally, a number of Oklahoma-based seed stage investors will benefit from their support of the company.