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Periscope β€” August 2011 Issue

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New Business Opportunities for Companies Serving Pharma

August 2011

The PharmSource PERISCOPE provides valuable insight into sales issues and trends for companies that sell goods or services to bio/pharma. It helps you recognize new business opportunities, and overcome sales obstacles. Enjoy the August issue.

The PharmSource Team

338 overall leads for pharma vendors were reported by the PharmSource Lead Sheet in August 2011:

Lead Type August 2011 YTD
Non US 128 938
Early Dev 59 543
Late Dev 51 428
Large molecule 58 460
Small molecule 114 868
Newly-funded 83 561
New sourcing 33 135
Parenteral 73 595
Oral 73 528
Total Leads 338 2,469

Below are two actual leads from recent issues of the PharmSource Lead Sheet (PLS), the weekly, web-based information service that delivers new business opportunities and key market intelligence information to companies serving Bio/Pharma. It includes new information on products in development, acquisitions, alliances, financing transactions, and more, and delivers up to 70+ fresh leads each week in pharma/biotech companies around the world. Use the PLS to stay on top of opportunities as soon as they’re announced, to keep attuned to market activity and trends, and as a key resource for targeted marketing.

For The Week Of
August, 7th 2011



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This section of the PERISCOPE summarizes a sampling of the many recent appointments of new people to high-level positions in pharma/biotech. For more information of this nature, see the β€œKey Appointments” section of the weekly PharmSource Lead Sheet.


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By Phil Faris

Price is always an issue with buyers, but price doesn’t need to be a barrier to success. To avoid price objections, you must first look at how effectively the buyer has created value. The most effective way to create value is by influencing the buying criteria.

What are Buying Criteria? Buying criteria are the quantitative and qualitative measures buyers use to guide their purchase decisions. These criteria can range from price, color and size to delivery time, volume or relationship. Buying criteria are the rules of the game. There are three ways to influence the buying criteria:

  1. Discover and reinforce criteria you can meet.
  2. Introduce new criteria.
  3. Reduce the perceived importance of criteria that you do not meet or that place you at a competitive disadvantage.

Discovering Existing Criteria
Discover a client’s existing buying criteria and then reinforce those you can meet. Persistently pursue the factors behind your client’s needs until you understand how the client make decisions and why. Solidifying the value of criteria you can meet is a key step in slanting the playing field to your advantage.

Introducing New Criteria
Many times salespeople find that a client’s existing buying criteria omit some that would favor their proposal. This is often due to an oversight, a lack of knowledge or a result of a negative experience in the past. High-performing salespeople use questions to place new criteria in the clients’ minds. The FIT questioning method has three parts: Framing, Impact and Test. The results you get will depend on several variables. Don’t be discouraged if the client doesn’t immediately accept your new criteria.

Reducing the Importance of Criteria You Do Not Meet
This is the most challenging situation for maintaining value. There are four techniques for maximizing the value of your proposal.

  1. Re-framing. This method redefines the criteria in a way that makes you look better.
  2. Trade-offs. This approach helps the client trade-off one criteria for another.
  3. Adding Value. This approach involves providing extras to tip the scale in your favor.
  4. Making Concessions. This involves giving up one your demands or conceding to the other party’s demands without getting something in return.

Whatever method you choose to influence the buying criteria and build value, timing, focus, skill and persistence are factors you need to keep in mind. These will help you to avoid price objections and will focus your buyer’s attention on the value you give.

About the Author

Phil Faris is a business consultant, executive coach and author. His books include “Hiring Winners”, “Building Customer Partnerships”, “Coaching for Peak Performance” and “50 Activities for Sales Training”. He is President of Phil Faris Associates a firm that specializes in leveraging sales and marketing assets to increase sales, profits and customer loyalty. For more information go to: www.philfaris.com.

Reprinted with permission. Article Source: http://EzineArticles.com/6408556.

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By Greg Williams

Words have power, and in a negotiation you’re perceived as being more powerful when you shrewdly use words that the other negotiator perceives as possessing strength. Our words have impact on the person with whom we’re conversing, and we affect that person from a negative or positive perspective based on what we say, how we say it, and the manner in which it’s perceived. If you want your negotiations to be successful, discover how and when to use power words that influence others.

