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Jessica Chesher

Managing Editor

Innovation eReview

March 2010 Edition

In This Issue:

Welcome Message

Welcome to the March 2010 edition of the Innovation e-Review.

This month’s feature article “Angel on Board: Challenges of Early-Stage Funding” by Stephen M. Goodman, partner at Pryor Cashman LLP, explains the problem of valuing fledgling companies and offers some strategies that may help prevent a disagreement on valuation from becoming a deal killer.

This issue also highlights Terrenew, a biotechnology company based in Geneva, NY that has developed a process for converting agricultural wastes into biodegradable substances that neutralize toxins.  Their products, which are derived from renewable resources, such as plants, manure and compost, clean the environment without leaving any harmful byproducts behind.

For February, our Research Spotlight focuses on the ESF Biodiesel Production Program, which is converting used cooking oil and butter into biodiesel fuel to raise awareness about the feasibility of developing sustainable fuel alternatives for the trucking industry.  In collaboration with medical companies, they are also using the glycerol byproduct of this process to create a biodegradable plastic for high-volume disposable products, such as plastic covers for thermometers and otoscopes.

As always, we welcome your thoughts and comments.  Please feel free to contact us at nysstlc@law.syr.edu.  Thank you.

Feature Article: Angel on Board: Challenges of Early-Stage Funding

by Stephen M. Goodman

Reprinted with permission from Pryor Cashman LLP
First appeared in Securities and Corporate Finance Law 360 on September 8, 2009

It has become a cliché that capitalism is a process of “creative destruction”, a phrase first coined by the economist Joseph Schumpeter.  While the economic carnage of the current recession clearly demonstrates the “destructive” part of this phrase, turmoil such as this frequently fosters entrepreneurial “creativity”, giving rise to new business ideas and models.  But new ideas can only become real businesses if the entrepreneur can get financing.  More...

Intellectual Property News: KIPO Denies Compulsory License Request for AIDS Drug

by Erin Lawless

The Korean Intellectual Property Office (KIPO) turned down the petition of Korean civic groups seeking a compulsory license against Korean patents covering AIDS drug Fuzeon last June.  Recently, this decision became final as the due date for appeal expired with no appeal having been made.  Fuzeon is one component used in triple combination therapy for HIV/AIDS patients who have developed a resistance to standard, first-line therapies.  More...

Intellectual Property News: Prop 8 Supporters Sue over Logo Infringement

by John Amandolare

Recently, Protect Marriage clashed with the Courage Campaign, accusing them of infringing a copyrighted logo. Protect Marriage, a California-based organization devoted to upholding the state’s ban on same-sex marriage (also known as ‘Proposition 8’), has been using a stick-figure representation of a man and woman holding hands above a boy and girl as their logo. Their opposition, a progressive organization called the 'Courage Campaign' which advocates the right to same-sex marriage, is using a design that's identical in all respects except for the fact that the stick figures are both women. More...

Company Spotlight: Terrenew

by Amy Kim

Terrenew is a biotechnology company based in Geneva, NY that has developed a process for converting agricultural wastes into biodegradable substances that neutralize toxins.  The products created by Terrenew are derived from renewable resources, such as plants, manure and compost; and they clean the environment without leaving behind any harmful byproducts.  Currently, Terrenew offers three product lines, each for a different type of contaminant: oil, metal and hydrogen sulfide.  More...

Industry News: Brazil Threatens to Breach US IP Rights

by Amy Kim

On February 10, Brazil adopted measures to suspend its obligation to protect US intellectual property rights (IPR).  These measures stem from a World Trade Organization (WTO) dispute that Brazil brought against the United States in 2002 over cotton subsidies.  As the United States has made no significant reformations since then, Brazil brought the case back to the WTO in 2009.  More...

Industry News: Global Patent Agenda Eludes WIPO in Geneva

by Erin Lawless

The World Intellectual Property Organization’s (WIPO) January meeting in Geneva failed to solidify an agenda for global patents.  Amid discussions about implementing an international patent system and conducting future studies of international patent programs, no decisions were rendered.  WIPO also failed to establish a new international treaty on patent harmonization, which would have helped countries work together in patent protection.  More...

Research Spotlight: ESF's Biodiesel Production Program Raises Awareness

by John Amandolare

SUNY’s College of Environmental Science and Forestry (ESF) is leading the way in the development of sustainable fuel alternatives, using waste cooking oil from Syracuse University’s (SU) cafeterias to power campus vehicles.  The Biodiesel Production Program at ESF began in the spring of 2006 and is now a full-scale operation.  In an effort to become carbon-neutral, this innovative program has developed the capability of creating fifty usable gallons of alternative fuel every week for use in the College’s transport vehicles. Inspiration for this program came from a student who had made biodiesel with his mother while in high school.  More...

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