Tag Archives: books

Free Pre-RESI Boston Event: Structuring Your Startup: Legal, Tax, Funding, and Other Strategic Decisions

15 Jul

Tap into the Boston life science ecosystem with expert insights on startup strategy

By Max Braht, Director of Business Development, LSN

Max-Braht-Headshot

Life Science Nation invites early-stage life science and healthcare companies to a free, in-person pre-conference event designed to equip founders and executives with the knowledge and tools to build a successful venture in the U.S. market. 

Structuring Your Startup: Legal, Tax, Funding, and Other Strategic Decisions
Date: Tuesday, September 16
Time: 1:00 PM – 5:00 PM
Location: CIC Cambridge, 5th Floor, Havana Room, One Broadway, Cambridge, MA
Cost: Free (Space is limited – registration required)
Registration: https://form.jotform.com/251904188775165  

Held the day before the RESI Boston Conference (September 17–19), this session is ideal for companies attending RESI or exploring the broader Boston biotech community during Biotech Week Boston. Attendees will hear from industry experts and service providers on topics critical to launching and scaling a life science startup, including: 

  • Legal frameworks and risk mitigation strategies 
  • Tax considerations for U.S. and international companies 
  • Fundraising tactics and deal structuring 
  • Market entry and operational planning 

The program includes a networking break, allowing founders to connect with fellow innovators, advisors, and potential partners before RESI Boston officially begins. 

This session is part of Life Science Nation’s ongoing effort to help global life science entrepreneurs access the resources and connections needed to land in the Boston innovation hub and expand in the U.S. market. 

Space is limited, and registrations will be accepted on a first-come, first-served basis. 

We look forward to seeing you. 

Pullan’s Pieces #2 – Top Drug Sellers by Geo

15 Jul

By Eric Hayes

What do analysts think will be the top 10 drugs in the year 2031 (as searched in GlobalData)?

Top 10 in the US in 2031 (USD Millions)

In the US analyst forecasts for 2031, obesity dominates (with immunology, derm and infection for other TAs). Along with the obesity peptides are 2 small molecules and 2 MAbs. The sales are in the tens of billions.

Top 10 in Europe (USD Millions)

In Europe, along with the obesity drugs and dupixent in derm, we see the oncology ADC Enhertu, the ang2 ophthalmology drug Vabysmo, a CNS CD20, and a GI integrin in the top 10. Sales are in the single digit billions.

Top 10 in Japan (USD Millions)

In Japan, obesity is not visible in the top 10. An anti-infective tops the list, followed by CNS, oncology, GI and including heme disorders. There are companies not in the top 20 for global sales. Most of the top 10 have sales below $1B.

Top 10 in China (USD Millions)

For China, obesity is back in the top 10, but Gardasil, an oncology HPV vaccine tops the list. Local company “fast followers” are apparent and most of the top forecasted drugs are not yet launched (presumably a reflection of the rapidly evolving pharmaceutical environment). To get into the top 10, sales are above $500M.

Conclusion: The marketplace for drugs shows considerable variation in different regions around the world.

The Needle Issue #10

15 Jul
Juan-Carlos-Lopez
Juan Carlos Lopez
Andy-Marshall
Andy Marshall

Just over a week ago, AbbVie paid $2.1 billion for Capstan Therapeutics’ in vivo anti-CD19 chimeric antigen receptor (CAR)-T cell therapy (CPTX2309) for B cell-mediated autoimmune disorders, which is currently in phase 1 testing. In the past few days, EsoBiotec (acquired by AstraZeneca earlier in the year) also published its first clinical data on a lentiviral-delivered anti-B-cell maturation antigen (BCMA) CAR-T approach (ESO-T01) for multiple myeloma, detailing responses in four patients, two of whom showed complete remission. With a host of other companies working on in vivo delivery into endogenous T cells—including Interius BioTherapeuticsUmoja Biopharma, and Orna Therapeutics, the field of in vivo delivered CAR-T cells appears poised at a tipping point.

