By Claire Jeong, Chief Conference Officer, Vice President of Investor Research, Asia BD, LSN
Last week, Life Science Nation hosted RESI Boston at the Westin Copley Place, for which over 700 attendees registered.
This time, we had 50+ companies from 10 different countries participate in the Innovator’s Pitch Challenge (IPC). As with the usual IPC format, all finalist companies pitched in front of a judging panel and exhibited a poster showcasing their technology in the exhibit hall. All attendees were provided with “RESI Cash”, which was used to vote for their favorite Innovators. IPC winners will receive complimentary RESI tickets valued up to 12K for the future RESI conference.
Here are the Top 3 IPC finalists who secured the most RESI Cash and were crowd favorites at RESI.
1st Place – Thrive Bioscience
Claire Jeong, Chief Conference Officer, Vice President of Investor Research, Asia BD, LSN | Thomas Forest Farb-Horch, CEO & Board Director, Thrive Bioscience | Dennis Ford, Founder & CEO, LSN
Thrive Bioscience, founded in 2014 and based in the Boston area sells a family of instruments and software that provide previously unavailable data, imaging, analytics, and automation for live cell biology. Thrive is providing automated, extensive, and comparable images and data sets on live cells that are needed for artificial intelligence, machine learning, data mining, improved processes, and breakthrough insights. Thrive is also developing and delivering software modules for key drug discovery workflows that use machine learning to improve experimental assays and research insights. Thrive has raised $34M to-date and is in the last few weeks of closing an oversubscribed $9.25m Series B Convertible Note. Thrive is seeking $5M of financing for an acquisition of a small profitable company and expects to conduct a $15M Series B this year. Thrive has sold and received orders for 75 of its automated live cell imaging instruments, with a price range from $120k to $275k. Thrive has limited competition and has filed 86 patent applications of which 28 have issued. Even though live cells and tissues in culture are key to biomedical research, the collection and analysis of data on live cells has been inefficient, insufficient and non-comparable. Thrive instruments solve these problems for applications that include drug discovery/development, cancer research, in vitro toxicology, infectious disease research, growing stem cells, and regenerative medicine.
2nd Place – Clinials
Emily Thompson, Marketing and Community Lead, Clinials | Maree Beare, CEO, Clinials | Karen Deyo, Director of Product, Israel BD, LSN | Dennis Ford, Founder & CEO, LSN
Clinials is an AI driven participant recruitment platform, solving the problem where 80% of clinical trials fail to meet enrolment deadlines. Clinical trials are costly necessities for research and development (R&D) of novel devices and treatments, yet with more than half failing to finish they become even costlier for pharmaceutical companies. Without R&D we wouldn’t have products like birth control or cancer treatments, this is why fixing the problem of clinical trials being unable to recruit participants is so important.
Clinials’ platform works with AI, converting complex trial protocol into plain language anyone can understand. We’re also speaking to participants when they’re ready to sign up for a trial, unlike the old methods which call databases of uninterested patients out of the blue. Clinials started when my husband enrolled in a clinical trial and was not only drowned in paperwork but had a difficult time understanding the trial despite working in health. Our constructive methods are working for vaccine, diabetes, chronic pain and a host of other therapeutic trials which had previously failed in recruitment.
3rd Place – Untech
Candice He, VP, Business Development & Global Investment Strategist, LSN | Rubén C. Salim Brovia, CEO & Co-Founder, Untech | Alberto N. Ramos Vernieri, CTO & Co-Founder, Untech | Dennis Ford, Founder & CEO, LSN
Untech Inc is a biotech company that has developed a proprietary breakthrough medication for chronic wounds. This dramatic problem affects more than 120 million patients in the world and there is no definitive solution available. After 15 years of research, Untech has developed a unique all-in-one solution that heals these wounds. The product is expected to enter the global market in 2026. Series A is currently open. Chronic wounds, like diabetic, venous and pressure ulcers are complex injuries that do not heal, often leading to amputations. The FDA considers chronic wounds as an Unmet Medical Need because of the increasing number of patients (diabetes, life expectancy and obesity), the huge disease severity, and the lack of efficacy of the available treatments (60% of patients take more than 1 year to heal). Based on a novel approach, Untech has developed a gel that, applied directly to the wounds, attacks all the causes at the same time, achieving healing, and making it the most promising solution for the patients. It has the potential to accelerate the healing time from years to months, drastically reduce the probability of amputation and allow patients to remain ambulatory. The global wound care market was over USD $18B in 2022 (CAGR: 6.2%). Currently, Untech is starting Clinical Phase I, has the patent granted in the US and finalized in 45 countries the national phases of the IP process (90% of global market).
