The document summarizes the journey of Semprus BioSciences, a startup company founded by David Lucchino and Chris Loose to commercialize an antimicrobial technology developed by Bob Langer's lab at MIT. It describes how the company was formed based on an initial 131-word email from Chris Loose, how they validated their idea and technology, raised funding, assembled an expert team, and successfully commercialized their first product which was acquired by Teleflex for $80 million. The document outlines rules and lessons learned along their entrepreneurial journey from MIT labs to an M&A on the NYSE.

1. MIT to the NYSE:
The Journal from a University Technology to
an M&A
David Lucchino and Chris Loose, PhD
Co-Founders
Semprus BioSciences, Corp.
The Venture Development Center at the University of
Massachusetts Boston
November 12, 2014

2. 2
I believe that here in this room…

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…is someone who will
change the world through
an innovative solution.

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The Semprus journey
started with a 131-word email.

5. 5

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Unknown
–––––––––––––––––––––––––––––––––––––––––––
From: Christopher R. Loose (crloose@MIT.EDU)
Sent: Thursday, October 20, 2005 8:14pm
To: lucchino@MIT.EDU
Subject: 50K Opportunity with Bob Langer
Mr. Lucchino,
I am working with Bob Langer on the development of novel antimicrobials, with the idea of creating
antimicrobials catheters and implants. We both believe our approach may have advantages over existing
antimicrobials products. I presented him a summary of our recent data and he suggested I contact you as a
potential partner for the MIT 1K competition this Fall and the 50K competition in the Spring. Would you
have any interest in exploring this opportunity? If so, I would be happy to meet early next week to go over
some of our thoughts and show you what we have accomplished. The deadline for the 1K is Nov 14th, so
we would need to start moving quickly. Information is available at 50K.mit.edu.
I look forward to hearing from you.
Sincerely,
Chris Loose

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Three Steps to Validating and
Commercializing our Idea

8.  Understood problem:
100k deaths, $30B cost
 Existing, short-term
technologies validate
business model
 Clear opportunity for
long-term solution
 510(k) catheter with
large market and fast
development path
2006
 Sold for $80M to
Teleflex (NYSE: TFX)
 $29M in VC financing
 $5M US Army and DoD
 Regulatory OK for first
product – Nylus ™ PICC
 Built a team of 38 FTE
2012
 Novel antimicrobial
technology from
Langer Lab
 Identified medical
device surfaces as
target market
 Generated proof-of-
concept data
 Obtained initial IP
2003-2006

9. Five Steps to Company Formation:
1. Product Company
2. Platform Technology
3. Seminal paper in top journal (Science, Nature)
4. Seminal (ideally blocking) patent(s)
5. In vivo proof of principle
Bob Langer’s Five Rules

10. Beachhead - PICC
R. S. Smith et al., Sci Transl Med 2012;4:153ra132
$400M market device, ~40% failure rate during use

11. R. S. Smith et al., Sci Transl Med 2012;4:153ra132
Platform Performance
Reduction in
Platelet
adhesion
Reduction in
Thrombus
accumulation
98.9% 100%
Reduced Thrombosis after 60
Days in Industry Standard Test
Reduced Infection in
Rabbit Model

12.  Confirm the unmet need- Dr. Dennis Maki
– World’s expert on antimicrobial catheters
 Who has been there/done that - Greg Haas
– Led R&D at antimicrobial catheter company
 How to make it - Dr. Art Coury
– Industrial Biomaterials Guru
 Selling in this space - Dave McClellan
– Former CEO Navilyst, Group President at
Boston Scientific Corp.
Assembling Critical Advisors

13. – $2M Seed Round
• $1M from Harvard Business School professors and
private investors and $1M from venture capital
– $8M Series A
• A syndicate of two (2) venture capital firms
– $18M Series B
• A syndicate of four (4) venture capital firms
– Non-Dilutive Funding
• Over $9M raised
• US Department of Defense, National Science
Foundation, National Institutes of Health, Congressional
Appropriation and Department of Energy
Raising Money…

14.  Timing is everything
– Committed team to execute
– When ready to accelerate value creation
– Confidence in intellectual property
 Who to ask?
– Professional network– those who can add value
– Be cautious with friends and family
– Initial funding; SBIR, other non-dilutive sources
– VCs can be your partners, at the right time
When to Raise Money…

15. Summing It up…
 Entrepreneurial Competitions
– A good “spring training”
 Building a team
– Getting people to work with uncertainty
 The dynamic path to achieving goals
 Keep thinking BIG!

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Rules of the Road

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We live in a world with
limited time
and
limited resources.

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Know what your technology
can do
and
what it can’t.

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We stand apart by standing together.

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A big problem and a small problem
typically take the same amount
of effort to solve.

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You are required to fly the plane as you
are building it.

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The only thing we can guarantee
about entrepreneurship
is change.
Adapt or die!

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This journey can not
only be about
making money.

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And, our biggest
Rule of the Road…

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Nothing Comes Without Risk.

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Thank You
david.lucchino@gmail.com
crloose@gmail.com

28. “I worry about CVC infections every day… our medical center would be
very interested in a Semprus clinical study.”
- John Mullen, MD, Beth Israel Deaconess Medical Center
The ability to control hospital based infections would add tens of millions
of dollars straight to a medical center’s bottom line.”
- John Paul, former CFO, University of Pittsburgh Medical Center
Input from All Parties Needed for Adoption
“Infections reporting enhances the reputation and credibility of all
medical centers, two increasingly critical aspects of our character.”
- Paul Levy, CEO, Beth Israel Deaconess Medical Center