Since transforming the face of cancer treatment in 2017, autologous CAR-T cell therapy has been dogged by logistical issues that have limited commercial rollout and increased costs—the need for leukapheresis, laborious cell harvesting, heterogeneous cell expansion, lengthy turnaround times, and inconsistency of batches—with access limited to just a few clinical centers. Extensive waiting lists can mean many patients die before even being treated, which has driven the search for ex vivo approaches that shorten manufacturing times using fully closed systems and/or miniaturization. Given these challenges, delivery of a CAR-encoding mRNA to a T cell in vivo could be a game-changing technology: No need for viral vectors; no leukapheresis/chemo; no ex vivo manipulation, no requirement for multiple patient hospital visits; no convoluted training of personnel; and no risk of second primary T-cell cancers due to insertional mutagenesis. This last issue has loomed over the field, with all CAR-T therapies carrying black box warnings, although at the end of June the FDA removed all requirements for Risk Evaluation and Mitigation Strategies (REMS).

Writing in Science, the founding team of Capstan Therapeutics, headed by Carl June and Bruce Levine at the University of Pennsylvania and Haig Aghajanian of Capstan, report proof of concept data that functional CAR T cells with antitumor activity can be produced in animal models without any ex vivo manipulation. A key breakthrough in their effort was the development of lipid nanoparticles (LNPs) specifically designed to target T cells and to overcome the propensity of LNPs to accumulate in the liver. To avoid this problem, the authors screened a set of ionizable lipids to identify L829, a lipid that incorporates a tertiary amine headgroup that reduces non-specific interactions with the hepatic system due to its pH-dependent protonation and neutral charge. Ester cleavage sites in the lipid also promote rapid breakdown in, and clearance from, hepatocytes. A final step was to decorate L829 LNPs with a mAb targeting CD5, a T-cell specific marker. The resulting LNP showed limited liver uptake in rodents and non-human primates compared with control LNPs.

To test the potential of L829-containing LNPs to generate functional CAR-T cells, the team engineered them to incorporate 1) mRNA encoding a CAR that binds CD19 on B cells and 2) an antibody targeting CD8+ T cells. These CD8-L829-CD19 targeted (t)LNPs successfully delivered the mRNA in vitro to CD8+ T cells from healthy subjects and from people with B cell-mediated autoimmune diseases. In vivo, these CAR T cells had anti-tumor activity in a humanized mouse model of B cell acute lymphoblastic leukemia.

In cynomolgus monkeys that received repeated doses of CD8-L829 tLNPs containing anti-CD20 CAR mRNA (instead of anti-CD19, which is not cross-reactive between human and monkey), sustained B-cell depletion was observed that lasted for one month. Importantly, reconstituted B cells were predominantly naïve, implying an immune reset — a key therapeutic goal in autoimmunity.

The Capstan in vivo mRNA-encoded CAR T platform eliminates the need for ex vivo manipulation and lymphodepleting conditioning. It avoids the risks often associated with the use of viral vectors that integrate into the genome. It also is transient, allowing dosages to be optimized and quickly stopped if patients suffer adverse events associated with neurotoxicity or cytokine-release syndrome. It will be interesting to see whether the approach is scalable and whether it can open up conditions where long-term CAR-T cell persistence might not be necessary, such as autoimmune disease.

Going forward, an important question will be to determine the potential immunogenicity of the tLNP formulation (especially as the mRNA treatment may be given multiple times), and whether tLNPs cause elevations of human liver enzymes like alanine transaminase or aspartate aminotransferase. Liver toxicity of a novel liposome formulation already caused a clinical hold for Verve Therapeutics’ base editing therapy last year. Future work will also need to define optimal dosing, durability, and long-term safety of this approach. But the work of June, Aghajanian and their colleagues is a compelling advance promising a new era of widely available adoptive T-cell therapies for B-cell driven hematological cancers and autoimmune conditions. A single dose of any of the seven currently approved commercial ex vivo CAR-T therapies costs ~$500,000. A vial of an in vivo treatment is likely to cost an order of magnitude less.

RESI Boston Webinar Series: Your Roadmap to a Stronger Pitch, Smarter Partnering, and Greater Investor Engagement 

8 Jul

By Max Braht, Director of Business Development, LSN

Max-Braht-HeadshotRESI Boston returns September 17 to 19, 2025, and in the lead-up to the event, Life Science Nation is offering a series of free educational webinars designed to help life science startups strengthen their pitch, navigate partnering, and engage more effectively with investors. Whether you are pitching at the Innovator’s Pitch Challenge, booking one-on-one meetings, or attending RESI for the first time, these sessions offer valuable tools to get the most out of your conference experience.

