David Craig, a seasoned biotechnology founder and operator, has released his book 'The New Rules of Biotech: A Founder’s Guide to Building Great Companies' in hardcover ($29.99) and audiobook formats, now available through Amazon and Google Play respectively. The book, which was previously published in paperback ($21.99) and Kindle ($11.99) editions, aims to provide founders, investors, board members, and operators with a practical roadmap for building biotech companies under today's challenging conditions.
The book's premise is that the strategies that worked in 2021 are no longer effective. According to the press release, capital is more expensive, the FDA bar has moved, and the Inflation Reduction Act has fundamentally altered the economics of drug development. Investors now demand capital efficiency and a clear path to value, rather than funding speculative slide decks. Craig's book serves as an operating manual for navigating this new landscape.
Drawing on his experience founding and running a preclinical biotech company, Craig covers essential topics such as choosing between a platform and an asset, selecting an affordable modality, raising seed rounds based on milestones, and strategically using non-dilutive capital. The book also guides readers through IND-enabling work, CMC, clinical decisions, term sheets, board dynamics, business development, and exit strategies like acquisitions and IPOs.
Each chapter includes takeaways tailored for operators and separate insights for investors and advisors, making the content relevant for both sides of the table. The audiobook version allows listeners to absorb the material on the go.
Craig's motivation for writing the book stems partly from a personal connection to a rare genetic muscle disease, RYR-1 related congenital muscular dystrophy, which influenced his decision to found his company. This personal element underscores the book's argument that biotech company building carries responsibilities beyond financial returns.
'Founders and operators take in ideas in different ways,' said David Craig. 'The hardcover is there for the people who want a durable copy on the desk, the paperback and Kindle for everyone else, and the audiobook on Google Play for those who prefer to listen on the move. The message is the same across all of them: build for the market that exists now, not the one that existed in 2021.'
The book is published by D. Craig Consulting LLC and is available in all formats. For more information, readers can access the hardcover on Amazon, the paperback here, the Kindle edition here, and the audiobook on Google Play.
The release of this book is timely as the biotech industry faces a paradigm shift. With higher interest rates, stricter FDA requirements, and the Inflation Reduction Act's impact on drug pricing, founders and investors need updated strategies to succeed. 'The New Rules of Biotech' provides a comprehensive guide to building companies that can thrive in this environment, emphasizing capital efficiency and realistic milestones. For industry participants, understanding these new rules is crucial for making informed decisions and avoiding pitfalls that have become more common in the post-2021 era.
