Introducing the 2016 Annual Report from the New Orleans BioInnovation Center, highlighting the organization's programs for Louisiana life science entrepreneurs and growing impact on the regional economy. A nonprofit business incubator opened in 2011, the Center has worked with more than 125 startups that have raised over $90 million in funding and created nearly 400 jobs. Tenants and clients supported by our program teams include startups developing innovative new medical devices, therapeutics, diagnostics, digital health platforms, clean technologies, and more. These technologies range from cancer and diabetes treatments to urban farming and water remediation solutions. All promise to improve global health. Learn more at www.neworleansbio.com.
3. [ 02 ]
Dear Friends and Partners,
Louisiana’s life sciences community has been
an integral part of the state for decades. Our
universities have attracted
brilliant researchers working
on technologies that are truly
innovative and profound.
These research efforts have
brought millions of dollars in
funding annually to Louisiana in
support of pioneering studies
in neuroscience, regenerative
medicine, biomedical
engineering, and a variety of
other areas.
The New Orleans BioInnovation
Center plays the unique and
critical role of harnessing the
value of this research and
expertise. Our group has aided
in the growth of innovations in
the life sciences, along with the state’s significant
expansion into environmental technology
development. This translates into a community
that now has dozens of new companies and
hundreds of employees working on world-changing
technologies.
Even with the strong results the BioInnovation
Center has achieved so far, there is much more yet
to come. Through our technical assistance program,
our BioFund, and our facility, we are attracting
more industry leaders to our state and increasing
the value of our community. We are supporting our
clients in commercializing advanced research that
is leading to an amazing impact on society. For
instance, Louisiana entrepreneurs are advancing
technologies to enable earlier detection of cancer,
prevent neonatal infections in the developing world,
and even regenerate tissue and organs following
breast cancer and other diseases.
Our programming staff has created an ecosystem
that empowers entrepreneurs in moving
technologies from the lab to the market. These
efforts provide employment opportunities with
the emergence of a knowledge-based economy.
And the partnerships we’ve developed are part of
making this community such a success.
Through the community we’ve developed with our
programming and facility, entrepreneurs are gaining
access to resources that simply didn’t exist before.
We’ve brought together local businesses donating
in-kind services, investors offering feedback
at mock-capital presentations, international
pharmaceutical companies speaking on industry
trends, and government officials speaking about
grant opportunities.
All add significant value to the research being
done in our state and help our entrepreneurs to
learn more in an industry with unique challenges
and unforgiving market dynamics. The incredible
results so far could not have been achieved without
these collaborations, and we are very appreciative
of the investments these firms are making in our
entrepreneurs and research community.
As the New Orleans BioInnovation Center moves
forward, we still face many challenges. We have
updated our strategic plan and are seeking out
growth opportunities around the state. With a
commitment to the continued development of our
initiatives, Louisiana can overcome many current
challenges, help our entrepreneurs to grow their
companies, and create advanced new technologies
for the benefit of all.
Sincerely,
Aaron Miscenich
President
New Orleans BioInnovation Center, Inc.
Letter From The
President
Dr. Steve Nelson (Chairperson)
Dean, School of Medicine, LSU Health New Orleans
Yvette Jones (Vice-Chairperson)
President, The Jones Group of New Orleans
Andre Rubenstein (Secretary/Treasurer)
Owner, Rubensteins
David Barksdale
CEO, Spread Networks, LLC
Arthur R. Cooper
Executive Director, Louisiana Emerging Technology Center
Dr. Gene D’Amour
Senior Vice President of Resource Development, Xavier University
Dr. Larry H. Hollier
Chancellor, LSU Health New Orleans
Dr. Joseph Moerschbaecher
Vice Chancellor for Academic Affairs and Dean, School of Graduate
Studies, LSU Health New Orleans
Ed Michael Reggie
Managing Director, Future Factory
Board of Directors
4. [ 03 ]
Achieving Real
Results
182 Companies and entrepreneurs directly assisted
374 Jobs created
$58,600 Average full-time salary
$3.0m BioFund capital invested
$10.9m Total revenue generated
$93.3m Funding raised for growth
There has been high demand for our services from across
the state, and the Center’s programming team has assisted
innovators in New Orleans, Baton Rouge, Lafayette, Lake
Charles, and other cities.
