ACRIS Pharmaceuticals, LLC was established in 2013 as a private biopharmaceutical company. ACRIS is among a new faction of ventures that believe philanthropy should be a core component of its business model. This venture philanthropy vision in a biopharmaceutical environment provides ACRIS with a unique multifaceted focus. The mission of ACRIS is:
- to identify, in-license and develop Intellectual Properties that address important and serious unmet clinical needs
- to enhance patient care through commercialization of these Intellectual Properties
- to provide significant financial return to company investors and inventors of Intellectual Properties
- to create a sustainable business model to accelerate successful development of its Intellectual Properties
- to create a Fund which will provide philanthropic gifts to academic institutions to enhance the quality of their educational programs and promote social responsibility
Investors will provide initial equity. This equity will be used to identify and develop initial, unique early stage Intellectual Properties (e.g., pharmaceutical compounds) with promising commercial potential. Funding for subsequent developments will be realized from out-licensing and/or selling its Intellectual Properties to large pharmaceutical companies. Income to ACRIS will include traditional milestone and royalty payments, or from the direct sale of the Intellectual Property.
Initial and future funding to support the development of its Intellectual Properties also may be derived from a 501(c)3 Foundation, which ACRIS will establish. Tax deductable contributions from the Foundation may also be used to support basic research in academic institutions.
As a biopharmaceutical company, ACRIS is focused specifically on the development phase of its Intellectual Properties. ACRIS will capitalize on the experience and expertise of its founders to develop successfully and efficiently each of its Intellectual properties through and including Phase 2b (proof-of-concept) clinical studies in patients. Products advancing up to and showing positive Phase 2 results have a reduced risk of product development failure and therefore a greater financial value for out-licensing. After out-licensing, the large pharmaceutical company will then complete the clinical development (e.g., Phase 3 clinical studies) and commercialize the asset.
Given the importance of out-licensing its Intellectual Properties to its business model, ACRIS is committed to extending post-development patent-life by successfully streamlining development of its Intellectual Properties. To that point, the development team within ACRIS has demonstrated repeatedly an ability to quickly, efficiently and successfully move important products that address serious unmet clinical needs through pre-clinical testing, IND submission and clinical development and finally to successful commercialization. This strategy maximizes the commercial potential of each each of its assets, making in-licensing of these products highly attractive to large pharmaceutical companies.
Upon successful out-licensing, a Philanthropic Fund will be established and will be used to provide crucial financial gifts to academic institutions, at a time when traditional state funding of universities continues to erode. Guidelines for distribution of the gifts will be established by a board and will include, but not be limited to, the support of liberal arts, performing arts, the sciences and the professions (e.g., Law, Dental, Medical, Pharmacy) as well as scholarship programs within the institution.