Studies show Montana’s bioscience industry is a rapidly growing and high-paying segment of the economy. Co-hosted by the Montana Bioscience Cluster Initiative, this virtual panel offers insights from diverse professionals into how individual companies can effectively plan for growth, and how we can scale Montana’s biotech ecosystem. Guest speakers include Liz Marchi, Head of Community Engagement, Two Bear Capital; Choyce LaRue, Financial and Leasing Expert, Thermo Fisher Scientific; Matt Mellott, Commercial Real Estate Advisor, SterlingCRE, and Cynthia Ekberg Tsai, CEO, Healthquest.
Scaling Biotech Companies in Montana Webinar
Resources:
Athena (The only women’s focused biotech organization in the world, sponsored by Two Bear Capital, and located in San Diego, CA)
Biotech Companies to Watch: New Frontiers of Science Webinar (MHTBA Webinar featuring three leaders from our 2020 “Biotech Companies to Watch” list)
Biotech Companies to Watch - 2020 (MHTBA’s list of prominent biotech companies in the state from 2020)
Early Stage Montana (helps tech entrepreneurs grow faster and create jobs to diversify and grow Montana's economy)
McLaughlin Research Institute (Great Falls-based research institute for biomedical sciences, offers internships to students)
Montana Bioscience Alliance (Network of biotechnology businesses, entrepreneurs, laboratories, hospitals, clinics, and universities working together to commercialize, grow, and sustain globally competitive bioscience enterprises.)
Montana Bioscience Cluster Initiative (Multidimensional program providing technical assistance as well as support, training, and mentoring to new and established life science businesses, entrepreneurs and students.)
Montana Careers in Biotech Webinar (co-hosted by MHTBA and the Montana Bioscience Cluster Initiative)
operations@mwtc.org (Cassandra Sunnell’s email - Outreach and Project Director for the Montana World Trade Center and Montana Bioscience Cluster Initiative)
Panelist emails for further inquiries
Choyce LaRue: choyce.larue@thermofisher.com
Cynthia Tsai: cynthiahealthquest@yahoo.com
Matt Mellott: matt@sterlingcreadvisors.com
Small Business Development Center (SBDC) Network (provide tools and guidance to help small businesses succeed in Montana)
Sterling CRE (commercial real estate broker in Montana)
ThermoFisher Scientific Global Solutions (Provides payment solutions for customers looking to buy products or laboratory equipment, and who are looking to extend the payment term over a period instead of paying full cash up front.)
Three Montana Innovators Share Their Tips for Launching a Career in Montana’s Biotech Industry (MHTBA’s Q&A recap of the “Montana Careers in Biotech Webinar)
Tonix Pharma Signs Agreement with City of Hamilton to Build Vaccine Manufacturing Center, Bring More Bioscience Jobs to the Bitterroot (MHTBA article featuring Tonix Pharmaceuticals in Hamilton)
Two Bear Capital (Venture Capital Firm in Montana)
Questions answered in the chat:
Q: Can you tell me how a new life science company can get certifications and permissions to purchase controlled items like ethanol etc... when leaving the academic space?
A: Brigitta Miranda-Freer with Montana Bioscience Cluster Initiative: “Montana Bioscience Cluster Initiative can help you track down an answer to your technical question.”
Q: While Montana has very limited traditional clean rooms; we do have existing office/industrial unused space that could accommodate modular clean rooms. Is that something that could obtain financing and be perhaps an alternative companies should consider?
A: Brigitta Miranda-Freer with Montana Bioscience Cluster Initiative: “Yes, to some extent. However, underlying mechanicals are often an impediment.”
A: Matt Mellott with Sterling CRE: “That’s definitely a viable approach. Tonix is effectively building a warehouse in Hamilton and shipping in clean room containers to fill in. Financing is generally more available for warehouse than it would be for lab/r&d space. But, even warehouse projects built on spec are still difficult in the current environment. And, existing warehouse space is very tight. In Bozeman, warehouse has about 1% vacancy while Missoula has about 3%.”
Q: Are there any resources for investment in pre-revenue biotech that is not offering preferred stock?
A: Brigitta Miranda-Freer with Montana Bioscience Cluster Initiative: “I do know some accelerator programs may also offer opportunities for outside investors to invest as part of companies completing the accelerator program. Also, lean into SBIR/STTR type funding if the topics fit your areas of expertise. It's non-dilutive capital.”
Q: I think another big trend in Biotech is the use of AI/ML. It is interesting to think about this in terms of lab space and the need for less lab buildout. Any thoughts on this trend in the space?
A: Brigitta Miranda-Freer with Montana Bioscience Cluster Initiative: “I definitely saw how this phenomenon is playing out in Washington state when I visited UW. They shrunk their need for wet lab space substantially and instead have plenty of lab-adjacent bullpen space.”