5. [ 04 ]
The New Orleans BioFund offers capital to bridge funding gaps and
allow emerging companies to grow, create jobs, and better position
themselves for future funding opportunities. This innovative program
began in 2012 by offering low-cost, flexible term debt, and the
program is now transitioning into a micro venture capital model that
provides equity, convertible debt, and loan financing options. To date,
the BioFund has provided $3 million in total funding to empower more
than 15 local small businesses to move from possibility to reality.
Through unique programming, the BioInnovation
Center gives innovators the business skills, facilities,
and support they need to move pioneering
technologies from the lab to the market to save
lives and address urgent environmental challenges.
The BioInnovation Center’s Commercialization
team offers consulting on the various challenges
associated with new technology development.
The team helps university-based and independent
entrepreneurs with projects including:
• Assessing technologies and markets
• Developing business plans and financial
forecasts
• Advising on navigating regulatory pathways
• Fundraising through grants, private investment,
competitions, and more
Recently launched, the BioInnovation Center’s
Mentor Network connects entrepreneurs with
experienced regulatory, management, funding,
and other industry experts across the country.
These skilled advisors volunteer to support growing
Louisiana small businesses that have limited
experience in the industry.
The BioInnovation Center also offers seminars and
educational events throughout the year that delve
into critical business planning, legal, and other
topics and help new entrepreneurs position their
businesses for success. This programming includes
special events that promote collaboration and
strengthen the regional innovation ecosystem.
Key Support
Programs
AWARDWINNER
Honoree, 2015 Tibbetts Award
U.S. Small Business Administration
Recognizing national leaders and organizations for advocacy of the $2.8 billion federal Small
Business Innovation Research and Small Business Technology Transfer (SBIR/STTR) grant
programs
6. [ 05 ]
80+ Educational seminars, roundtables, and events
2,750+ Event attendees
74 Interns and externs from regional universities trained in technology commercialization and entrepreneurship
Financial & Educational
Metrics
$93.3 million
Total funding raised to develop products
and hire more staff
$78.9m Private capital
$6.8m Private and government grants
$3m BioFund capital
$1.9m Tax credits
$1.9m Other sources
$800k+ Business competition awards
7. [ 06 ]
State-of-the-Art
Facility
The BioInnovation Center houses more than 30 companies comprised of the next generation of innovators
from Louisiana’s burgeoning life science community. As the first LEED Gold-certified laboratory building
in New Orleans, the Center offers 66,000 square feet of state-of-the-art wet-lab, office, and conference
spaces to conceive and cultivate new bioscience ideas.
The facility provides the infrastructure to support the day-to-day functions of research and business,
including access to more than $150,000 in cutting-edge, shared-use biomedical research equipment. The
Center is designed to allow companies to grow organically, beginning with leasing small cubicle or lab
bench spaces and eventually expanding into full lab and office suites.
The Center is centrally located downtown amid hospitals, medical universities, research centers,
and biotech businesses. This proximity to the region’s leading researchers and innovators promotes
collaboration within the life sciences community. Designed by Eskew+Dumez+Ripple, the building has
housed dozens of companies that have attracted over $90 million in funding to the region as they
transform healthcare delivery, treatments, and more.
