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For Greg Mayes, founder of Engage Therapeutics, the startup journey was personal. At a Founders Network seminar, Greg walks through the key ingredients in founding, building and selling a pharmaceutical startup with the potential to help millions of epilepsy patients.
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After successfully initiating and leading a $23M Series A investment round that included lead blue-chip investors TPG Biotech, Adage Capital and Lumira Ventures in Q4 2017 (total raised was $40M including 2019 follow-on financing with 100% of existing investor participation), launched late stage development company centered on an on-demand product known as Staccato Alprazolam which upon approval would be the first and only acute treatment for patients that can terminate an active seizure.
Completed trial enrollment in pivotal, large, randomized Phase 2b study in December 2019 that was conducted in the U.S. and Australia and reported positive study outcome in March 2020. Sold company to UCB on June 5, 2020 in a deal valued at $270m ($125m up front) and a potential 5x return for investors based on near term clinical and regulatory milestones.
Prior to founding Engage Therapeutics, Greg played an integral role in the growth of Advaxis Immunotherapies (ADXS), a Princeton, N.J., based biotech company developing immuno-oncology therapies for patients with hard-to-treat cancers through its bacterial vector system, Lm Technology™. As its chief operating officer, he was instrumental in helping to secure more than $200 million in funding and in identifying and negotiating partnerships with companies such as Amgen, AstraZeneca and Merck & Co., Inc.
From 2004 to 2010, Mr. Mayes served as Vice President, General Counsel, and Chief Compliance Officer at ImClone Systems Corporation. During his tenure at ImClone, Mayes supported the clinical development and commercialization of ERBITUX® and contributed significantly to activities that resulted in Eli Lilly’s $6.5 billion dollar acquisition of ImClone in 2008. In 2009 he led integration activities associated with the Eli Lilly merger.
Founded in 2011, Founders Network offers lifelong peer mentorship to over 600 tech startup founders globally. Our platform, programs and high-touch service facilitate authentic experience sharing, warm introductions and long-term professional relationships. Additional benefits include over $500k in startup discounts and promotion to 2,000 newsletter readers. Members are located in San Francisco, New York City, Los Angeles, Vancouver, Toronto, London and other tech hubs. Each month our Membership Committee admits a new cohort of full-time tech founders who are nominated by an existing member. Learn more at https://foundersnetwork.com
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