  • Using power words
    Power words are words that convey a stronger commitment to a position than words that would leave the listener in a precarious state of mind, related to a less than stringent perception that he otherwise might have. Some words convey a weaker commitment to a position (i.e. maybe, try, might, possibly, I think). By using such words, you weaken your position while leaving yourself open to challenges. To be perceived as possessing a stronger commitment to your negotiation position, use words that convey more conviction (i.e. I know, success, will do, guarantee).To be perceived as being stronger, speak to what you’re for, not for what you’re against. Manage the level of negativity that could seep into the negotiation.
  • Before the negotiation
    Prior to the negotiation, ask yourself what demeanor you wish to project and how much power you want to convey in the negotiation. If you project an image that’s too strong, or overbearing, you can alienate the other negotiator. Therefore, you have to measure the degrees of power carried by your words. Your words must be compatible with the manner in which the other negotiator is accustomed to receiving such messages, and should have the same meaning as he understands their conveyance.
  • Body language
    Being able to read and interpret body language gives a negotiator an advantage. Even when you use the appropriate words to match the situation, you still have to deliver those words in a manner that’s perceived as being in alignment with the actions of your body. If the situation does not call for it, avoid the appearance of being perceived as brash. You don’t want to have the other negotiator be in agreement with your position, only to have him back away because he adopts a feeling of buyer’s remorse due to a misalignment between your words and actions.
  • Assumptive questions used for power
    When negotiating, there are ways to use questions to gather additional information, to which the other negotiator assumes you already have the answers. This tactic is called using assumptive questions.Assumptive questions are secondary questions that bypass an initial question that implies you already know the answer to the question that was bypassed (e.g. What led you to lowering your price in the past?). In a non-assumptive question environment, the initial question would be, have you lowered your price in the past?By asking the assumptive question (what led you to lowering your price in the past), you give the impression that you know the other negotiator lowered his price at some point. When placed in such a position, the other negotiator will go into reflective mode, in an attempt to determine if you’re aware of the fact that he lowered his price in the past. Even if he states that he did not lower his price in the past, you may gain additional information about his negotiation position, and thus the reason this tactic is so powerful.

From your words comes power. If you lack the vocabulary to convey your message in a strong and succinct manner, learn the language of success as it pertains to the person with whom you’re negotiating to gain the upper hand.

Negotiation Tips:

  1. Words can convey power, but words without synchronized body language can lead to confusion. To be perceived as being more credible, be sure your words, body language, and actions are aligned with your message.
  2. In a negotiation, silence can be golden. Even when being silent, you’re still sending a message.
  3. When negotiating, sometimes you have to escalate your rhetoric in order to be in a stronger position for the next phase in the negotiation. In such a position, use words that express power to subliminally send a stronger message.

Sometimes you have to tell yourself, β€œyes I can.” Then believe it. You don’t have to accept the plight of a negative outcome in a negotiation, if you chose not to. If you use the words that convey your negotiation position with power and do so succinctly, you’ll control the direction of the negotiation. This will enhance the probability of a successful outcome… and everything will be right with the world. Remember, you’re always negotiating.

About the Author

To discover more negotiation tips, along with how to read body language, strategies, and tactics that you can use to increase your financial resources, along with every aspect of your life, please visit http://www.TheMasterNegotiator.com and sign up for the Free Negotiation Tips. If you’d like to enhance your business operations by inquiring as to how you can have Greg Williams speak at your organization send an e-mail to Info@TheMasterNegotiator.com.

Reprinted with permission. Article Source: http://EzineArticles.com/6378662.

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Prospect Profile highlights a newly funded bio/pharmaceutical company each month. This includes important insights into the featured company’s product pipeline, manufacturing and business relationships, and likely sourcing opportunities.

NeurogesX, Inc.

NeurogesX, Inc. is a public pharmaceutical company that develops novel treatments for neuropathic pain.Β  As reported in the August 11, 2011 issue of the PharmSource Lead Sheet, NeurogesX raised $20 million in a loan agreement, which includes both a $5 million accounts receivable line of credit and a $15 million term loan.

Corporate Highlights

  • The company was incorporated in California as Advanced Analgesics, Inc. on May 28, 1998, and changed its name to NeurogesX, Inc. in September 2000. In February 2007, the company was reincorporated in Delaware.
  • Corporate Headquarters: San Mateo, California – approximately 26,386 square feet of office space. NeurogesX has no laboratory, research or manufacturing facilities.
  • As of February 28, 2011, the company had 106 employees, of which 25 are in R&D positions, 28 are in general and administrative positions and 53 are in sales and marketing positions.