July 10, 2025 at 12:00 PM
Standing Out to Investors: How to Tell Your Startup Story for Maximum Impact – Sign Up
The most successful entrepreneurs are powerful storytellers. This interactive bootcamp will show you how to shape and share your startup’s story for maximum investor impact. Learn how to sharpen your elevator pitch, refine your 12-slide deck, and make your messaging resonate with different stakeholders in the deal chain. Participants will leave with actionable language tools and techniques to boost their confidence and communication skills.


July 22, 2025 at 12:00 PM
Tips on Pitching: From the Application to the Q and A – Sign Up
Get a firsthand look at what makes a pitch resonate with investors. Join RESI judge, Bruce Cohen, who has sat on both sides of the table as an investor and an Innovator’s Pitch Challenge participant, for an inside perspective on how to stand out. This session covers best practices for your application, how to deliver a clear and convincing pitch, and how to prepare for and respond to investor Q and A.


August 7, 2025 at 12:00 PM
Biotech Exec Webinar – Who should be on your executive team? Structuring for success and fractional execs. – Sign Up
Join Life Science Nation (LSN) and Biotech Exec in early August for a free webinar on how to structure your life science startup executive team for success. Startups can fall victim to many strategic mistakes even when the science holds up. Choosing the right indication. Performing the right assay. Designing the right trial. Structuring a fund raise optimally. But one of the least talked about mistakes is putting the wrong people on the executive team or simply not brining on the right talent. We will have an engaging discussion that will include case studies of how things went wrong and testimonials from experienced CEOs and investors regarding what went right and what went wrong in their previous experience. Investors have a knack for knowing immediately if the executive team is poised to go the distance. Learn how to avoid the pitfalls most investors look for to ensure your barrier to fundraising is at a minimal. Learn if a fractional exec is right for you or if you should be looking for full-time right away.


August 18, 2025 at 12:00 PM
Partnering Tutorial: Making the Most of the RESI System – Sign Up
RESI’s partnering system is a powerful tool—but only if you know how to use it. Join the LSN team as we walk through how to navigate the platform, target the right investor fit, manage your outreach, and make the most of every meeting. We will also share our recommended strategy for follow-ups and how to leverage RESI content to support your fundraising journey.


September 4, 2025 at 12:00 PM
Investor Fireside Chat: Fundraising in Today’s Biotech Climate – Sign Up
Hear directly from investors about what is driving deal flow in the life science ecosystem. This fireside chat will cover current investment trends, what investors are looking for in early-stage biotech companies, and how startups can better position themselves to raise capital. Bring your questions and gain insight from experts who know what makes a company fundable.

Registration is open for all webinars. These sessions are free to attend and are designed to help you prepare for meaningful investor interactions and set yourself up for success at RESI Boston this September.

Announcing Premier PLUS for RESI Partnering  

1 Jul

By Max Braht, Director of Business Development, LSN

Max-Braht-HeadshotPre-pandemic I came across a survey that went out to in-licensors and investors to see from where they sourced their deals. Pipeline databases? Literature? Partnering meetings? Medical conferences? Incoming email solicitations? Website submissions? Warm intros? As it happens, the #1 answer was partnering events, representing the first point of contact for the two parties that eventually made a deal. Even the BioNTech and Pfizer deal came out of a partnering conference in 2013.

However, partnering conferences require a lot of targeted effort in the partnering system to reach out to potential partners and follow-up on the initial outreach. For many early-stage life science entrepreneurs, preparing for a RESI Conference means juggling multiple priorities — investor research, updating pitch decks, team coordination, and most importantly, the execution of your investor outreach strategy.

Many entrepreneurs underestimate the time and effort it takes to identify the right targets, write effective messages, and follow up with these targets consistently. Without a strategic approach, it’s easy to miss out on valuable meetings.

To address this, LSN is introducing a new service: Premier PLUS Partnering, where we do the partnering for you.

