Dr. Cormac Kilty gives Invent Seminar on Starting a Biotech Company – 22^nd June 2009

The latest in Invent’s Guest Entrepreneur Series featured Dr. Cormac Kilty, Chairman of Argustus Medical Ltd. Cormac is a serial entrepreneur and has a wealth of experience in the biotechnology sector.  His seminar focussed on the challenges of starting a biotechnology company in Ireland and took place in Invent DCU on 22nd June 2009.

Cormac firmly believes that good science will win out but it must fit with marketplace needs. His seminar focussed on a number of key areas which included the importance of sales expertise and on the composition and experience of the team.

He profiled what Venture Capitalists are looking for in a start-up and that entrepreneurs need to tap in to the VC network as they have a huge amount of insider knowledge on what new technology areas being considered for investment.

He stated that getting the valuation right is extremely important and that current valuations are now much lower in these recessionary times.

He suggested that a start-up may not necessarily give the best return and that licensing may be another option to consider. He believes that universities should have a seed fund to get companies started. Finally, he thinks that currently it is almost impossible to build a large pharma company due to the tremendous amount of investment required and so focussing on niche areas is the way forward for the Irish biotech sector.

Profile of Dr Cormac G.Kilty

Dr Kilty is the founder and CEO of Biotrin Group Ltd, an Irish Biotech/Virology Diagnostics company which was recently sold to DiaSorin S.p.A. He is the founder and Chairman of Argutus Medical Ltd., a new diagnostic company specialised in ‘Biomarkers of Organ Damage’.

He was the founding Chairman of Opsona Therapeutics Ltd one of Ireland’s fastest growing young Biotech/Pharma companies which has completed the third largest European private life science equity financing in 2008 of 21m€. Dr Kilty is the recent past Chairman of the Irish BioIndustry Association. Dr Kilty has raised VC in the past for Biotrin and with his management and EI has invested private equity in Argutus. He is an investor in a number of other biotech start-ups.

Dr Kilty received his PhD in Zoology and Biochemistry at the University of Texas at Austin and at University College Dublin. He joined the Diagnostics Division of Baxter Healthcare in 1986, and from 1987-1990 was head of its European Research and Development group in Switzerland.

Pictured above: Dr Cormac Kilty