BioExel | FAQs
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FAQs

What kind of innovations is BioExel looking for?

The BioExel Accelerator is looking for applications from individuals or teams (with an eligible registered company) developing innovations in the broad area of medical technology (devices, diagnostics, software and eHealth) that meet unmet clinical needs, have the ability to scale globally and will ultimately provide both economic and societal impact in Ireland and internationally.

What is an eligible registered company?

A company incorporated in Ireland and registered with the Companies Registration Office

How do I apply for the BioExel Accelerator Programme?

Interested parties should submit an Expression of Interest to  BioExel on www.bioexel.ie If the opportunity satisfies  the minimum eligibility requirements, an application form  will be sent to you for completion.  All information submitted in a BioExel application form  will be treated as confidential. This information for the sole purpose of evaluating your application.

What stage of development does my idea need to be to apply for the BioExel Accelerator Programme?

The investments are intended to support and finance proof-of-concept and pre-commercial work which might include: IP protection, market analysis, prototype development and testing, clinical evaluation, regulatory support and pilot production. The BioExel Accelerator is not intended to support basic research or projects where a commercial route to market has not yet been identified. Consideration will be given to companies with advanced or breakthrough technologies that can provide a solid rationale, even if the commercial path is not fully delineated, as well as technologies that may have hit a barrier in due diligence or market introduction and require a specific technical, clinical and/or commercial solution to secure follow-on investors.

What are eligible costs that can be included in my application?

Investments may be used to cover labour, materials, consumables, equipment, IP/legal fees, sub-contracting and travel & meeting costs. Given the nature of the awards, costs associated with labour and overheads are expected to be kept to a minimum. Applicant(s) are advised that the BioExel Accelerator Investment Committee will consider financial costs in terms of value for money and projects showing costs that are considered unreasonable will be rejected on these grounds. It is a requirement that the applicant(s) gains approval for all costs associated with their application from their R&D or Finance Team prior to submitting the application form.

Should project costs include VAT?

Yes. The Investments provided by the BioExel Accelerator are subject to VAT. Therefore, all applications should list total costs inclusive of VAT. Should you consider certain costs that are VAT exempt then you may quote such costs without VAT but you will not at a later date be able to increase invoice values to cover VAT. It is the responsibility of the applicant to ensure that VAT has been accounted for and it is advised that the applicant(s) seek the appropriate VAT advice before submitting their application.

Can my application be in collaboration with other companies?

This can be considered on a case-by-case basis. Typically, Investments will be transferred directly to the lead applicant’s company who will then be responsible for the management and allocation of funds to collaborators or subcontractors on the project.

Do I need to have Intellectual Property (IP) to apply?

No. The BioExel Accelerator will support projects that are yet to generate IP or do not at the time of application hold IP rights. However, if this is the case there must be a clear strategy within the application to outline how IP (or know-how or trade secrets) will be used to protect against competitive threats (and long-term value). IP, both current and future, must reside primarily with the applicant company.

Who makes the decision for the awards?

The General Partner (GP) acting for and on behalf of the Limited Partnership makes the decision of who is selected to participate on BioExel.  However a Review Panel encompassing technology  development, technology transfer, investment and clinical expertise will review and rank applicants at a Pitching Day.  The decision of the GP is final.

What are the awards criteria?

The key criteria that the Awards Committee will assess applications against is outlined: Novelty, IP position, Market need, Clinical need, Business Need, Project plan feasibility, Development Risk, Regulatory pathway, Strength of the team, Commercialisation Strategy , Value for money and Impact.

What is the deadline for the submission of applications?

Call now open for applications until 30th October 2017. The BioExel Investment Committee  will meet to review applications, invite successful shortlisted candidates to present in the week starting November 20th 2017. Successful applicants will be notified of outcomes in December 2017.  The BioExel programme will commence January 2018.

What happens if my application is successful?

You will be sent a conditional offer letter, followed by a contract covering the full terms and conditions of the award that must be signed and returned to the BioExel Accelerator. In addition, the BioExel Accelerator will carry out due diligence to ensure the application meets all the eligibility criteria to make the award. This must be completed before the project can commence and the award funds transferred. Therefore, applicant(s) are advised not to incur costs before the contract has been signed and the award funds transferred.

What are the key terms and conditions of the contract I must enter with the BioExel Accelerator to receive an award?

The full terms and conditions that a successful applicant enters with the BioExel Accelerator are detailed in the Investment Agreement and Programme Agreement.  These documents will be issued to successful candidates. We have striven to make the terms and conditions as simple, fair and flexible as possible and the agreements have been standardised and are non-negotiable.

BioExel will invest €95,000 by way of CCRPSs (Convertible Cumulative Redeemable Preference Shares) into each successful applicant company.   These CCRPSs will convert at a future funding round in return for an equity stake at the valuation set at that future funding round. The CCRRPS carry no coupon or discount to the next round’s valuation.

The Programme Agreement will govern the applicants participation on the BioExel Accelerator Programme and applicants will pay NUIG as the BioExel Manager a €35,000 participation fee.  In return for this fee participants will receive an intensive 6-month programme of support to accelerate their business proposition to be investor ready with access to internationally renowned experts and mentors in Clinical Strategy, Regulatory Matters, IP, Reimbursement, Market Opportunity and Finance/Fundraising, bespoke office accommodation at the heart of the NUIG campus with the opportunity to engage with other start-ups and early stage medtech companies and leverage the wider ecosystem that exists in Galway – one of the top three locations in the world for medtech start-ups.

Should the innovation be commercialised by an alternative means, then the BioExel Accelerator shall be entitled to a share of future royalties/revenues received through alternate commercialisation routes.”

Will the award be monitored?

Yes. Milestones will be agreed with the applicant(s) within the contract and these milestones will form the basis of the monitoring. Monitoring will be carried out for the full duration of the project to ensure milestones are met and awarded funds are used for their intended purposes. Upon completion of an Investment the applicant(s) will be required to provide the BioExel programme with a final project report. Additional interim reports throughout the project at fixed milestones may also be requested dependent on the size and nature of the award.

Can I re-apply to the BioExel Accelerator if I have previously been unsuccessful?

Applications for the same innovation may only be re-submitted to the BioExel Accelerator at invitation of the BioExel Investment Committee. Applications for new innovations from previous applicant(s) are applicable and encouraged.

How do I find out the deliver and content of this accelerator?

Please contact a member of the BioExel management team on info@BioExel.ie

Who should I contact if I have further questions?

If you have any questions or require any assistance with the Application Form please email: info@bioexel.ie or call 091492400