If you want to get a big job done quickly, you can't do it yourself. That's the first thing Breca Tracy, Ph.D. and director of business development at Oklahoma City-based Caisson Biotech LLC, said when we asked her about Caisson's experience at the 2012 BIO International Convention.
Tracy knows what she is talking about. Caisson is doing a masterful job of carrying out a strategy of building partnerships to speed its technology's time to market. The company's momentum accelerated when Caisson signed a development licensing agreement with Novo Nordisk, a global health care company. The anticipated value of the agreement is more than $100 million.
“BIO was a phenomenal experience,” Tracy said. “We were booked back to back with meetings each day. Caisson has an incredible, differentiated technology with the potential to be of great value for a safer alternative drug delivery system. The agreement with Novo Nordisk provides commercial validation of our platform, which has helped accelerate Caisson's commercial presence in drug delivery.”
Creating and growing a successful bioscience company requires reputable science, an ear for the market and the ability to explain the technology's potential and capabilities clearly.
“A scientist may have a breakthrough technology with unrealized commercial applications, but if a prospective partner or customer doesn't understand how it could be harnessed and developed into a new, enhanced or improved product, the discovery has a decreased chance of making it to the market. Science itself isn't enough to sell it,” Tracy said.
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Most of Oklahoma's bioscience patents in the past six years were in biochemistry, drugs and pharmaceuticals and surgical and medical instruments.