Hartford Business Journal

www.HartfordBusiness.com March 7, 2016 • Hartford Business Journal 9 core facilities, which are accompanied by well-designed office space. Q: Are you able to find venture investment to continue your research? A: The financing climate for building an early stage biotechnology company in Connecticut has been difficult over the last decade, but it is getting better. The state has allocated additional funds to support startup biotechnology companies through Connecticut Innovations (CI), most notably the $200 million Connecticut Bioscience Innovation Fund (CBIF) that CI manages. The state has also expanded available workspace provided by UConn's incubator program, which has just added 32 new labs/offices in Farmington. The major challenge for biotechnology entrepreneurs in Connecticut is raising private-sector capital for further develop- ment of their products/programs needed to fund activities leading to regulatory approval and subsequent commercializa- tion. There are a limited number of angel and early stage venture capital (VC) life science investors in the state, and the ones who will consider investing require, in most cases, a larger, blue-chip life sci- ence VC to lead the financing. We have received our initial pre-seed and follow-on financing through CI, which has helped us generate the data we need to seek out additional funding from either private investors and/or potential strate- gic investment from corporate partners. Q: Can medical companies like yours accomplish your goals without public support? A: No. We owe our existence and the development of our company to Con- necticut Innovations' pre-seed and seed investments and UConn's assistance, both on the research side of things and physical facility/support programs. How- ever, it is essential that the company attract private funding. We estimate it will take over 10 years to develop and launch a therapeutic vaccine and cost in excess of $250 million. CaroGen is currently seeking to raise $10 million within the next 12 months to help finance clinical trials and establish proof-of-concept in animal models. Like many biopharmaceutical compa- nies, our corporate strategy is to advance our HBV vaccine beyond phase I human clinical trial and then enter into a part- nership with a major pharmaceutical partner to complete the product devel- opment. In other words, the $10 million should advance our HBV program far enough along to show proof of concept in humans, which will likely allow the com- pany to enter into a strategic partnership to fund the HBV program, and potentially other programs (e.g., in cancer and other infectious disease) moving forward. Q: What are the long-term goals for Carogen? A. Our goal is to develop a pipeline of three to four vaccines within the next five years resulting in corporate partnerships and a high possibility of an initial public offering (IPO). We believe the power and uniqueness of the VLV technology is of sig - nificant interest to global vaccine develop- ers and therefore the company will be an extremely attractive opportunity for invest- ment and for corporate partnerships, in the process allowing us to build a robust biotech- nology company in Connecticut. n DIVERSITY It's the one true thing we all have in common. National Conference for Community and Justice Dinner Sponsor: The Lazowski Family Reception Sponsor: Thursday, March 31, 2016 at 6:00 p.m. | Marriott Downtown | Hartford, CT DIFFERENCES Since 1927 Each year NCCJ (National Conference for Community and Justice) recognizes individuals for their high standard of responsible leadership and their contributions for promoting understanding, respect and cooperation in our increasingly diverse community. NCCJ is a human relations organization that promotes inclusion and acceptance by providing education and advocacy while building communities that are respectful and just for all. Celebrating the diversity of races, religions, cultures, genders, abilities, and sexual orientations. Let's celebrate! Annual Human Relations Award Banquet Celebrating Diversity Partner Youth Honorees: Lydia Henning, Hall High School Shalaine McCall, Achievement First Hartford High School Syeda Naqvi, Conrad High School Nate Nugent, Windsor High School Matthew Wilson, Wethersfield High School Corporate Honoree Bonnie J. Malley Executive Vice President & CFO The Phoenix Companies, Inc. The Lazowski Family Curtis D. Robinson President C&R Development Company, Inc. 2016 Honorees For ticket and sponsorships, contact Donna Frezza: 860.683.1039 or dfrezza@nccj.org www.nccj.org Banquet Co-Chairs James C. Smith Chairman & CEO, Webster Bank and Webster Financial Corporation Pia Rosenberg Toro Community Leader

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