The reality of a virtual company

One way to save on overhead is to have none at all. Gary Snable is pushing that concept to the limit at Layton BioScience Inc., where he is president and CEO and the only employee.

While some biotech companies have been pressured to outsource work to manage cash, Layton's business plan is based on bootstrapping from the start. Snable thinks startup companies with very early technology don't need elaborate infrastructure. "Our overall strategy is to get the biggest bang for the buck and utilize third parties whenever practicable," he said at a meeting with BioCentury. "You pay for what you use, but don't build up a corporate infrastructure until necessary."...