Enterprise Ireland
Annual Report and Accounts 2005
Annual Report and Accounts 2005
In 2005, Enterprise Ireland extended its very successful Mentor Network to include international mentors based in key overseas markets for clients. These highly experienced business executives work with client companies to advise them on strategies and to introduce clients to key contacts offering sales and funding opportunities. One such mentor who has been particularly invaluable for clients in the biotechnology sector is United States-based Dr. John Monahan.
Dr. Monahan is an experienced CEO in the management of complex biotechnology and pharmaceutical companies having built and directed several successful companies. He has identified and championed the cause of numerous scientific and commercial concepts, bringing them from proof-of-concept to commercial production.
Most recently, he founded and built Avigen (NASDAQ:AVGN), a company which has become a leader in its sector for the development of new therapy products for the treatment of serious human diseases. He has managed several private and public financings for the company, including its IPO. In total, in both the public and private marketplace, he raised over $235 million as CEO. He also led the company through the filing of a number of investigational new drug (IND) applications.
Prior to Avigen, Dr. Monahan directed numerous biotech and pharmaceutical research, preclinical and clinical programmes at various institutions. He received his PhD in Biochemistry from McMaster University, Hamilton, Canada and his BS degree in Science from University College, Dublin, Ireland.
Dr. Monahan is instrumental in assisting client companies raise international finance and commercialise their products. He believes that, in general, the biotechnology companies emerging from Ireland are quite impressive and are backed by dedicated people with strong bio-engineering and scientific talents.
He says these companies are well capable of competing successfully in global markets but they usually face the same major challenges. He says:
"Typically, these companies are very strong academically but lack experience in how to lead and grow a business and in how to raise finance for that growth. This is particularly apparent with organisations at the critical stage where they move from being a research unit to being a commercial entity with products to sell or clinical trials to carry out. After they have raised $1-$10 million in Ireland, realistically they need to focus on raising funds overseas. For this, most need help. One form of help is for the companies to recruit experienced board members that have extensive fund raising experience and connections in doing so."
