Sourcing

Sourcing Strategy

LSN is in a pivotal position in the early-stage life science arena because we have four distinct global data sources to search and find targets across the silos of drugs, devices, diagnostics, and digital health. LSN sells the Business Development Database, that has 64k companies, to BIG Pharma and service providers who seek early-stage assets for pipeline development or to sell services to. LSN also has a private SalesForce.com database that consists of all the early stage RESI attendees over a 10-year period which nets out to about 8,000 startups, plus all the accounts that LSNs business development staff manage in the five geographical turf the reps manage. Each rep manages around 2,500 early-stage companies per turf and LSN has ongoing profiles on 12,500 of these startups. The LSN newsletter has a readership of 50,000 and we can use this audience to do target mailings.

Case Study – Eli Lilly

The Eli Lilly project we sent out an email and received 10 unique “new” companies (LSN hadn’t seen before) of which Lilly engaged with 2. In sourcing targets for meetings with Lilly, we started with the primary area of interest – gene therapy and RNA-based therapeutics. We gathered the lists from our commercial and proprietary data sources. The RESI team screened the ~450 companies, parsing them into yes/no/maybe of interest and gave them to the Lilly team on Aug. 9, 2022 for their review. On Aug. 16, 2023, we met with the Lilly team to go over their initial list of companies of interest, 49 in total from the primary list.

After the meeting, we sent two additional lists, encompassing all the companies in CNS (~1000 companies) and endocrine/metabolic (~620 companies). These lists were reviewed by the Lilly team alone and added another 10 companies to the outreach list. LSN also received emails from ~10 new companies over the transom in response to publicizing our partnership with Lilly, which added 2 more companies to the target list, bringing the total to just over 60 companies. LSN created an initial outreach message and started outreach after approval of the message on Aug.30, 2023.

Outreach Strategy

Our team worked to collect contact information from each company, resulting in around 2 contacts per company (~85 contacts). We sent out our first round of outreach to the 60 approved companies. The first email campaign went out on Sept. 2, the second went out on Sept. 8, and then our team broke up the remainder of those we did not hear from and transitioned to a phone campaign. Our phone campaign consisted of up to 3 attempts to reach those who had not responded via email.

Results:

60 companies were reviewed by Eli Lilly team for LSN to invite to RESI Boston 2022
35 meetings were set up through the partnering platform

Meeting Break Down

35 Meetings total
20 were scheduled by LSN
15 were sourced through the partnering platform
20 meetings were held in person on Sept. 21 & 22
15 meetings took place virtually on Sept. 23

Schedule

Sourcing Strategy

LSN is in a pivotal position in the early-stage life science arena because we have four distinct global data sources to search and find targets across the silos of drugs, devices, diagnostics, and digital health. LSN sells the Business Development Database, that has 64k companies, to BIG Pharma and service providers who seek early-stage assets for pipeline development or to sell services to. LSN also has a private SalesForce.com database that consists of all the early stage RESI attendees over a 10-year period which nets out to about 8,000 startups, plus all the accounts that LSNs business development staff manage in the five geographical turf the reps manage. Each rep manages around 2,500 early-stage companies per turf and LSN has ongoing profiles on 12,500 of these startups. The LSN newsletter has a readership of 50,000 and we can use this audience to do target mailings.

Case Study – Eli Lilly

The Eli Lilly project we sent out an email and received 10 unique “new” companies (LSN hadn’t seen before) of which Lilly engaged with 2. In sourcing targets for meetings with Lilly, we started with the primary area of interest – gene therapy and RNA-based therapeutics. We gathered the lists from our commercial and proprietary data sources. The RESI team screened the ~450 companies, parsing them into yes/no/maybe of interest and gave them to the Lilly team on Aug. 9, 2022 for their review. On Aug. 16, 2023, we met with the Lilly team to go over their initial list of companies of interest, 49 in total from the primary list.

After the meeting, we sent two additional lists, encompassing all the companies in CNS (~1000 companies) and endocrine/metabolic (~620 companies). These lists were reviewed by the Lilly team alone and added another 10 companies to the outreach list. LSN also received emails from ~10 new companies over the transom in response to publicizing our partnership with Lilly, which added 2 more companies to the target list, bringing the total to just over 60 companies. LSN created an initial outreach message and started outreach after approval of the message on Aug.30, 2023.

Outreach Strategy

Our team worked to collect contact information from each company, resulting in around 2 contacts per company (~85 contacts). We sent out our first round of outreach to the 60 approved companies. The first email campaign went out on Sept. 2, the second went out on Sept. 8, and then our team broke up the remainder of those we did not hear from and transitioned to a phone campaign. Our phone campaign consisted of up to 3 attempts to reach those who had not responded via email.

Results:

60 companies were reviewed by Eli Lilly team for LSN to invite to RESI Boston 2022
35 meetings were set up through the partnering platform

Meeting Break Down

35 Meetings total
20 were scheduled by LSN
15 were sourced through the partnering platform
20 meetings were held in person on Sept. 21 & 22
15 meetings took place virtually on Sept. 23

Schedule