Due Diligence Review Process
As part of the funding cycle review process applications for CPRIT commercialization awards undergo an additional due diligence review process to ensure that the applicant and the proposal have strong commercial potential.
The Commercialization Review Council (CRC), which is comprised of experts in the field of bioscience technology commercialization, individually review and score the applications, making a preliminary assessment of the proposal’s commercial potential – taking into account the applicant’s management and financial structure and intellectual property estate. The score assigned to an application during the initial commercialization review determines whether the proposal will move forward for more extensive review.
Applications that receive sufficiently high scores in the preliminary commercialization review process are also evaluated for scientific merit and scored by a committee comprised of scientific peer reviewers with similar expertise. Simultaneous with the scientific review, the CRC also conducts a thorough peer review of the applications.
Based upon a positive assessment during the detailed joint review process, certain applications will undergo a more extensive review of the proposal’s underlying intellectual property and a full due diligence analysis of the company’s potential to commercially develop the proposed drug, diagnostic, or device. Results of the due diligence review are reported to the CRC.
The CRC reviews the due diligence report and makes a final determination regarding whether the application should be recommended for funding. As part of its funding recommendation, the CRC may advise the executive director regarding certain milestones to be included in the award contract.