San Diegos Forward Ventures Moves Toward a Lean and Virtual Future
Summary
So I sat down with founding partners Stan Fleming and Ivor Royston, who were anxious to dispel rumors about Forward’s future and to set the record straight about the changes underway.Royston is particularly concerned about a widening “funding gap” for early-stage drug development, as venture capital firms have increasingly focused their investments exclusively on compounds already in or approved for clinical trials.He says the trend stems partly from the recent dearth of IPOs for venture-backed biotechs, which makes it far harder for VCs to recoup their investments in early-stage deals within the 10-year lifespan of most venture funds.“The business guys have proven pretty conclusively that it’s not working,” Fleming says of VC investments in early-stage biotechs.“It’s requiring some new approaches, particularly on the business side, so we’re not [invested] in these companies forever.” The changes underway at Forward Ventures are intended to adapt to the new reality, the founders explained.