Application of timing option to founding investment decision of biotech start-ups

In the field of life sciences, biotech start-ups are expected to follow a more rapid commercialization process than that experienced by big pharmaceutical companies. There are about 300 public companies out of 1500 biotech start-ups in the United States, but only 23 public companies out of about 500 biotech start-ups in Japan. Why is there such a big numerical difference between the two countries? As a key term, a timing option is defined as a deferrable right—like a call option—to start any given project as a real option. It is considered as a useful tool when determining the optimal timing for risky, but promising biopharmaceutical projects given the trade-off of irreversible investments as a sunk cost. The objectives of this paper include determining the characteristics of the optimal timing for start-ups, understanding the model structures, and forecasting the optimal timing. As one of findings, the dividend as an opportunity cost of waiting option can be more important than the risk and the intensity of R&D competition. It means that Japan’s start-up environment as venture capital or partnership opportunity with big pharmaceutical firms needs to be improved.<br

Deformable self-propelled particles

A theory of self-propelled particles is developed in two dimensions assuming that the particles can be deformed from a circular shape when the propagating velocity is increased. A coupled set of equations in terms of the velocity and a tensor variable to represent the deformation is introduced to show that there is a bifurcation from a straight motion to a circular motion of a single particle. Dynamics of assembly of the particles is studied numerically where there is a global interaction such that the particles tend to cause an orientational order.Comment: 4pages, 4figure

Infrared Spectroscopy of CO Ro-vibrational Absorption Lines toward the Obscured AGN IRAS 08572+3915

We present high-resolution spectroscopy of gaseous CO absorption in the fundamental ro-vibrational band toward the heavily obscured active galactic nucleus (AGN) IRAS 08572+3915. We have detected absorption lines up to highly excited rotational levels (J<=17). The velocity profiles reveal three distinct components, the strongest and broadest (delta_v > 200 km s-1) of which is due to blueshifted (-160 km s-1) gas at a temperature of ~ 270 K absorbing at velocities as high as -400 km s-1. A much weaker but even warmer (~ 700 K) component, which is highly redshifted (+100 km s-1), is also detected, in addition to a cold (~ 20 K) component centered at the systemic velocity of the galaxy. On the assumption of local thermodynamic equilibrium, the column density of CO in the 270 K component is NCO ~ 4.5 x 10^18 cm-2, which in fully molecular gas corresponds to a H2 column density of NH2 ~ 2.5 x 10^22 cm-2. The thermal excitation of CO up to the observed high rotational levels requires a density greater than nc(H2) > 2 x 10^7 cm-3, implying that the thickness of the warm absorbing layer is extremely small (delta_d < 4 x 10-2 pc) even if it is highly clumped. The large column densities and high radial velocities associated with these warm components, as well as their temperatures, indicate that they originate in molecular clouds near the central engine of the AGN.Comment: 13 pages, 7 figures, accepted for publication in PASJ (Vol.65 No.1 2013/02/25

Investigation of electron temperature gradient driven micro-reconnecting modes in toroidal high-energy plasmas

Thesis (S.B.)--Massachusetts Institute of Technology, Dept. of Physics, 2007.Includes bibliographical references (p. 43).Experiments carried out with magnetically confined, high temperature plasmas have revealed important effects that have yet to be justified by existing theory. In particular, there arises an anomalous particle inflow in the central region of the plasma column. Experimental evidence suggests that this particle transport results from the excitation of unstable, short wavelength modes driven by the electron temperature gradient, but the validity of the existing theory is limited to the edge of the plasma column. This thesis investigates the question of how microscopic, electron temperature gradient driven, micro-reconnecting modes may collectively give rise to particle inflow in the central region of the plasma column by examining solutions to the mode dispersion relation. Derivations of micro-reconnecting modes in both fluid and kinetic theory are presented, and the resulting dispersion relation is analyzed.by Keven T. Takasaki.S.B