Aug 7 2007
McCracken & Frank LLP, a leading intellectual property law firm, announced it will work together with the educational arm of the Illinois Biotechnology Industry Organization (iBIO) and its new PROPEL(SM) program to facilitate the development of new life sciences companies, providing entrepreneurs with access to specialized expertise in intellectual property law on a pro bono basis.
“We are very honored and excited to be part of iBIO’s initiative to bring biotech companies to Illinois and the Midwest and to help start-up entrepreneurs address the legal challenges involved in establishing a business,” said Thomas R. Stiebel, a partner in the biotechnology practice at McCracken & Frank LLP. Firm attorneys and technical specialists will provide educational assistance to life sciences entrepreneurs in the PROPEL program, offering guidance on intellectual property issues.
“iBIO PROPEL helps entrepreneurs access the insight and expertise of the brightest life sciences entrepreneurial minds in Illinois with the goal of increasing life sciences entrepreneurship,” said Ann Reed, the iBIO Institute’s Sr. Director for Operations. “Through one-on-one coaching, and pro bono educational services provided by representatives from some of the top business and legal services firms in the state, PROPEL assembles resources for start-up companies that these companies might otherwise be unable to access.”
The iBIO Institute’s new PROPEL program provides intensive education to entrepreneurs in business, economic and legal matters at no expense to the entrepreneur. The program is designed to promote the development of Illinois life sciences start-up companies and enhance the survival rates of existing biotech enterprises. It is modeled on the best practices of other U.S. programs, including San Diego CONNECT, which has fueled numerous venture-capital funded start-ups in southern California. To date, the iBIO Institute has attracted over $1 million in funding from major corporate donors, including Takeda Pharmaceuticals North America, Baxter Healthcare Corporation and Astellas US.