AWARDWINNER
Honoree, 2013 American Architecture Award
Chicago Athenaeum and European Centre for Architecture Art Design and Urban Studies
Recognizing projects that solve critical aesthetic, civic, urban, and social issues while achieving
excellence in design, construction, planning, and sustainability
8. [ 07 ]
Supporting Louisiana
Entrepreneurs
InnoGenomics
After working with police in the aftermath of
Hurricane Katrina to try to identify victims, the
founders of InnoGenomics realized that a better
process was desperately needed to successfully
test damaged human DNA samples. After selling
their Harahan-based lab business in 2007, they
founded InnoGenomics to revolutionize forensic
DNA testing. Just a few years later, their technology
is enabling forensic scientists to get results from
extremely challenging evidence and human
remains—including WWII and Civil War era bone
fragments.
To reach this stage, InnoGenomics needed a
business strategy and funding. The team received
equipment financing from the BioFund and worked
with the Commercialization team on business plan
development, go-to-market strategizing, and grant
applications for over $1 million in research funding.
Based at the Center since 2011, the company has
grown to seven full time employees and is now
selling forensic identification kits around the world.
On top of research and growing their business, the
founders serve as mentors for other entrepreneurs
and offer internships and lab training to local
students. As the company continues to grow,
InnoGenomics is now working on harnessing its
innovative DNA testing methods for transformative
healthcare applications, including a minimally
invasive blood test that can detect and monitor
multiple forms of cancer.
Anne Montgomery Laboratory Director & Dr. Sudhir Sinha CEO & President
9. [ 08 ]
Year-Round Educational
Events
Many of the innovators that the BioInnovation Center supports are developing a business for the first time.
For these new entrepreneurs, we offer year-round educational seminars on legal, business, finance, and
other topics critical to achieving small business success. The Center has hosted more than 2,750 attendees
at educational and networking events since 2011.
We also hold events each November during Global Entrepreneurship Week to educate innovators and
showcase the groundbreaking research being done within Louisiana universities and startups. With
major support from JPMorgan Chase and the U.S. Economic Development Administration, these events
includes a multi-day conference, Innovation Louisiana, and the BioChallenge business pitch competition
highlighting promising new Louisiana companies. In addition, our annual showcase of novel technologies
from statewide research institutions aims to foster collaboration, attract capital, and drive new startup
formation.
Our work is expanding across the state. Institutions that participated in the showcase and other projects
with the Center have included:
While adding value to our programs and facilities, our events educate attendees on critical startup issues,
drive university innovation, and connect entrepreneurs to investors and mentors. The ultimate goal is to
add value to the local research base, thus creating job opportunities and accelerating the state’s economic
growth.
• Delgado Community College
• Louisiana State University
• LSU AgCenter
• LSU Health New Orleans
• LSU Health Shreveport
• Louisiana Tech University
• Loyola University New Orleans
• NASA Stennis Space Center
• Pennington Biomedical Research Center
• Tulane University
• University of Louisiana at Lafayette
• University of New Orleans
• Xavier University of Louisiana
AWARDWINNER
Recipient, 2014 i6 Challenge Grant
U.S. Economic Development Administration
A national competition making small, targeted, high-impact investments to support startup
creation, innovation, and commercialization
10. [ 09 ]
Timeline Of Our
History
07
02
08
05
08
08
07
11
10
12
09
07
08
08
02
12
State legislature
establishes the Center as a
commercialization-focused
incubator to foster
economic growth
Demolition of the Wirth
Building on Canal Street,
clearing the path for
the construction of New
Orleans’ first wet-lab
business incubator
Offering blood monitoring
services for organ
transplant patients, TMS
Biosciences becomes the
first tenant in temporary
incubator
State-of-the-art wet-lab incubator
opens in downtown biomedical
district with seven initial tenants
Women’s health device
startup Bioceptive wins
first BioChallenge pitch
competition
Louisiana Board of
Regent funding launches
commercialization
consulting program
Groundbreaking for
66,000 square foot
incubator facility
Grant from the Louisiana
Office of Community
Development launches
the New Orleans
BioFund and expands
commercialization
consulting and educational
events
11. [ 10 ]
12
12
11
13
10
14
03
15
06
16
04
14
11
14
07
15ICONIC protein drink
developer Be Well
Nutrition receives the first
BioFund loan
First Innovation Louisiana
technology commercialization
conference attracts more than 100
local and national attendees
Focused on improving
polymer production,
APMT receives second
federal Small Business
Innovation Research (SBIR)
grant for $1.1m in total
funding
Commercialization program
receives a $500,000 federal grant
to expand events and provide free
consulting assistance to innovators
across the entire state
Center marks its five-
year anniversary of the
facility opening with
125 companies assisted
and more than 300 jobs
created
Eardrum repair startup
Tympanogen wins
over $80,000 in three
international student
business competitions
Annual University Technology
Showcase launches with institutions
participating from New Orleans,
Baton Rouge, Ruston, and
Shreveport
BioFund reaches
milestone, investing $3
million in 15 local biotech,
manufacturing, and other
small businesses
12.
