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Editor’s note: Biotech 2012: Innovating in the New Austerity, Burrill & Company’s 26th annual report on the life sciences industry is now available for purchase. To learn more or download a sample chapter, please click here. 

A Venture Investor Cries Mea Culpa
Podcast: May 21, 2012

Much has been made in recent years about the venture capital model being broken. Returns over the past decade, despite some high profile successes, have left investors generally disappointed. The Ewing Marion Kauffman Foundation, which has invested in venture capital funds for more than 20 years, conducted an analysis of its own investments and concluded that it is the limited partner model that’s broken. We spoke to Diane Mulcahy, director of private equity for the Kauffman Foundation, about its report, why the foundation finds venture capital funds and their LPs interests are often misaligned, and what needs to be done to fix the problem. 
Read More Here

Osiris Wins Canadian Approval for World’s First Stem Cell Drug 
Prochymal is only approved treatment for GvHD. 
Osiris Therapeutics said it has received approval from Health Canada to market its stem cell therapy Prochymal for the treatment of acute graft-vs-host disease in children. The company says the decision makes Prochymal the world’s first approved manufactured stem cell product and the first therapy to be approved to treat GvHD. Read More Here

Approvals of Innovative Drugs by FDA Surpass EU, Canada 
Yale study challenges notion that the FDA lags behind its peers. 
A new report comparing health regulatory agencies in the United States, the European Union, and Canada reveals that the U.S. Food and Drug Administration has approved more new, innovative medicines faster than both the European Medicines Agency and Health Canada in the last decade. Read More Here

Trial Seeks to Stop Alzheimer’s before it Starts 
International collaboration undertakes expansive effort funded by NIH and industry.
An international group of researchers and scientists is launching a pioneering trial to investigate whether a preventive treatment for Alzheimer’s disease can help people at high risk of the disease avoid developing it. Read More Here

Kythera Files to Go Public under JOBS Act 
California company is the first biotech to take advantage of new law designed to make financing more accessible. 
Kythera Biopharmaceuticals has filed to raise up to $86.3 million in an initial public offering to support a late-stage trial of ATX-101, its therapy to reduce unwanted fat under the chin.Read More Here

Express Scripts Settles Employee Theft Charges 
The weekly round-up of failed trials, missed targets, and other business mishaps. 
Pharmacy benefits manager Express Scripts has agreed to pay $2.75 million to settle allegations that it violated the Controlled Substances Act by failing to put in place buffers that prevent the theft of drugs that are subject to abuse. The U.S. Attorney’s office alleged that between 2002 and 2006, the company experienced multiple counts of employee theft of controlled substances, had discrepancies in its inventories, and failed to report in-transit losses to the U.S. Drug Enforcement Administration. Read More Here

European Private Investment Fundraising Up 80 Percent
EVCA reports strong numbers despite economic turmoil in Europe.
The European Private Equity and Venture Capital Association (EVCA) reported that its members raised $51 billion (39.8 billion euro) in 2011, an 80 percent increase over the amount raised in 2010 and the highest fundraising level seen since 2008. Read More Here

International Doctors' Group Criticizes Gates’ Global Vaccines Plan 
Doctors Without Borders says strategy may fail to deliver.
A new, ten-year, multi-billion dollar global vaccines plan about to be reviewed by global health ministers may fail to reach its goals unless it addresses weaknesses in routine immunization programs, says the international relief group Doctors Without Borders. Read More Here

Military Veterans Support Alternative Fuels 
Retired generals warn Congress that national security is at risk.
A coalition of retired military generals has sent a letter to the U.S. Senate calling on them to reject an attempt by the House of Representatives to limit the military’s ability to use alternative fuels if they cost more than fossil fuels. Read More Here

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