Premier PLUS Partnering provides hands-on support from the LSN team to manage your partnering outreach from start to finish.

Drawing on years of experience helping thousands of companies connect with investors, LSN can assist by:

  • Identifying and reaching out to relevant investors and partners
  • Crafting consistent, professional messages tailored to each contact
  • Managing communication and scheduling through the partnering platform
  • Ensuring confirmed meetings in advance of the conference

For entrepreneurs who know the importance of effective partnering strategies and are interested in taking advantage of Premier PLUS Partnering at RESI Boston September, please reach out directly to the LSN team at sales@lifesciencenation.com or include the add-on in your RESI Boston September Registration.

Pullan’s Pieces #1 – Organ on a Chip

1 Jul

Acceleration of laboratory-based technical and computational cross-fertilization, and ethical and cost pressures on regulatory bodies and therapeutic innovators is driving advancements in preclinical human-based technologies.

Organ (Lab)-on-chip (OoC/LoC) is one of the most striking examples of new translational research technology expansion with ~35% CAGR expected over the next decade (below).  

Collaborations between academia and CRO’s are driving improvements in organoid technology for the field of oncology broadly and are expected to improve OoC adoption.  Academic innovation using commercial OoC technology is also advancing applications in specific indications in oncology.  CRO’s continue to build off established uses in ADME and toxicology to explore R&D applications in oncology space and have even combined organ systems to support elaboration of multiple drug parameters in a single assay.

DEALS

The Tara Biosystems – Valo Health deal is a nice example of how an organ-on-a-chip technology approach has driven collaborations, acquisitions and deals:

  • Tara Biosystems and GSK collaborate on CV drug profiling (2019)
  • Valo Health acquires Tara Biosystems for CV OoC platform (2022, ~$75M upfront)
  • Valo and Novo Nordisk sign CV drug discovery deal (2023, $60M upfront, $2.7B total)

EmulateTissUse and Mimetas have also been backed by strong big pharma collaborations (AstraZeneca, Bayer, Roche) and funding rounds.

The Needle Issue #9

1 Jul
Juan-Carlos-Lopez
Juan Carlos Lopez
Andy-Marshall
Andy Marshall

Drug development efforts targeting the constitutive 26S proteosome have led to the development of several important multiple myeloma (MM) and mantle cell lymphoma treatments, including the first landmark FDA approval of Millennium Pharmaceuticals’ (now Takeda) dipeptide boric acid Velcade (bortezomib) in 2003 and second-generation molecules, such as Amgen/Ono Pharmaceutical’s irreversible inhibitor Kyprolis (carfilzomib) and Takeda’s orally available inhibitor Ninlaro (ixazomib). Second-generation versions of these ‘pan-proteosome’ drugs have longer duration of effect, reduced peripheral neuropathy and increased safety in renally impaired patients, but may cause gastrointestinal and cardiac toxicity. This toxicological profile has shifted attention to developing inhibitors selective for an alternative form of the core 20S proteosome—the immunoproteasome, which processes peptides for presentation to CD8+ T cells in the MHC-I complex and is constitutively expressed only in hematopoietic cells, induced in immune cells stimulated in the presence of IFN-γ, and upregulated in certain cancers like MM.

Currently, Kezar Life Sciences’ is furthest along in development; in April, it completed a phase 2a trial in autoimmune hepatitis of zetomipzomib (KZ-616), a small-molecule that inhibits both the immunoproteasome core particle component beta subunit 8 (PSMB8; LMP7/β5i) and PSMB9 (LMP2/β1i). Merck kGaA (Darmstadt, Germany) is also pushing forward with a phase 1 clinical program of M3258, a small-molecule inhibitor specific for PSMB8 and intended for use in MM (Principia Biopharma’s selective PSMB8 inhibitor was swallowed up by Sanofi in 2020 when the pharma acquired the San Francisco-based biotech’s Bruton’s tyrosine kinase inhibitor program). Elsewhere, Leiden University startup iProtics recently received a €200K grant from the Dutch Biotech Booster to develop selective immunoproteosome inhibitors, while Auburn University spinout Inhiprot (West Lebanon, NH) received SBIR funding to develop a dual PSMB6/PSMB9 inhibitor for MM. Now, a new study reveals immunoproteosome targeting may also have benefits in neuroinflammatory diseases like multiple sclerosis.

