Next Phase Newsletter

By Greg Mannix, Vice President International Business Development, General Manager Europe, LSN

RESI is well-known for its vibrant partnering and high turnout of active investors, licensing partners and service providers focused on the early-stage life science community, but there is also an all-star line-up of quality educational content to help entrepreneurs on their fundraising journeys. Insightful investor panels will discuss key topics surrounding investment and partnership in specific areas of the life sciences and provide perspective on different investor types. There will also be live workshops focused on the most relevant issues that keep entrepreneurs up at night, imparted by experts in their fields.

Register for RESI for active partnering with a 3-day hybrid registration, or simply to partake in the amazing content being offered on June 5^th with an Audience Access Pass. More Information Here

LSN NEW PRODUCT RELEASE – “Global Partnering Campaign (GPC), Fundraising & Licensing Partner Roadshow Management.”

Monday, June 5 | 8:00 – 8:30am ET; 12:00 – 12:30am ET

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.

Subscribing companies receive a vetted Global Target List (GTL) of likely partners garnered through one-on-one interviews with the LSN research team, which can be organized into three tiers of Investor Priority:

• Tier 1: Partner is matched on a specific mandate.
• Tier 2: Partner is matched on an opportunistic mandate seeking compelling technology assets.
• Tier 3: Partner is matched as a potential fit based on past or recent actions. This is where the numbers game comes into play.

Information on these profiles is automatically updated daily, and user outreach and tasks can be tracked intuitively with CRM components, including the following:

• Status of Outreach (Lead, Reviewing Materials, Call/Meeting Scheduled, etc.)
• Materials Sent (Executive Summary, Pitch Deck, etc.)
• Notes (NDA status, DD, and data room)
• Reporting (investor/licensing pipeline)

LSN customized this platform, leveraging years of experience as a broker/dealer helping early-stage life sciences companies attract capital. Fundraising is a numbers game, and as companies transition from the regional to the global arena, difficulty juggling outreach with many different companies and contacts worldwide is inevitable. Managing your fundraising campaign adroitly is essential, and with the GPC platform, LSN makes it simple. The GPC product is a game changer for early-stage startups seeking between $100K and $50M (Seed-Series B).

Please join the GPC presentation on managing your global partnering campaign.

Presenter:

Karen Deyo, Director of Product, Israel BD, Life Science Nation

The NIH as a Technology Development and Commercialization Partner

Monday, June 5 | 9:00 – 9:50am ET

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.

Presenters:

• Michael Salgaller, PhD, Supervisory Specialist, Technology Transfer Center, National Cancer Institute, National Institutes of Health (Moderator)
• Tara L. Kirby, Ph.D., Director, Office of Technology Transfer, National Institutes of Health
• Vladimir Popov, Ph.D., Chief Innovation Officer, Center for Innovation and Strategic Partnerships, Frederick National Laboratory for Cancer Research
• Anthony D. Saleh, Ph.D., Chief Executive Officer and Founder, miRecule, Inc.

Tales from the Road

Monday, June 5 | 10:00 – 10:50am ET

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.

Presenters:

• Greg Mannix, VP of International Business Development, Life Science Nation (Moderator)
• Ross Bundy, Co-founder and CEO, CRISPR QC
• Brian DellaValle, CEO, GLX Analytix
• Robert Rioux, CEO, theraGI
• Martha Shadan, Board Member, MedExecWomen

Negotiating Term Sheets

Monday, June 5 | 11:00 – 11:50am ET

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.

Presenters:

• Mark Mihanovic, Partner, McDermott Will & Emery
• Richard Smith, Counsel, McDermott Will & Emery
• Nancy Briefs, President & CEO, AltrixBio, Inc.
• Isaac Stoner, MBA, CEO, Octagon Therapeutics
• Wasim Malik, Managing Partner, Iaso Ventures

IP Considerations for Start-ups

Monday, June 5 | 1:00 – 1:50pm ET

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.

Presenter:

Shawn P. Foley, Partner, Burns & Levinson

Maximizing Pre-Clinical Development Success for VC-Backed Start-Ups Through CRO Partnerships

Monday, June 5 | 2:00 – 2:50pm ET

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!

