Business Roundtable
Finance: Crossover Investors: Augmenting or Replacing VC's in Late-Stage Funding
Thursday, October 11, 2007
8:15 AM
Telegraph
Understanding the rationale for crossover investor participation from the company and investor's viewpoints. What criteria and returns do these sophisticated public-private players have for investing.
Moderators
- K.C. Stone; Senior Managing Director, Head of Private Placements and Restricted Securities, Pacific Growth Equities, LLC
Panelists
- Alison de Bord; Director, Alta Partners
- William Slattery; Partner, Deerfield Management Company
- Bryan Roberts, PhD; Managing General Partner, Venrock
- Jay S. Markowitz, MD; Vice President, Investment Analyst, T. Rowe Price
Who's Who
K.C. Stone, who joined Pacific Growth Equities in January 1999, is Senior Managing Director and Head of Private Placements and Restricted Securities as well as a member of the Firm's Executive Committee. His responsibilities include managing the private placement process & institutional private equity sales. In addition, K.C. coordinates all corporate services and domestic & international venture capital restricted stock sales. Prior to joining the firm, K.C. ran venture capital services at Volpe Brown Whelan & Company. K.C. has also worked in private industry where he founded, developed and sold two companies.
Alison joined Alta in 2001 to focus on later stage life sciences investments. She serves on the board of directors for Aegerion Pharmaceuticals, Insulet Corporation, Prolacta Bioscience, Sierra Surgical Technologies and SurgRx. Prior to Alta, she was a Senior Associate in Robertson Stephens? Life Sciences Investment Banking Group with primary responsibilities for the execution of corporate finance transactions including IPOs, follow-on equity and convertible preferred offerings. Previously, she was an Associate in Robertson Stephens? Equity Research Group where she focused on growth medical technology companies. She began her career in the business development group at Geron, a biotechnology company. Alison earned a Master of Business Administration from Columbia Business School and a Bachelor of Arts in History from Colgate University.
Since 2000, William S. Slattery has been a Partner at Deerfield Management Company with primary responsibility over biotechnology investments. Deerfield is a dedicated healthcare investment fund founded in 1994. From 1992 through 1999, Bill was the Senior Healthcare Analyst at Amerindo Investment Advisors, Inc., also specializing in biotechnology and health information technology. Prior to 1992, Bill held a variety of research and administrative positions in clinical development and alternative care settings. He received his BSc in Biochemistry from the State University of New York at Albany and attended graduate School at Rutgers University. About Deerfield: Deerfield Management Company is a private partnership founded in 1994 that specializes in health care investments. Today the firm is one of the largest dedicated health care fund managers with investments totaling just under $3 billion.
Bryan Roberts, Ph.D. joined Venrock as a Kauffman Fellow in 1997 and now serves as a managing general partner of the firm. He is based in Venrock's Menlo Park office and focuses on a broad range of healthcare investments. Bryan currently serves on the Board of Directors of athenahealth (NASDAQ: ATHN), as well as private companies including Achaogen, Ikaria, Microbia, Nanosys, Satiety, Surfacelogix, Tempo Pharmaceuticals and Vitae Pharmaceuticals. Past investments include Xenoport (NASDAQ: XNPT); Sirna Therapeutics (Acq. By Merck) and Illumina (NASDAQ: ILMN). Immediately prior to joining Venrock, Bryan received his Ph.D. in Chemistry & Chemical Biology from Harvard University. He previously held positions in corporate finance at Kidder, Peabody & Co and received his B.A. from Dartmouth College. In 2006, The Aspen Institute named Bryan a Henry Crown Fellow.
Jay S. Markowitz is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. He is a research analyst in the Equity Division, covering the biotechnology sector of the health care industry. Dr. Markowitz is an Investment Advisory Committee member of the Health Sciences Fund, Small-Cap Stock Fund, New Horizons Fund, and Institutional Large Cap Growth Fund. Prior to joining T. Rowe Price in 2002, he was a transplant surgeon and assistant professor of surgery at the Johns Hopkins University School of Medicine. Dr. Markowitz was a surgical resident at the Massachusetts General Hospital, a research fellow at the Harvard School of Public Health, and a transplant surgery fellow at the UCLA Medical Center. He earned a B.A. in chemistry, summa cum laude, from Columbia University, and an M.D. from Duke University.