Sourcing Opportunities

  • In addition to being used for general corporate purposes, the new funds will support commercialization activities for Qutenza patch and the clinical development of NGX-1998, a non-patch topically applied liquid formulation of high-concentration capsaicin.
  • NeurogesX does not own or operate manufacturing facilities and thus relies on third-party contract manufacturers for all of their required raw materials, API and finished products for their preclinical research, clinical trials and marketed therapies.
  • Formosa Laboratories, Inc. in Taiwan currently supplies NeurogesX with synthetic capsaicin. Formosa obtains the raw materials from qualified suppliers. NeurogesX might consider qualifying a second source of supply of synthetic capsaicin in the future.
  • NeurogesX has engaged Contract Pharmaceuticals Limited Canada as the manufacturer of their cleansing gel, which is used to remove residual capsaicin from the skin after a Qutenza application. While NeurogesX currently has only one supplier for the cleansing gel, the company may evaluate a number of other potential suppliers as alternative sources.
  • The company relies on the services of CROs to advance their product candidates through clinical trials.
  • The financing may also represent sourcing opportunities in packaging, distribution and warehousing.

Business Relationships

  • The Qutenza patch is manufactured exclusively by LTS Lohmann Therapie-Systeme AG in Germany. LTS combines the active ingredient with adhesives and penetration enhancers and applies that mixture to a backing to create the dermal delivery system. The term of this commercial supply and license agreement extends until January 2020.
  • June 2009: NeurogesX entered into a distribution, marketing and license agreement with Astellas Pharma, Inc. under which Astellas gained the rights to commercialize Qutenza in the European Economic Area (EEA) as well as Switzerland, certain countries in Eastern Europe, the Middle East and Africa. Astellas also gained the right carry out post-marketing commitments in support of Qutenza in the EU market. NeurogesX received approximately $42 million in exchange for commercialization rights to Qutenza in the license territory and approximately $7 million in exchange for a license option of NGX-1998. NeurogesX became eligible for sales-based milestone payments and additional option payments related to the liquid formulation totaling approximately $97 million, and royalties based on a double-digit percentage of net sales for Qutenza.

Pipeline

Product
Candidate 		Indication Dosage Form Status Next
Anticipated Step
NGX-1576 Traumatic pain, post-surgical pain and fever Unknown Preclinical Seeking outlicense partner
NGX-5752 Traumatic pain, post-surgical pain and fever Unknown Preclinical Seeking outlicense partner
NGX-6052 Pain Unknown Preclinical TBA
NGX-9674 Traumatic pain, post-surgical pain and fever Unknown Preclinical Seeking outlicense partner
NGX-1998 Peripheral Neuropathic Pain Liquid (Non-sterile) Phase II Evaluation of two dose concentrations in a Phase IIb trial (Results in H1 2012)
Qutenza Painful Diabetic Neuropathy (PDN) Patch Phase II Safety study to be conducted in Europe and Efficacy study to be conducted in North America in 2011
Qutenza Painful HIV-Associated Nueropoathy
(HIV-AN)		 Patch Phase III Plans to submit sNDA to FDA in H2 2011
Qutenza Postherpetic Neuralgia (PHN) Patch Marketed (EU) N/A
Qutenza Peripheral Neuropathic Pain in Non-Diabetic Adults Patch Marketed (US) N/A


Finances

(In $ thousands) 2009 2010
Revenues 2,006 8,266
R&D Expenditures 11,235 11,151
General & Administrative Expenditures 12,420 36,383
Total Operating Expenses 23,655 48,075
Capital Expenditures 456 415


NeurogesX, Inc. Key Officers
2215 Bridgepointe Parkway, Suite 200 Anthony DiTonno, President & CEO
San Mateo, CA 94404 Stephen Ghiglieri, EVP, COO & CFO
Phone: (650) 358-3300 Jeffrey Tobias MD, EVP, R&D & CMO
Fax: (650) 649-1798 Keith Bley PhD, SVP, Nonclinical R&D
Web: www.neurogesx.com Russell Kawahata PhD, VP, Pharmaceutical Science
Michael Markels, SVP, Commercial & Business Development
Susan Rinne, VP, Regulatory Affairs

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The PharmSource Lead Sheet is the weekly web-based information service that identifies fresh business opportunities for companies serving pharma and biotech. Respected, endorsed and depended on by the top companies, the PLS informs you of new business opportunities. It lowers your prospecting costs, raises the productivity of your sales staff, and helps keep your lead funnel full.

If you’re not yet a subscriber to the PharmSource Lead Sheet, we invite you to take a complimentary test-drive to see for yourself how this service can be a vital tool for growing your market share and building your brand recognition.

Subscribe by August 31, 2011 and

get 10% off! *

*This offer is for new subscribers only at the Corporate subscription level or above.

To request a free test-drive of the PharmSource Lead Sheet, call Nathaniel Celentano at 1-703-383-4903, ext. 112 (ET USA) or complete this simple form and we’ll contact you:

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Jeffrey Tobias MD, EVP, R&D & CMO

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