Decentralized investor communities gain traction in biotech
). To Kohlhaas and Golato, Morton-Scheibye’s project searching for molecules that promote longevity seemed like an ideal program with which to test drive their platform, which came to be called VitaDAO. Intrigued by this new means of funding, with its unusual community of stakeholders, Morten-Scheibye decided to apply.DAOs are finding a foothold in many sectors, with life science being only one.
DAOs sit on web3 technology, which provides the infrastructure for these interactions. It is up to a DAO to implement interactions appropriately through smart contracts, which house the code that defines the DAO’s operations. Many of the horror stories about ‘hacks’ are due to either negligent or nefarious smart contract implementation—for example, in how the function that withdraws tokens is structured.
What brought the founders to create such a platform was their own engagement with drug development, Golato through his research and Kohlhaas through dabbling in biotech investing. Both saw that stakeholders—especially patients—had no agency in how drugs were developed and distributed. They saw DAOs and blockchain as a way to both distribute responsibility for funding new drugs and share the inherent risks among those who are most likely to benefit from the discoveries.
“Molecule is creating a marketplace of all this incredible research that might have commercial potential, that might be able to help patients, and making it transparent so people can easily search across it,” Bannon claims. When an IP-NFT for the Scheibye-Knudsen’s Longevity Molecule project was created back in August 2021, it became “the first example in human history” in which transfer rights for research and IP were handled through a blockchain.
Nicolas Weaver, a researcher at the International Computer Science Institute in Berkeley, sees both legal and financial jeopardy for token holders and universities: “A security offering [broadly defined legally to include tokens] has legal obligations specifically for consumer protection as a result of the crash of 1929. These regulations are being willfully ignored by DAOs.
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