Presenters:

• Marta New, PhD, MBA, CEO, Radyus Research
• Omar Khalil, PhD, General Partner, Sante Ventures
• Livija Deban, CSO, Prokarium Ltd
• John Foglesong, MBA, CEO, Grannus Therapeutics
• Paul Tebbey, PhD, MBA, Board Member & Advisor, Radyus Research

Fundraising Strategy and Messaging for First-Time CEOs

Monday, June 5 | 3:00 – 3:50pm ET

Join the Life Science Nation team to master the art of fundraising from Seed to Series B. Discover the essential insights and strategies to avoid common pitfalls and maximize your fundraising success. Learn about early-stage life science investors and uncover the 10 fundraising myths that can waste your time and hinder your progress. Additionally, we will share tips on Branding & Messaging, develop a strong brand identity and create high-quality collateral that engages potential investors. Communicate your message clearly and concisely to help investors decide quickly if you’re a potential fit. Gain the essential knowledge and skills to shape a strong fundraising strategy and increase your chances of securing the capital you need. This workshop is a must-attend for first-time CEOs and seasoned entrepreneurs seeking fundraising success.

Presenters:

• Claire (Chae-Kyeong) Jeong, VP, Investor Research & Asia BD, Life Science Nation
• Candice He, VP, Business Development & Global Investment Strategist, Life Science Nation

Company Valuation for Fundraising

Monday, June 5 | 4:00 – 4:50pm ET

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

Presenters:

• Patrik Frei, Founder & CEO, Venture Valuation AG, Switzerland
• Gergely Ivanyi, PharmD, Senior Consultant, Venture Valuation

By Candice He, Vice President of Business Development, Global Investment Strategist, LSN

Dear Life Science Nation Community,

We are thrilled to announce several upcoming events in the life science industry next week that are hosted by our close friend and partners. These events present excellent opportunities for networking, knowledge sharing, and collaboration. We invite you to join us and connect with like-minded professionals.

Here’s a list of the upcoming events:

1. 2023 Enmore Biologics Development Summit

• Date: Sunday, June 4, 2023
• Time: 8:00 am – 5:30 pm EDT
• Location: Hilton Boston/Woburn, 2 Forbes Road, Woburn, MA 01801
• Event Link: 2023 Enmore Biologics Development Summit

2. Bullpen Networking Get-Together

• Date: Monday, June 5, 2023
• Time: 9:00 am – 12:00 pm EDT
• Location: Howl at the Moon, 184 High Street, Boston
• Event Link: Bullpen Networking Get-Together

3. Burns & Levinson and JPM – Kick-Off Cocktail Party

• Date: Monday, June 5, 2023
• Time: 4:00 pm – 7:00 pm EDT
• Location: Exchange Conference Center, 212 Northern Ave, Boston Fish Pier, Boston, MA 02210
• Event Link: Burns & Levinson and JPM – Kick-Off Cocktail Party

4. Bullpen Harbor Cruise

• Date: Tuesday, June 6, 2023
• Time: 7:00 pm – 10:00 pm EDT
• Location: Boston Harbor Hotel
• Event Link: Bullpen Harbor Cruise

5. MWE Biobash

• Date: Tuesday, June 6, 2023
• Time: 7:00 pm – 10:00 pm EDT
• Location: Moakley US Courthouse, Boston, MA
• Event Link: MWE Biobash

6. M2D2 Point of Care Showcase & Pitch Event

• Date: Tuesday, June 6, 2023
• Time: 2:00 pm – 6:00 pm EDT
• Location: Mintz, 1 Financial Center, Boston, MA 02111
• Event Link: M2D2 Point of Care Showcase & Pitch Event

7. Richi Entrepreneurs – Social Event

• Date: Wednesday, June 7, 2023
• Time: 4:00 pm – 5:00 pm EDT
• Location: CIC Cambridge @ 1 Broadway
• Event Link: Richi Entrepreneurs – Social Event

We look forward to meeting you at these exciting events. It’s an excellent opportunity to expand your network and stay updated with the latest developments in the life science industry. Don’t miss out on the chance to connect with fellow professionals and potential collaborators.

See you there!

Best regards,

The Life Science Nation Team

The firm was founded in 2020 and is headquartered in Spain. Prior to being formally founded, the firm began as a support structure for an initial group of private investors interested in life sciences and grew into a platform that sources investment opportunities and represents several high net-worth individuals. The firm’s network invests globally in biotherapeutic companies from Seed to Series A and expects to participate in a limited number of later stage investments, following the capital allocation desires of the private investor network. The firm’s investors typically invest as a group, with check sizes ranging from 1 to 3 million USD with the intention to make up to three new investments per year.

The firm is focused on therapeutics but is modality and indication agnostic. This includes orphan diseases. Platform or multi-asset companies are often valued over single asset opportunities. Preferred stage of development varies based on the validation level of both the therapeutic target(s) and technology being applied. The more validated the targets and/or technology, the earlier the firm’s investor group is able to invest, including specific investment cases prior to pre-clinical animal efficacy.

