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R2 IP

R2 IP

By: Raymond Miller
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About this listen

🎙️ The R² IP Podcast, hosted by Ray Miller, explores the intersection of law, science, and innovation. Ray is the US Chair of DLA Piper’s Life Sciences Patent Development & Strategy group and a trusted advisor to pharmaceutical, biotech, and technology companies. He has guided billion-dollar investments, extended patent exclusivity for portfolios valued at more than half a billion dollars, and built trade-secret programs strong enough to defeat high-stakes misappropriation claims.

Each episode shows how intellectual capital—ideas, discoveries, and breakthroughs—can be transformed into intellectual property (IP) that protects, powers, and propels businesses forward. Ray’s work includes crafting regulatory exclusivity strategies where no composition-of-matter patents exist, securing freedom-to-operate for product launches, and navigating the International Trade Commission in complex infringement disputes—all experiences that bring a sharp, real-world perspective to every conversation.

With a focus on life sciences, biotech, technology, and AI, the show delivers insights on patents, trade secrets, licensing, litigation, and strategy. Featuring thought leaders, investors, and innovators, the R² IP Podcast offers both practical guidance and strategic vision to entrepreneurs, executives, and professionals navigating today’s fast-moving innovation economy.

✨ What you’ll hear:

• How to turn cutting-edge research into enforceable IP assets

• Patent trends reshaping biotech, pharma, and emerging tech

• Strategies for protecting innovation in an AI-driven world

• Lessons from landmark cases and global IP developments

• Real-world insights from the frontlines of law, science, and business

R² stands for “best fit”—and this podcast is the best fit for anyone looking to align IP strategy with business success.

📌 Recognitions & Thought Leadership

• Recognized by Chambers USA and The Legal 500 as a leading IP lawyer in licensing and patent strategy

• Named an Acritas Star and listed in Patent 1000 and Strategy 300 by International Asset Management

• Published widely on IP issues in outlets such as Bloomberg Law, Law360, IPWatchdog, and The Licensing Journal

• Frequent speaker at industry conferences and summits on protecting innovation, commercializing biotech breakthroughs, and aligning IP with investment strategy

Reach out to Ray Miller at raymond.miller@us.dlapiper.com for inquiries or opportunities to join the conversation.

2025 Raymond Miller
Economics Management Management & Leadership
Episodes
  • Building a Biotech From Zero (Part 2 of 2): Investor Reality, Liquidity Myths & Founder Dynamics
    Dec 1 2025

    In Part 2, Ray and David continue their deep dive into the realities of early-stage biotech growth—moving into warrant coverage, investor upside, dilution, and the often-overlooked truth that early equity can be illiquid for years.

    David breaks down liquidation waterfalls, down rounds, fiduciary duties, and what happens when a company approaches insolvency.

    They close with a candid look at managing founder relationships, avoiding “dead equity,” and keeping the company aligned when the science, money, and people all collide.

    • 01:43 Understanding Conversion Discounts
    • 02:07 Negotiation Points and Valuation
    • 03:11 Enterprise Value and Share Price
    • 04:37 Impact on Founders' Equity
    • 08:47 Capital Gains Tax Benefits
    • 13:47 Liquidity and Exit Strategies
    • 19:07 Investor Motivations and Risks
    • 34:20 Board and Management Obligations
    • 43:11 Ray's Retreat Overview
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    48 mins
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