If you’re interested in the upcoming Innovator’s Pitch Challenge, apply to the IPC for RESI Boston September 18-20. Pitching will take place on the in-person day, September 18th. Applications are accepted on a rolling basis, so get your application submitted today!
Deadline: Wednesday, August 9
RESI Boston September 2023 registration opens at super early bird rates. Register now to save $500 by Friday, June 30.
LSN will debut a leading-edge platform called the “Global Partnering Campaign (GPC), Fundraising & Licensing Partner Roadshow Management.” The GPC integrates LSN’s Investor and Licensing Partner Database and the Salesforce CRM.
The National Institutes of Health (NIH) is a resource that companies should consider to bolster their pipeline or solve a development problem. Join us for a live webinar with representatives from various groups within the NIH for an opportunity to learn how your organization can partner with the NIH to get products to market. Participants will learn: • The NIH is more than basic research. Economic development is part of the mission. • That companies, entrepreneurs, and other buy-side stakeholders – not just academia – can partner with the NIH. • Why industry partnerships are mutually beneficial for companies and the NIH. • How companies have worked with the NIH (success stories and partnership examples). • Next steps – points of contact, partnering mechanisms, licensing.
The industry has quickly adapted to a “new normal” – entrepreneurs and investors meet virtually over digital platforms to discuss potential investment opportunities, and it is not uncommon to see entrepreneurs raise capital from investors they have never met before in person. That said, there is no doubt that the fundraising journey continues to be challenging for many. In this panel, you will be able to hear fellow entrepreneurs share their experiences, from successes to challenges. This panel will discuss the following topics and more: • What are some of the greatest challenges entrepreneurs have faced, especially during the pandemic, and how were they overcome? • How did entrepreneurs identify investors that fit their technology? • What are some misconceptions entrepreneurs had about the early-stage investment landscape? Furthermore, entrepreneurs will share unique tips and insights they have gained from their fundraising experiences, and how others can work their way towards a more successful campaign.
This interactive workshop, organized and led by McDermott Will & Emery, will provide wisdom to early-stage CEOs and management on the latest trends in term sheets, with a focus on founder and management equity opportunities. The workshop will cover common issues of concern to entrepreneurs (valuation/dilution, liquidation preference, board makeup, protective provisions, anti-dilution). Experts from the legal, investment and entrepreneurial community will discuss the interplay of financing milestones in the term sheet discussion.
Intellectual Property is an absolutely key issue for life science startups to understand in order to make the right decisions along the journey toward commercialization. This session, led by Burns & Levinson Partner Shawn Foley, will address the main aspects of a good IP strategy that will help guide life science entrepreneurs be better prepared as they move their technologies forward.
Preclinical development is often complex and non-linear. You need to coordinate several CROs, CDMOs and an army of consultants while project managing it all. Join our workshop as we discuss best practices in finding and engaging with the right CRO partners to increase your chance of getting to IND faster, with greater success. Choosing the right CRO partner not only saves you time, money and whole lotta nerves, but gets the attention of investors. Investors appreciate well thought out, fully integrated product development plans that clearly identify value inflection milestones, contingencies, and mitigation strategies. The right CRO partner will make you look good in the eyes of investors—make sure to take advantage of that!
Valuation is a key aspect of fundraising. An average value assumption for each company in a specific financing stage just does not do it anymore. For entrepreneurs, as for investors, its important to understand the value drivers of a company. We are looking at the financing trends of the last years, discuss dos and don’ts when speaking with investors and look at how to value a life science company with no revenues. Agenda: • Overview financing trends • Which is the right investor • Dos and don’ts • Company valuation approaches • Conclusion
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