R2 IP

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 managin...

In Part 1 of this two-episode conversation, Ray sits down with longtime partner and life-sciences attorney David Smith to unpack the earliest—and most misunderstood—moments in forming a biotech company. They dive into choosing the right corporate structure, splitting founder equity, why timing matters, and how early financing tools like convertible notes and SAFEs really work. It’s a clear, practi...

A pharmacist–turned–regulatory strategist and a 25-year patent attorney walk into a podcast… and blow up the myth that “no composition of matter means no value.” Ray and Nicole break down how regulatory exclusivity actually drives drug innovation, often more powerfully than patents. Hear how NCE, orphan drug, pediatric, and GAIN Act exclusivity can turn an old or overlooked molecule into a fundabl...

In this episode, Ray Miller welcomes longtime colleague and patent scholar Robert A. Matthews, Jr., author of the Annotated Patent Digest and one of the most respected voices in U.S. patent jurisprudence. Together, Ray and Bob dive deep into one of the thorniest doctrines in patent law: double patenting—both statutory and obviousness-type. They explore its roots in §101, how courts have shaped its...

On July 10, 2025, the FDA did something unprecedented: it dropped over 200 Complete Response Letters (CRLs) for public viewing—documents once considered trade secret goldmines. In this episode, host Ray Miller (Partner, DLA Piper) dives deep into what this massive disclosure means for biopharma innovators, IP strategists, and investors. Is this bold new transparency a regulatory revolution—or a co...

In this second episode of the R² IP Podcast , host Ray Miller (Partner, DLA Piper) is joined once again by Nicole Endejann (Partner, DLA Piper), returning as a recurring guest to explore the nuanced dance between patents and trade secrets in life sciences and tech. Is it patents or trade secrets? That binary thinking is out. The smartest companies are layering both—creating a force multiplier that...

The R² IP Podcast dives into how ideas become IP — and how IP drives business success. Hosted by Ray Miller, each episode blends law, science, and strategy for innovators, entrepreneurs, and leaders shaping the future