13. [ 12 ]
BioAesthetics
Epitomizing the next wave of emerging Louisiana
biotech businesses, new startup BioAesthetics is
transforming breast reconstruction for cancer survivors.
Founder Nick Pashos, a doctoral student and National
Science Foundation fellow, has created a regenerative
nipple reconstruction option for breast cancer patients
after they undergo mastectomies.
Women have several options for reconstruction of
the nipple like surgery, tattoos, or prosthetics, but
these options aren’t always successful or permanent.
BioAesthetics’ graft, which will instead allow the
patient’s body to regenerate a permanent nipple, is
a more efficient process that will reduce surgeries,
improve long-term outcomes, and significantly improve
patient self-esteem following her traumatic illness.
Because Nick has no prior business experience, he
turned to the Center for assistance developing a strong
business strategy, financial projections, and a plan to
obtain regulatory approval. The consulting team also
helped Nick prepare plans and pitches for multiple
business competitions, through which he won more
than $60,000 in funding for product development.
Now focused on the next stage of testing,
BioAesthetics aims to have this reconstruction solution
in the hands of doctors and patients across the country
within the next few years.
Supporting Louisiana
Entrepreneurs
Nick Pashos Founder & CEO
14. Expanding Our Reach
Statewide
The BioInnovation Center has a proven track record in Greater New Orleans, having partnered with local
academic institutions to facilitate technology transfer, educate researchers and students, attract grant
funding, and more. With support from the U.S. Economic Development Administration and JPMorgan
Chase, we are now scaling up our commercialization program to serve entrepreneurs and businesses
throughout Louisiana.
The goal is to provide the same technical assistance to research institutions throughout the state,
expanding our community of entrepreneurs, business professionals, capital sources, and commercialization
partners.
Supporting and connecting innovators across the state benefits us all—regardless of background and
education level. The average annual salaries in the biotechnology field in Louisiana are over $30,000
higher than wages in other sectors. Our programs will support the creation of more high-growth ventures
that will build a stronger, more diverse economy across the state as we work to achieve our new,
expanded mission:
[ 13 ]
AWARDWINNER
Finalist, 2014 Incubator Innovation Award
International Business Innovation Association
Honoring business incubation programs such as the Center’s program for Commercialization
which exemplify the best of the industry
The mission of the New Orleans BioInnovation Center is to support and
guide entrepreneurs and businesses from start-up to growth in order to
strengthen the economy and improve the health and environment of
the greater Louisiana and Gulf South regions.
15. Thank You To Our
Partners
[ 14 ]
The BioInnovation Center and the entrepreneurs we support could not have achieved these successes
without the support of our university, public, and private collaborators. By partnering in our efforts,
sponsors support regional entrepreneurs and help create a knowledge-based economy with better
opportunities for Louisianians of all backgrounds.
Advantage Capital Partners
Becton Dickinson
Chaffe & Associates
Cox Business
DeGeorge Glass
Ernst & Young
Graffagnini LC
IBERIABANK
Jones Walker
Lafayette General Foundation
New Orleans Business Alliance
Sheraton New Orleans
Simon, Peragine, Smith & Redfearn
