Scientists competing for venture capital’s attention

BALTIMORE (Map, News) - Plastic has been around more than 75 years, but many grades and consistencies of the wonder material remain undeveloped, University of Maryland professor Larry Sita told a gathering of venture capitalists at his school’s first Bioscience Research and Technology Review on Tuesday.

“So far, developing new formulations has been a matter of trial and error,” he said. “Tens of thousands of catalysts have been screened for each new grade of polypropylene achieved.”

Some, like baby bottles that leach toxic phthalates into the formula, sent researchers back to the drawing board, Sita said. “Our product basically allows us to take one catalyst and make many different varieties of polypropylene materials just by manipulating the process.”

The venture capitalists Tuesday judged his presentation Best Inventor Pitch for Bioscience Day 2007.

Graduate students in running suits mingled with suited venture capitalists and sport coat-clad professors focused on bringing the latest thing onto the market.

“This campus has a long and distinguished history of technology transfer,” said Norma Allewell, dean of the School of Chemical and Life Sciences. “We’ve spun off something like 40 different businesses from research done here.”

The overall return to the university runs upward of $1 million a year in royalties, said technology transfer chief Gayatri Varna. But the road from the classroom to the boardroom is not short.

“The investor company has to put in almost as much as the faculty has in terms of research and bringing things to market,” Varna said, both in terms of investment and time — typically five to seven years.

Sita may have gotten a head start Tuesday.

Jigan Raythatha, a venture capitalist representing Baltimore’s $50 million Red Abbey Ventures fund, was paying attention.

“I thought the presentations were excellent,” he said of the event after exchanging business cards with Sita. “It definitely exceeded my expectations.”

From the classroom to the boardroom

University of Maryland’s professor/entrepreneurs discuss their transition to tomorrow’s bioscience industry captains.

» On transparency:

“I think my conflict-of-interest form ... is actually 40 pages thick. It’s been back and forth between the president’s office several times.” – David Mosser, cell biology and molecular genetics; founder, LeukoSight Inc.

» On balance:

“It’s very difficult. You can’t run a research group, teach class and do justice to that, and have a family unless you’re willing to work a lot of hours.” – Phillip DeShong, chemistry and biochemistry; founder, SD Nanoscience

» On rewards:

“I’ve pretty much been an environmentalist at heart, and being able to do something to support that, being able to make it a viable business, is one of the highs for me.” – Steven Hutcheson, cell biology and molecular genetics; founder, Zymetis Inc.

khille@baltimoreexaminer.com