Kirk started Iconic Therapeutics after licensing a novel treatment for wet age-related macular degeneration and cancer from Yale University. After raising $15M in Series A funding, they had completed the pre-clinical phase of the drug’s development and were ready for the all-important Phase 1 human safety studies. All that remained was to complete the final $5 million in funding to allow us to initiate this Phase 1 study.
In 2008, the closing was set for the end of September. In the middle of the month, Lehman Brothers went bankrupt setting off massive, unexpected disruptions in the capital markets. Investors pulled in their horns and “postponed” this final $5M tranche of financing. Without this funding, the company’s future was in jeopardy.
Kirk Dornbush,
Performance Optimization C-Level Executive
Recognizing the opportunity to leverage solid investor relationships built on trust and goodwill as the means of surviving the economic downturn, Kirk conducted regular discussions with vendors, consultants and investors to reinforce the value of the new drug under development and the company’s commitment to meet existing obligations. He was able to convert outstanding vendor payables into equity and raised sufficient cash to maintain operations.
After avoiding shut-down for nearly three years, the business received critical infusion of $5 million in private and venture-backed investment to fund successful Phase 1 clinical studies. Three years later Kirk closed $20M venture-backed Series B round allowing further development of the company. Today, Iconic has consummated licensing and option deals with large biotech and pharmaceutical companies. Its cancer drug is currently in Phase 1 studies as a potential treatment for some of the most untreatable cancers.
But if not for the efforts referenced above in late 2008-2010, a promising drug for wet AMD and cancer would never have been developed.
Watch full video interview below.
Contact Kirk Dornbush via LinkedIn or his Career WebFolio.
Fred Coon, CEO
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