MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Thursday October 15, 2020 at 8:00 AM
Location
Pursuant to Governor Baker’s March 12, 2020 Order Suspending Certain Provisions of the Open Meeting Law, G.L. c. 30A, §18, and the Governor’s March 15, 2020 Order concerning imposition on strict limitations on the number of people that may gather in one place, meetings of the MassVentures Board of Directors and Committees will be conducted via remote participation to the greatest extent possible. We will strive to provide access to such meetings via a link to call in, or other similar option. These links can be found in the agenda, which will be published at least 48 hours in advance of the meeting.
Phone: (301) 715 8592
Meeting ID: 861-7108-9018
Password: 2177
https://us02web.zoom.us/j/86171089018?pwd=alJLMnRHMDhwU3ozazFiYkNmRWJGZz09
Meeting ID: 861-7108-9018
Password: 2177
https://us02web.zoom.us/j/86171089018?pwd=alJLMnRHMDhwU3ozazFiYkNmRWJGZz09
Directors Present
A. Stolba (remote), C. Bouthot (remote), C. Stepno (remote), D. Cox (remote), J. O'Reilly (remote), J. Turner (remote), M. Attia (remote), M. James (remote), N. Collins (remote), R. Jarquin (remote), W. Asher (remote)
Directors Absent
None
Guests Present
C. Hipwood (remote), J. Allen (remote), J. Madison (remote), P. Yadav (remote), V. Nijhawan (remote)
I. Opening Items
A.
Call the Meeting to Order
D. Cox called a meeting of the board of directors of MassVentures to order on Thursday Oct 15, 2020 at 8:02 AM.
B.
Roll Call Attendance
II. Compensation Committee Report
A.
Minutes of the Compensation Committee
C. Stepno made a motion to approve the minutes from MassVentures FY 2020 Compensation Committee on 10-13-20.
W. Asher seconded the motion.
Mr. Cox explained the process and purpose of the Compensation Committee.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| J. O'Reilly |
Abstain
|
| C. Bouthot |
Abstain
|
| N. Collins |
Aye
|
| A. Stolba |
Abstain
|
| M. Attia |
Abstain
|
| W. Asher |
Aye
|
| J. Turner |
Abstain
|
| D. Cox |
Aye
|
| C. Stepno |
Aye
|
| M. James |
Aye
|
| R. Jarquin |
Aye
|
III. Audit Committee Report
A.
Minutes of the Audit Committee Meeting
J. O'Reilly made a motion to approve the minutes from MassVentures FY 2020 Audit Committee on 10-14-20.
A. Stolba seconded the motion.
Ms. O'Reilly explained the process and purpose of the Audit Committee. She also noted there were no major findings by the Auditors.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| M. Attia |
Aye
|
| R. Jarquin |
Abstain
|
| J. Turner |
Aye
|
| D. Cox |
Abstain
|
| A. Stolba |
Aye
|
| J. O'Reilly |
Aye
|
| M. James |
Abstain
|
| C. Stepno |
Abstain
|
| N. Collins |
Abstain
|
| W. Asher |
Abstain
|
| C. Bouthot |
Abstain
|
IV. Minutes and Pre-Investment Action Sheets
A.
Approve Minutes
C. Stepno made a motion to approve the minutes from MassVentures Board Meeting on 09-10-20.
W. Asher seconded the motion.
The board VOTED unanimously to approve the motion.
B.
Approve Pre-Investment Action Sheet - Kytopen Amendment
W. Asher made a motion to Approve the amended pre-investment action sheet for Kytopen.
N. Collins seconded the motion.
The board VOTED unanimously to approve the motion.
V. Financial Matters
A.
Treasurer's Report
Mr. Madison presented the July 2020 Treasurer's report.
C. Stepno made a motion to Approve the Treasurer's Report for July 2020.
R. Jarquin seconded the motion.
The board VOTED unanimously to approve the motion.
B.
Updated Budget
Mr. Hipwood presented an updated budget for fiscal year 2021 based on several changes since the original FY 2021 budget was passed at the May 2020 board meeting. Mr. Hipwood noted that MassVentures hired two employees (Mr. Nijhawan and Ms. Yadav) and added income generating programs for MassCEC Catalyst, MLSC Seed Fund, and MALSI+. Mr. Hipwood also noted that MassVentures was awarded a grant from EDA to expand the START program. An updated budget was presented with these additions and Mr. Hipwood noted the net change was an expected improvement in net operating expense of approximately $80,000.
J. Turner made a motion to Approve the updated budget for FY 2021.
J. O'Reilly seconded the motion.
The board VOTED unanimously to approve the motion.
VI. 2021 Meeting Schedule
A.
Approve Meeting Schedule
J. O'Reilly made a motion to Approve the calendar year 2021 Board meeting schedule for MassVentures.
C. Stepno seconded the motion.
The board VOTED unanimously to approve the motion.
VII. Executive Session
A.
Roll Call Vote to Enter Executive Session
D. Cox made a motion to Enter Executive session to discuss confidential financial matters of MassVentures' portfolio companies and prospects.
C. Bouthot seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| D. Cox |
Aye
|
| A. Stolba |
Aye
|
| M. Attia |
Aye
|
| J. O'Reilly |
Aye
|
| C. Stepno |
Aye
|
| R. Jarquin |
Aye
|
| N. Collins |
Aye
|
| J. Turner |
Aye
|
| W. Asher |
Aye
|
| M. James |
Aye
|
| C. Bouthot |
Aye
|
B.
Update on QDTI
Mr. Allen provided an update on potential new investment for QTDI.
C.
Preview - Concerto and Hosta
Mr. Nijhawan presented an preview of Concerto Biosciences and Mr. Allen presented a preview of Hosta Labs. After discussion, it was determined that both opportunities merited deeper due diligence for potential investment.
D.
Pipeline Report
Mr. Allen gave an overview of new opportunities added to the deal pipeline.
E.
Portfolio Update
Mr. Hipwood and Mr. Allen provided an update on MassVentures' portfolio companies.
F.
Roll Call Vote to Return to Open Session
W. Asher made a motion to End executive session and return to open session.
C. Stepno seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| D. Cox |
Absent
|
| J. O'Reilly |
Aye
|
| M. James |
Aye
|
| M. Attia |
Absent
|
| C. Stepno |
Aye
|
| J. Turner |
Aye
|
| C. Bouthot |
Aye
|
| R. Jarquin |
Aye
|
| N. Collins |
Absent
|
| A. Stolba |
Aye
|
| W. Asher |
Aye
|
VIII. President's Report
A.
General Update
Mr. Hipwood gave an update of the operations at MassVentures. He noted that everyone is eager to return to the office.
B.
START Update
C.
MLSC Seed Fund Update
D.
MassCEC Catalyst Update
E.
New Venture Showcase
F.
Marketing/Messaging Update
G.
Update on Conflict of Interest Training
IX. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 9:23 AM.
Respectfully Submitted,
W. Asher