The firm does not have specific management team requirements and has taken board seats in the past, however it is not a requirement.

If you are interested in more information about this investor and other investors tracked by LSN, please email mandates@lifesciencenation.com.

Founded in 2020, the firm is a group of Silicon Valley and India based ex-entrepreneurs and executives with operational experience and global networks investing in India’s next billion. The group focuses on impact investing, looking to help technology and health advance in India, especially serving the underprivileged communities. The four key areas of interest are healthcare, agritech, livelihood, and education-tech. The group is looking for companies in the Pre-Series A round with typical check sizes ranging from $125k-500k. The group looks at global companies.

The firm is sector-agnostic and is open to looking at any life science/healthcare startup with impactful technology, but it should have either a soft or hard-tech core component. The group is open to all stages and indications, however the firm does not look at orphan diseases.

The firm would like to see companies have 2-3 years of experience working with grant funding and passionate, resolute teams with 2+ years of proven commitment and strong market/technology expertise. Additionally, although companies are not required to relocate to India, they are required to clearly target at or involve India’s emerging and historically neglected populations of over 600 million and meeting a pressing need. The firm may take a board seat on a case-by-case basis as they act on both leading and co-investing.

If you are interested in more information about this investor and other investors tracked by LSN, please email mandates@lifesciencenation.com.

The firm was founded in 1996 and has offices in California, China and Taiwan. The firm is currently making investment from its USD 1.4B fund into promising private healthcare companies and from its $635M Opportunity Fund into promising public healthcare companies, invest in promising early-stage healthcare companies from its Innovation Fund. The firm invests exclusively in the healthcare sector; the firm invests primarily in the USA and Greater China but will also invest in other regions such as Europe and ASEAN countries. Within China, the firm makes growth investments in companies but also find some companies with interesting and innovative product in recent years there; in the USA and other regions, The firm makes both venture and growth-equity stage investments in both pre-revenue and revenue-stage companies. The firm’s allocations are highly varied. From the main fund, investments typically range from $20-50m, though larger investments are of interest as well; the Innovation Fund makes investments of typically $5-20 million. The firm is open to syndication. The firm is also particularly interested in working with companies that are open to or actively interested in seeking partnerships or opportunities in China.

The firm invests in therapeutics, medical devices, diagnostics, healthcare services, and clinically-oriented healthcare IT, and will consider investing in any indication area or technology subsector; however, orphan indications, dermatology/aesthetics, oncology, gene therapy, cell therapy, are of particular interest in the biopharma space; general surgery, neurovascular, cardiovascular, minimally invasive technologies, women’s health, respiratory care, novel diagnostics and orthopedics are of particular interest in the device space. Healthcare AI is an area they are interested and exploring. The Innovation Fund focuses on early-stage opportunities in biotech; from the main fund, the firm in most cases makes investments in products that have obtained market approval or are very close to commercialization, but earlier investments may be considered for highly innovative products or products that can demonstrate strong efficacy signals at an earlier stage (such as anti-infectives). For devices and diagnostics, the firm only invests in commercial-stage companies. Generally, the firm does not invest in imaging.

The firm is flexible regarding management teams and works with both serial entrepreneurs and entrepreneurs who lack industry experience. In addition to investing in private companies, the firm is able to invest in public companies by means of PIPEs or public market placements. The firm is interested in investing in companies with products that can demonstrate cost-effectiveness.

If you are interested in more information about this investor and other investors tracked by LSN, please email mandates@lifesciencenation.com.

The firm is a medical technology company based on the East Coast. The firm works with early-stage startups using a variety of structures including co-development, equity investments, licensing, and acquisitions (most common). In terms of equity investments, the $850M USD firm invests in companies from Series A to Series C (or later) with an average of $3-5M as the initial size of investment. In terms of acquisitions, the firm has done deals in the range of $10s to $100s of millions of dollars. The firm is interested in partnerships with breakthrough, disruptive technologies. The firm is a multi-stage investor and is interested in technologies worldwide.

The firm is interested in disruptive technologies that are strategically related to the company’s focus on digestive health and pain management. The firm is primarily interested in medical devices and digital health. Within medical devices, the firm is primary interested in 510K and De Novo’s and are open to PMA devices. The firm will consider working with companies at any stage of development. Within digital health, the firm is most interested in consumer facing products that are linked back to medical devices, and the associated data analytics around the products.

The firm primarily values a management team with technical experience as they are interested in promising disruptive technology. The firm also prefers a team with previous management experience. The firm acts as a strategic investor in equity investments. As a strategic investor, the firm will require board seating.

