News ItemIN THE KNOW: January 2021

January 7, 2021 – 

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Important updates from NMBio
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NEW MEXICO BIOTECHNOLOGY
& BIOMEDICAL ASSOCIATION

The end of 2020 and the start of 2021 gives us an opportunity to reflect on the past year and set our focus on future goals. Despite the many hardships everyone is enduring due to the pandemic, our association successfully launched several significant new initiatives in 2020 and many of our member firms achieved new milestones with their research. Several were recognized for their progress and rewarded with federal grants as well venture capital.

Led by Chairman Rick VanNess, the board and I wish to congratulate everyone on their resiliency and determination throughout 2020 as well as for your continuing support of the association and its mission. We are grateful for the work being done by our members and NM’s bioscience and healthcare communities to stem the tide of this pandemic.

The vibrancy of New Mexico’s bioscience community is now being recognized by the state’s congressional delegation and elected officials to the state legislature, business and civic leaders as an economic engine for job creation. It’s seen as an industry that’s at the center of efforts to help improve the health of the state’s residents. We have more than a score of startups that own or are developing valuable intellectual property. Many are or are poised to launch products or services with national and international potential.

My highlight reel of association successes includes the 16-page insert on NM’s bioscience sector that appeared in the July issue of Site Selection magazine (Its 48,000 subscribers include 3,800 C-Suite executives in the biotech and pharmaceutical sectors). The editorial made a compelling case for NM as a location for bioscience firms in addition to showcasing eight startup firms on the brink of success. I was pleased that the state’s major economic development organizations – the NM Partnership, the City of Albuquerque, ABQ ED, the Mesilla Economic Development Alliance, as well as the New Mexico Bioscience Authority, Arrowhead Park, AMRI, US Bank, and Colliers International, supported the insert with ads. More than 20 bioscience firms supported the creation of the first NMBio ad and its placement in the insert.

Our first virtual Knowledge Fair was a success as was our sellout January “legislative forecast luncheon” in Santa Fe that featured House Speaker Brian Egolf as well as speakers from BIO and governmental affairs representatives from Amgen, BMS, Genentech, and Sanofi. In the fall, we had the opportunity to showcase three of our most promising firms – Nature’s Toolbox, Inc., Innate Immunity, and VisionQuest Biomedical to the Economic Forum’s members. I had the opportunity to give a presentation on NMBio and the state’s expanding bioscience industry to 100 members of the real estate community.
 
The month of January also kicks off our annual membership drive; 2020 memberships expired on December 31. Join or renew today and mark this off your to do list (and get fewer email reminders from board members or me). NMBio’s annual fees are based on the number of employees at your firm. Please notice that we have once again kept our prices low, especially for our entrepreneurs and startups. They are among, if not, the lowest, in the nation. Here’s a link to our membership rates and online payment system — https://www.nmbio.org/members/nmbio-membership/You can pay by credit card — as we’ll as by check. If you need an invoice or proof of payment, send your request to my attention.
 
Our balance sheet did take a hit due, in part, to the pandemic. The board of directors and I would truly appreciate your combining a sponsorship with your membership. Firms or individuals that contribute $1,000 or more will receive special recognition on the association’s website and at events throughout the year. In addition, please consider signing up for the BIO Business Solutions program — https://www.bio.org/save/new-mexico-biotechnology-biomedical-association-nmbio or our own Strategic Partners program –  https://www.nmbio.org/strategic-partners/.  BIO Business Solutions offers NMBIo members the opportunity to save on items they need to run a successful biotechnology enterprise – from lab products to business insurance, office supplies, and shipping needs. Both are free to join. Discounts provided by the service providers can save you thousands of dollars annually (their programs offer cost savings up to 75% off retail)
 
Some of you will recall that I sent out an email in early December encouraging you to set up an interview to learn more about the benefits of the BBS program with Steven Keeler, who serves as our BBS representative. Individuals that scheduled a chat with Steven were entered into a drawing for a free, one year membership. I’m delighted to report that Chuck Call, CEO of BioFlyte is the recipient. 

January is also the month that requires members to cast their votes for candidates seeking to serve on the association’s twenty-member board of directors. Board members traditionally are elected for two-year terms. Ten board members are elected in alternate years. Elizabeth (Lisa) J. Kuuttila, President & Chief Economic Development Office, UNM Rainforest, is leading the search committee that’s responsible for recruiting new candidates as well as reviewing the performance of existing board members seeking re-election. Members will get to cast their votes later this month. You can see short profiles of our current board members on our website: /https://www.nmbio.org/about-nmbio/board-of-directors/


Healthy regards,

Greg
 
Greg Byrnes
Executive Director
NMBio
610-731-3671 (M)
Tuesday, January 12, 2021
10:00 a.m.-3:30 p.m. (MST) | Online
CLICK HERE TO REGISTER
The University of New Mexico (UNM) is hosting a 3rd Business and Economic Summit. This event is intended to continue a statewide dialogue about ways to grow our New Mexico economy and our innovation ecosystem.
 
“New Mexico 2030,” the goal is to convene stakeholders (public, private and non-profit) from across New Mexico. Recognizing the progress that the state has made to date, the Summit will envision the future of economic growth in New Mexico.
 
The summit will build on the recommendations of New Mexico Chamber of Commerce‘s recent study “Driving New Mexico’s Future: Empowering a Competitive Economy in a Post-Pandemic World“.
AdvaMed’s 510(k), IDE & PMSA Submissions Workshops, February 22-26
Mark your calendars and save the dates for AdvaMed’s three back-to-back, online medical device submissions workshops, including: 510(k) Submissions, IDE Submissions and PMA Submissions. This is the ideal introductory program for professionals who are new to regulatory affairs and want an incredible opportunity to learn what’s required to bring products to market. For more information go to AdvaMed’s website –– https://www.advamed.org/events:

Dedicated Lifesciences/Healthcare Track at Venture Summit Virtual Connect West, March 16-18

Where innovation meets capital is the theme for this year’s event, which will attract 1,500 attendees and 150 venture funds as speakers. NMBio members can receive an additional 20 percent early bird discount by using code NMBIOVIP.A select group of more than 100 Top Innovators will be chosen to present their innovations to venture capitalists, corporate investors, private investors, investment bankers, and strategic partners. Here’s the event site link: https://bit.ly/3a2U9FN.

Interesting Reads

Will crowdfunding ultimately replace traditional angel, seed round venture capital? | WRAL TechWire


According to Statisca, ventures in North America raised $17.2 billion last year through crowdfunding campaigns. That’s a 17.4% increase over the previous year. Even with only 22.4% of crowdfunding campaigns being successful (i.e. raising their minimum amount to close), they are still projected to raise over $300 billion by 2030 according to Business Wire. That kind of exponential growth rate makes some wonder if crowdfunding will eventually replace the need for angel groups and early-stage venture capitalists. Will innovation in the US be fueled virtually by micro investors rather than traditional venture funds? Read More
 

How Startup Entrepreneurship Will Change Post-Covid-19

The COVID-19 pandemic caused entrepreneurs all over the world to scramble. Businesses that operated in a traditional office environment were forced to come up with a strategy to work from home; in fact 42 percent of the U.S. workforce is now working from home full-time. Those that depended on service customers in person, in some capacity, needed to figure out a way to deliver or serve digitally. And of course, many entrepreneurs had to completely rethink their budgets in response to the economic impact of the pandemic. Read More

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