Mosaic ImmunoEngineering is a nanotechnology-based immunotherapy company developing therapeutics and vaccines to positively impact the lives of patients and their families.

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Message: Manor27: I can't let this slide by without some of my input.
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Oct 26, 2007 08:09PM
1
Oct 27, 2007 07:55AM
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Oct 27, 2007 11:06AM

"Who would your dream CEO be?"

A successful venture capitalist, for now. 

PTSC has TPL out there as its revenue producer, sharing in the income from PTSC's IP.
Most of the board members at SHM indicated prior involvement in M&A - but I'd guess at least some of the shareholders could have said similar, because of technical, legal or financial involvement. I've been on both sides of M&A from the technical due diligence aspect, and have worked with the financial and legal teams as appropriate, but wouldn't position myself as an M&A expert at the 'CEO' level. 
The succesful VC has started from a dollar amount - the value of the assets with which the VC fund has been entrusted. The VC has one goal - to maximize the value of that dollar amount, over time.
I'd like to see an experienced, successful, VC on the Board, or very close.  We have two "Technology" board members (JT and Tredennick) and a couple of lawyers and a couple of money people, plus a major shareholder.
I am assuming TPL's license plan is a one-time up-front perpetual non-exclusive 'right to use'. i.e. no recurring income. If so, income will start to decline after the inital surge on a successful ruling. That's when the wise use of the license revenue needs to yield a strong and sustainable ROI.
Maybe there are legal reasons (SEC etc) why PTSC would need to 'ship product' rather than purely invest, but if PTSC has, say, $100M free and clear to invest in 6 months time then the old "buy versus build" question needs to be carefully answered.  "Shipping products" is vastly different to "managing money" and needs different leadership and skills, as well as more employees.  I didn't see much BOD or JT enthusiasm for creating a shippable product around the IP and patents. It would be a very competitive marketplace and I would have thought an existing company would already have shown interest as an addition to their current product line and leveraging an existing manufacturing and distribution infrastructure. 
It seems to me that PTSC has a transition period, first needing a strong investment-oriented leadership, shifting to an operations focus as acquisitions need to be grown to maintain ROI.  The Texas result determines the potential size of the investment 'fund'.


Oct 27, 2007 02:46PM
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