If you are interested in more information about this investor and other investors tracked by LSN, please email mandates@lifesciencenation.com.

Michelle Chien

Interview with Michelle Chien, Manager of Technology Transfer and Incubation Center, National Health Research Institutes By Erika Wu, Business Development Manager, Global Tech Hubs, LSN

Erika Wu

Erika Wu (EW): Please introduce us to National Health Research Institutes (NHRI). Such as mission statement and brief overview of the services offered?

Michelle Chien (MC):

The National Health Research Institutes (NHRI) is a non-profit foundation established by the government with its organization charter. NHRI is dedicated to the enhancement of medical research and the improvement of health care in Taiwan.

Scientists at the NHRI conduct mission-oriented medical research and investigate many aspects of the basic biomedical sciences, as well as specific diseases. There are several research institutes and research centers are trying to deal with common problems such as aging, cancer, infectious diseases, mental disorders, occupational diseases, to health policy. It is our hope that the knowledge, experience, and facilities at the NHRI will become important resources to the whole nation in understanding, preventing, and curing diseases.

The technology transfer and incubation center (TTIC) is as a research support unit in NHRI divided into three groups of Industry-Academia Collaboration Planning Division (IACP), Intellectual Property Management & Technology Transfer Division (IPTT) and Innovation & Incubation Center (IIC). The IACP is the window for NHRI’s industry-academia cooperation and promote NHRI’s R&D outcomes. The IPTT assists research institutes in intellectual property management and out-licensing. The IIC mainly uses platform-based coaching methods to provide new startups with various resources to help them grow and thrive.

NHRI website: https://www.nhri.edu.tw/eng/

TTIC website: https://ttic.nhri.edu.tw/en/

EW: What are some traits of the Taiwan markets that are different from the USA or Europe markets?

MC:

1) The rapid growth of the global biopharmaceutical market has driven business opportunities for contract development and manufacturing (CDMO), while the growth of the generic drug market has driven business opportunities for joint development.

2) Taiwan has established bilateral cooperation promotion units with the United States and Japan respectively, and has listed biotechnology as a key cooperation project. At the same time, it has also signed relevant agreements on biotechnology cooperation, which will help international cooperation and market development of the domestic biotechnology industry.

3) The number of items entering late-stage clinical trials will increase, which will help opportunities for cooperation or authorization with multinational pharmaceutical companies.

4) The R&D cost of new medicines in Taiwan is lower than that in neighboring countries (such as Singapore, Japan, Australia), which helps to save drug development expenditures.

5) In addition to having publicly transparent drug review regulations that align with international standards, there are also counseling agencies that provide regulatory consultation services for products from research and development to market launch in Taiwan. Furthermore, the biomedical research and development capabilities are very strong. There are 26 medical centers and 124 clinical trial hospitals, abundant biotech R&D human resources, and high-level biotech talents familiar with the operation of European and American markets returning to Taiwan to start businesses. We have also established the Taiwan Clinical Trial Consortium (TCTC), which has sufficient capacity to conduct clinical trials for new drugs or medical devices.

EW:  What should investors look for from startups that want to enter the Taiwan/Asian markets? How does NHRI evaluate whether they made the most of it or not, and is that a good indicator for future success? How would you characterize the current startup investment scene in Taiwan? What kind of opportunities should we be aware of? 

MC:

From investors’ perspective on the biomedical industry, key success factors include market, technology, finance, and talent. In terms of the market, the total addressable market must be large enough; the technology must be innovative, feasible, and have a complete patent network protection; there must be completed financial planning and fundraising abilities; and the team must have a clear vision, determination for risk management, and technology transfer capabilities. All four elements are essential. During the COVID-19 pandemic, there has been an increase in investment funds being allocated to the biomedical field. 

Besides, owing to the coming aging society, the investment focus of the biomedical industry will be on medical care and technologies such as the Internet of Things (IoT) as well as the international market.  

According to the Taiwanese Biotech industry report from 2022, it points out the following domains are investment scene in Taiwan.  

Firstly, under the support of favorable policies, regenerative medicine and CDMO (Contract Development and Manufacturing Organizations) are experiencing an investment boom. While facing the challenges of an aging population, the prevalence of chronic diseases, and the rapid advancement of medical technology, there is a growing demand for innovative disease treatments. In response to this trend, the global regenerative medicine and cell therapy companies have been increasing in number, and the market size of gene therapy continues to expand. 