The work, published in Cell and led by Catherine Meyer-Schwesinger and Manuel Friese, from University Medical Center Hamburg-Eppendorf, identifies a neuron-intrinsic mechanism of neurodegeneration in multiple sclerosis (MS) driven by the immunoproteasome.

Under healthy conditions, neurons utilize the constitutive proteasome subunit PSMB5 to regulate proteostasis and degrade 6-phosphofructo-2-kinase/fructose-2,6-biphosphatase 3 (PFKFB3), a potent stimulator of glycolysis. This degradation is key because neurons rely more on the pentose phosphate pathway than on glycolysis to produce antioxidants like NADPH and glutathione for protection against oxidative stress.

However, Meyer-Schwesinger, Friese and their colleagues show that, during neuroinflammation, chronic exposure to interferon-γ leads to the induction of the immunoproteasome in neurons, triggering the replacement of constitutive proteosome PSMB5 (β5c) with PSMB8 (β5i). This subunit swap in neurons reduces proteasomal activity, resulting in accumulation of PFKFB3, which in turn enhances glycolysis, diminishes the activity of the pentose phosphate pathway, and impairs redox homeostasis — conditions that sensitize neurons to oxidative injury and ferroptosis.

The team showed that this mechanism was operational in both experimental autoimmune encephalomyelitis (EAE; a mouse model of MS) and brain tissue from MS patients. Moreover, neuron-specific knock-out of Psmb8 or pharmacological inhibition using the small-molecule PSMB8 inhibitor ONX-0914 (originally developed at Onyx Pharmaceuticals/Proteolix) protected neurons in vivo from inflammation-induced damage. Similarly, blocking PFKFB3 with the small-molecule inhibitor PFK-158 or through conditional knockout in neurons reduced disease severity in EAE, prevented neuronal and synaptic loss, and reduced markers of oxidative stress and lipid peroxidation.

It is important to highlight that, unlike cancer or immune cells, neurons do not upregulate PSMB8 in response to a series of MS-related cytokines. So, the neuron-specific effect reported in this study might only become active upon chronic neuroinflammation (i.e. chronic exposure to interferon-γ). Understanding this mechanism might reveal new targets related to the immunoproteosome in the treatment of MS.

This brings us to challenges for translational efforts seeking to develop immunoproteosome inhibitors against MS. Several important neuronal processes, such as synaptic transmission and calcium signaling, are tightly linked to proteasome function; thus, pan-proteosome inhibitors like Velcade could be detrimental to the CNS. The saving grace of approved proteosome inhibitors is that current chemotypes (boronate-based peptides or epoxyketone-based binders) do not cross the blood brain barrier, at least in healthy individuals. Thus, any MS program might need to use intrathecal injection for compounds derived from existing chemical series or engage a medicinal-chemistry effort to design molecules that can breach the BBB and retain potency.

The gambit for immunoproteosome-selective drugs is that they avoid inhibiting constitutive 26S proteosome activity in most tissues (and non-inflammed CNS), which is what makes Velcade and its derivatives so difficult for patients to tolerate; an immunoproteosome inhibitor should therefore have a more favorable safety profile. But so far, immunoproteosome-targeting drugs have had their own share of toxicity problems in the clinic.

Last October, Kezar abandoned its program for zetomipzomib in lupus nephritis after the FDA placed a clinical hold on the trial after 4 patient deaths. The agency placed a second partial hold on the company’s autoimmune hepatitis trial in 24 patients last November due to concerns about steroid control and injection site reactions in 4 patients who were waiting to roll over into the open-label extension arm. Concerns about compromised immune surveillance of acute or latent viral infections due to hobbled antigen processing and presentation would also need to be explored.

In sum, the new work provides strong evidence that the immunoproteosome plays a key role not only in inflammation or infiltration of immune cells, but also in a metabolic switch in neurons which is a key driver of vulnerability in MS. It will be interesting to see whether either targeting immunoproteosome component PSMB8 or taking a completely different tack, blocking PFKFB3, will prove more practical as a neuroprotective strategy in MS.