Monthly Archives: August 2011

Sometimes the Cover Isn’t All It’s Cracked Up to Be

Last week we received our copy of Newsweek, and a pair of slightly widened eyes stared back at us, “The Queen of Rage.” There it was – a cover story that the Michele Bachmann camp may not have expected.

This got us thinking about lessons that could be drawn from this regarding media opportunities, cover stories and the ability to control a message.

Newsweek is undeniably a respected top-tier publication, so a cover story opportunity would appear to be an easy decision for anyone. However it is important to always analyze the benefits and risks of an opportunity before accepting.

At the end of the day, a journalist or editor has the right to publish a story as they see fit. When accepting media opportunities, there is always a risk that the story published may be unflattering to the people involved. At Russo Partners, we strive to minimize the risk to the client through background research on the publication and journalist, keeping the client’s best interest as the top priority.

Although there is always an uncontrolled element when working with a publication, conducting background research prior to accepting an opportunity is crucial to our work and for our clients. What is the tone of the overall publication? What recent articles have been written by the journalist? What is the topic and angle for the article, and where will it appear eventually? These are all questions that need to be answered to our satisfaction before we will recommend that a client proceeds with a media opportunity.

So even if the opportunity is with a top-tier publication, even if the article will appear on the front cover, we recommend proceeding with caution, because, as strange as it sounds, sometimes the cover isn’t where you want to be.

Is Social Media a Friend or Foe for Biotechs? It Depends.

The recent policy reversal by Facebook to allow comments on drug companies’ Facebook pages got us thinking about social media and what it means for biotech and pharma companies. Is it good? Is it bad? Neither? Is it safer for a biotech company to just stay out of the social media space entirely?

Our answer to all of these questions: It depends.

When considering a social media program, we first like to ask our clients the question: Which target audience are you trying to reach?

Whenever developing a strategic communications plan, it is imperative to determine your target audience so that you can then choose which outlets will effectively target this population. The same applies to social media forums, as not all social media outlets are created equally.

When deciding whether to use Twitter, Facebook or another social media forum, first decide whether you would like to reach a specific online network of individuals or a consumer audience, in which case it would be smart to utilize Facebook. Perhaps you would like to send a more controlled message to a specific audience of predetermined followers, in which case Twitter may be the medium for you. Your desired outcome determines the optimal social media outlet.

And another key rule of thumb: Just because you can does not necessarily mean that you should. Maintaining, updating and monitoring a social media site takes time, which is a precious resource for all biotech executives. Determine if the time spent is worth the potential upside – oftentimes it is.

So to Facebook or not to Facebook? That is the question. And to that we say: Tell us what you would like to accomplish first, and we will work to make sure your message is delivered effectively to the right audience.

A Congratulations to Amira Pharmaceuticals

Two weeks ago, a Russo Partners client of multiple years, Amira Pharmaceuticals, made headlines as its fibrotic program were at the center of the latest acquisition in Bristol-Myers Squibb’s (BMS) ‘String of Pearls’ strategy.

The San Diego-based small molecule company was acquired for $325 million upfront, and up to an additional $150 million in milestones. The lead asset in the acquisition was its Phase 1 program that targets the lysophosphatidic acid 1 (LPA1) receptor for potential treatment of fibrotic diseases, such as idiopathic pulmonary fibrosis and systemic sclerosis.

When Russo Partners began working with the company, we were charged with finding a way to tell the company’s story that led with the then preclinical LPA1 program. Many were surprised when the company would have little interest in discussing its lead clinical programs, including one partnered with GlaxoSmithKline, in larger disease areas. We aimed to tell the story of the early-but-promising program in an area of significant unmet need through top industry publications to demonstrate its strength and potential value.

Through a highly targeted media outreach approach, we raised awareness and interest in Amira’s early stage programs throughout the investment and partnering communities, ultimately helping the company catch the eye of pharmaceutical giant BMS. In a statement at the time of the acquisition, Elliott Sigal, executive vice president, chief scientific officer and president, Research and Development, Bristol-Myers Squibb, said that BMS “has identified fibrotic diseases as an area of high unmet medical need” and that the acquisition was part of “a highly targeted set of transactions designed to enrich our innovative pipeline with potential medicines to help patients in need.”

Amira’s program targeting autotaxin, a molecular target for the treatment of neuropathic pain and cancer metastases, was also included in the acquisition.

Well done, Amira Pharmaceuticals; we salute your efforts, and we are happy to have been involved in the journey.

More Than a Memory: Capturing Influential Thought Leaders on Film

Industry conferences are great places to present data, network with colleagues and potential business partners, as well as learn about new developments in your space or industry. Good conferences also attract the thought leaders in any given field, which affords you the opportunity to capture their insight and perspective on your technology or therapeutic, whether in person or on film.

Russo Partners recently joined OrbusNeich at EuroPCR 2011 – the European interventional cardiology congress of the year – where we coordinated multiple interviews with doctors and key opinion leaders discussing OrbusNeich’s pro-healing stent technology, Genous. Each interview was unscripted – simply guided by leading questions that were prepared and approved in advance and captured on film by a local videographer. Each interview was edited to easily viewable one-minute long clips and subsequently uploaded onto OrbusNeich’s YouTube channel. The video interviews yielded key perspectives in an easily accessible format that could be distributed to a larger target audience.

We invite you to view an example of one of these interviews below. To view additional videos filmed at the conference, please visit OrbusNeich’s YouTube channel here.