Secondly, the COVID-19 pandemic has accelerated the implementation of digital healthcare and precision medicine, creating a new investment opportunity. Taiwan’s early-stage investments in digital healthcare have followed this trend. Investors see the promising future in combining Internet of Things and biomedicine. Over the past five years, the number of investments in digital healthcare has exceeded those in pharmaceuticals and medical devices, becoming a new investment frontier in the healthcare sector. 

Therefore, TTIC will look for the potential MedTech companies would offer innovative ideas and technologies, we will assist them in providing bio bank data, regulatory counsel, VC&CVC partners. 

EW: What makes Taiwan an attractive launchpad for American or international startups who are interested in entering the APAC region? Why did you choose Taiwan, and what is your plan for the Asian market hereafter?  

MC:

There are some reasons that American or international startups can start their business here. 

1) Taiwan is a democratic country and locates near major metropolises such as Hong Kong, Singapore, Shanghai, Tokyo and Seoul in Asia. It’s appropriate for international startups to start their business in Taiwan first then extend out in other Asia countries.   

2) The National Biobank Consortium of Taiwan (NBCT) was established through the fund support and governance from the government and managed by NHRI. There are over 35 local biobanks being approved by the Ministry of Health and Welfare in Taiwan. Through the cooperation of all biobanks with uniform quality standards and clinical data content, a large and comprehensive human biobank network can be quickly established. Thus, Biobank can not only provide high-quality medical information and specimens for academic use, but also the industry for commercial use legally. It will be an advantage to appeal to more startups utilizing and having the clinical trial or further research in Taiwan. 

3) The government also focuses on the combination of Taiwan’s strengths in the ICT and biotech industries. For example, the majority of global gene testing chips are manufactured in Taiwan since Taiwanese ICT industry is already very mature. If it can be combined with the medical industry to develop medical materials and devices, medical diagnosis, digital healthcare, and use mature resources to drive new technologies and new drugs, this should be a feasible development strategy to explore. 

4) The policy is currently to boost recruitment and retention of international talents. There are a couple of actions below. 

• Relaxing the work and visa requirements: the government is issuing Employment Gold Cards (a four-in-one work permit, resident visa, alien resident certificate and reentry permit).  
• Relaxing residency requirements. 

• Improving tax incentives and social protections. 
• Relaxing entry and residence restrictions for nationals without household registration. 

To conclude, the strengths of developing ICT with bio data in Taiwan will increase more incentives for American or international startups to launch the business or have the collaboration with local clinical trial here.   

EW: What can NHRI provide for the international startups?

MC:

Technology Transfer and Incubation Center (TTIC) in NHRI can provide co-development, technology transfer, business cooperation, and international startup collaboration models which can be used to connect solutions to overseas clients.  

In 2022 NHRI has been having the innovative collaboration with ASUS Cloud and NVIDIA to create a platform. Leveraging NHRI’s biomedical research capacity, the latest generation of NVIDIA AI supercomputers and AI models, and analytical computing applications, AIHPC cloud platform developed by ASUS Cloud Infrastructure Software Center (OCIS), and operational consulting services and training from Taiwan Web Service (TWS), which creates Taiwan’s first dedicated supercomputer for healthcare and pharmaceutical purposes. Developers and data scientists can engage in tasks such as development, deployment, testing of applications, and high-speed computation of big data AI, all through a single platform. This significantly reduces the computation time for massive data and expands the capacity for pharmaceutical research and development. Hence, TTIC can help international startups connect with the biomedical supercomputers within NHRI, enabling precise research data analysis and saving time in clinical trials and validation.  

Additionally, Innovation and Incubation Center (IIC) of TTIC has collaborated with ASUS subsidiary, Taiwan Web Service (TWS), to promote the AI Biomedical Accelerator Program in 2023. Startups are recruited by developing AI technology in biotech and medical fields. This program mainly provides fundraising, regulations, business matching, and talent development, enabling startups to grow rapidly.  

EW: What are some initiatives and strategic goals in 2023 and how are you using LSN & RESI and partnerships to benefit your community? This is your opportunity to discuss strategic goals, how NHRI and other tech hubs can form strategic partnerships, etc.

MC:We hope to establish a long-term partnership with Life Science Nation. Our startups in early stage can gain exposure to international investors and have fundraising opportunities by participating in the RESI conference’s Innovative Pitch Challenge for entering overseas markets. Additionally, we hope to introduce NHRI to international startups by Tech Hub, allowing for potential collaborations with NHRI research units in cases of technology licensing needs. In meanwhile, we also welcome international biomedical startups to join IIC and launch their business in Taiwan, as well as collaborate with NHRI in terms of technology development.