London, UK – 8th July 2008 – A unique wargame, to be used to tackle the funding problems currently threatening many UK biotechnology companies, has gained support from a range of companies and investors from across the UK and US biotechnology sectors. The wargame, which has been commissioned by the Bioscience Futures Forum (BFF) and will be run by the wargame specialist company Simulstrat, has generated keen interest within the UK and has been embraced in the US as a forward looking and innovative way of helping to resolve investment difficulties in the biotechnology industry.
With more than 45 participants from 35 organisations across the industry taking part in the wargame, the game is sure to create an impact and develop solutions that will help shape the future of the industry in the UK. Participants include key opinion leaders from the industry itself as well as fund management, investment banking and the Government. Participants include Gareth Powell, Polar Capital; Dr. Mike McDonald, Oxford BioMedica; Chris Hollowood, Apposite Capital; Dr. Tim Rink; Dr Bruce Carter, ZymoGenetics and Chris Collins, Nomura Code.
As has been widely reported, the UK biotechnology industry is facing difficult times. Many companies are failing to secure crucial investment to take their technologies forward and, despite significant Government investment in University research and development, the UK seems unable to develop and sustain successful, profitable and integrated biotechnology companies that can compare with the US. The UK Biotechnology Business Development Wargame has therefore been designed to create an agenda for change.
The Wargame will take place over two days beginning on 14th July 2008 in London and will simulate the progression of a commercially funded biotech company from early start-up to late-stage development. The game will be played by two teams, one from the US and one from the UK and will comprise a number of major time jumps to simulate the life-cycle of a representative biotechnology company.
Jeremy Curnock Cook, Member of the BFF and Executive Chairman of BioScience Managers Limited said, “The wargame is proof of the UK’s desire to produce successful companies with cutting edge technology. The biotechnology industry is of major strategic importance to the UK, not only in terms of the economy but to the lives and health of patients and families. The wargame therefore provides us with a catalyst to affect constructive changes that will make a real difference to the future of the industry.”
Dr. Bruce Carter, Chairman of the Board and CEO of ZymoGenetics added, “We are very excited to be involved in such an innovative project that examines in detail what can be done to aid developing biotechnology companies in both the UK and the US. There is a real need for new ideas and a fresh view of how biotechnology can be funded not only in the UK but across the globe. We very much hope that the wargame will produce some novel ideas and we look forward to seeing the results.”
Dr. Eliot Forster of Solace Pharmaceuticals concluded, “Having completed a VC funding round, Solace has real-life, trans-Atlantic experience to bring to the game. We hope our contribution and that of other players can make a meaningful difference to overcoming the challenging financial environment that we face.”
About the BFF
The BFF was launched by the Department for Business, Enterprise and Regulatory Reform (BERR, formerly the DTI); following the Bioscience Innovation and Growth Team report that advocated the creation of an expert group to represent the views and interests of the UK biotech sector and encourage a more supportive environment for biotech development. The BFF identifies issues in the sector and brings them to the attention of the Government, politicians and senior civil servants in a way that establishes a basis for change. The results from the BFF Wargame will be submitted through the Biotechnology Innovation Growth Team (BIGT) Review in the second half of this year.
About Simulstrat
Simulstrat is a leading wargame specialist company that focuses on the use of war-gaming strategy to test, explore and solve key business strategies and problems. Simulstrat is led by the some of the world’s most prominent academics and strategists with an unparalleled range of experience and specialist knowledge including conflict strategy, risk management, science and technology, biochemistry and international crisis strategy. For this wargame, Simulstrat is supported by Avige which is supplying specialist domain knowledge on biotechnology funding. Simulstrat is a spin-out from King’s College London. Simulstrat was founded by Professor Sir Lawrence Freedman and Professor Ragnar Löftstedt of King’s College London, and Professor Michael Clarke, Director of the Royal United Services Institute.
BFF War-game website: www.bff-wargame.com
For further information please contact:
David Dible/Chris Gardner
Citigate Dewe Rogerson
Tel: +44 (0) 207 638 9751
david.dible@citigatedr.co.uk
chris.gardner@citigatedr.co.uk
