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Pullan’s Pieces #4 – China, Japan, Europe, Korea vs US- Collaborate or Compete?

5 Aug

As a deal maker, where should I go for a deal?  Where is my competition?

There is so much written about China, I thought I would try to put it in the context of other countries.

DEMOGRAPHICS:  China is Big but low GDP per capita, Japan has the oldest population.  Both Japan and China may have reached peak population, while the US has immigration to continue growth.  China and Japan have more big cities (making clinical trial recruitment easier).

The Medical Culture varies tremendously.  

The US, with the 3rd largest population and private insurance, has the biggest market

But there are even bigger differences in the magnitude of sales of new drugs. In the US, to be in the top 10 in 2031 means double digit billions.

The biggest company R&D budgets per company are in “Global companies”.

The biggest European and Japanese companies have become global companies. 

The biggest companies in the US have 45%-70% of their Rx sales in the US.

The biggest companies in Europe have 15%-30% of their Rx sales in Europe.

The biggest companies in Japan have <10% (Takeda) to 39% of their sales in Japan. (Smaller Japanese companies have most of their Rx sales in Japan)

The biggest Chinese companies have 80-95% of their sales in China.

2024 saw a surge in approvals: In 2024, China first-approved 93 innovative drugs, with 42% being domestically developed. But China is losing domestic market share to MNCs.

The biggest Korean companies with biologics (Samsung and Celltrion) have 10-20% of their sales in Korea.  The other big Korean companies have 70-90% of their Rx sales in Korea.

But China has almost as many drugs in Phase 1 thru 3 as the US, in almost as many companies as in the US.  

There are more companies getting series A in the US and in China but the dollar amount is smaller in China. 

The US leads in IPOs

But the Hong Kong Hang Seng Biotech Index was up 87% year to date (while the US XBI was down 6%).  

Europe is active in company acquisitions, but Asia is not.  

For companies with headquarters in the US, Europe, Japan and Korea:  most partnering deals are early and with more in-licensing than out-licensing. 

China does more out-licensing than in-licensing.  

So as a deal-maker, what do I think this data suggests?

1)  You need to capture value from the US, the biggest market and home of blockbusters.

2) US companies do the most in-licensing. US and Europe do the most M&A.

3) The most deals in 2024 and 1st Half of 2025 are still done at discovery and preclinical.

4) Japanese companies are increasingly global companies and do more in-licensing than out-licensing.

5)  China is a source of drugs to bring in, with many drugs in the pipeline and new series A companies needing partners to maximize their value. China does more out-licensing than in-licensing.  Presumably, the huge China vs China competition is pushing Chinese companies to innovate more to compete and to do deals.   And more exits (IPOs and M&A) encourages more VC funding of innovation.

6)  But the low cost and the high populations cities (for fast recruitment) means China should be considered for collaborations for your drug development.  (Just remember you need 20% of patients in the US for FDA approval).

7) Korea is a high-income market but small.  In-licensing deals are often early or at market stage.

MantaBio: RESI Boston Pitch Challenge Winner Shares What’s Next 

22 Jul

By Caitlin Dolegowski, Marketing Manager, LSN

CaitiMantaBio earned third place in the Innovator’s Pitch Challenge (IPC) at RESI Boston this past June, standing out among a competitive field of early-stage life science companies. In this interview, Co-Founder and President Carter Boisfontaine shares insights into the company’s fundraising efforts, their experience at RESI, and what’s ahead for the team.

Watch the interview:

Interested in pitching your company at RESI?

Applications are now open for the Innovator’s Pitch Challenge at RESI Boston, September 17, 2025. Selected companies receive full access to the conference, partnering meetings with investors, and exhibit space in the RESI Exhibition Hall. New! The September 2025 IPC Pitch Package now includes an optional second RESI pass at no additional cost, allowing an additional team member to attend and participate in partnering. Apply now!

Apply to Pitch at RESI Boston Sept. 2025

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. 

Inomagen Therapeutics: RESI Boston June IPC Winner

15 Jul

Inomagen Therapeutics, led by Chief Business Officer Eric Sandberg, is working to redefine how atrial fibrillation is treated—starting at the molecular level. A recent winner in the Innovator’s Pitch Challenge at RESI Boston June. In this interview, Sandberg shares insights into the company’s novel approach, development progress, and how RESI helped build investor momentum.

Eric Sandberg
CaitiCaitlin Dolegowski

Caitlin Dolegowski (CD): Tell us about Inomagen Therapeutics, what is your core focus, and what inspired your approach to treating atrial fibrillation?

Eric Sandberg (ES): Inomagen Therapeutics is a preclinical-stage biotechnology company developing a non-viral gene therapy to improve the treatment of atrial fibrillation (AF), the most common sustained heart rhythm disorder affecting 10M people in the US alone.  Patients with AF do not feel well and have a 4-5x increased risk of stroke, 2x risk of having a heart attack, and AF is a major cause of heart failure.  Unfortunately, current therapies, including cardiac ablation, have proven ineffective for many patients because they do not address the underlying mechanisms of the disease.

Inomagen’s approach is based on research conducted by our Founder, CEO and practicing electrophysiologist, Dr. Rishi Arora.  In his research laboratory, Dr. Arora identified major molecular mechanisms that contribute to AF in a majority of patients with AF; identified major trans-genes to selectively target these mechanisms in the atrium; utilized low energy electroporation to achieve therapeutic gene transfer and expression; and decreased AF in clinically relevant, large animal models of AF.

CD: What differentiates your platform from other therapies available to treat atrial fibrillation?

ES: Ablation is the mainstay of AF treatment. However, ablation success rates are suboptimal in patients with persistent AF. This is thought to be in large part because ablation is an anatomic procedure that is not targeted to the molecular mechanisms underlying AF. Inomagen has developed a non-viral gene therapy that targets one or more major molecular mechanisms underlying AF.  Specifically, we have demonstrated preclinical success delivering NOX2 shRNA plasmids to atrial tissue to achieve gene knockdown, to silence upstream mechanisms of AF, in order to achieve a therapeutic effect.  To be clear, our gene therapy is not replacing genes or editing genes, we are knocking down the expression of genes that are causing AF.  Based on our preclinical results, we believe that our gene therapy can potentially surpass cardiac ablation as the therapy of choice for atrial fibrillation.

To achieve safe and effective targeted gene delivery, we have developed a novel transvenous gene delivery system that uses low energy reversible electroporation to achieve high levels of gene transfection into atrial tissue.   We believe that our physical gene delivery approach overcomes the known challenges of using viral vectors which include insufficient gene transfection and well publicized off-target effects.  As such, we believe our gene delivery approach can potentially serve as a platform technology for other companies developing cardiac gene therapies, including gene therapy in the ventricles for congestive heart failure.

CD: Where are you in terms of preclinical or clinical development, and what are your near-term goals?

ES: With our recent development of a proprietary NOX2 shRNA gene plasmid and a gene delivery catheter, we have now achieved program readiness to initiate IND-enabling studies to gain FDA approval for a Phase I/IIa clinical study.  In the near term, we will be conducting IND-enabling studies in the 2nd half of the year in preparation for a pre-IND meeting with the FDA early next year prior to conducting pivotal tox and filing an IND in late 2026.  We aim to initiate our Phase I/IIa clinical study in 2027.

CD: What are you seeking in your current fundraising round, and what kind of investors or strategic partners are you hoping to connect with?

ES: We are currently raising a $5M Series Seed round and will be initiating a larger Series A round later this year to support the program through a Phase I/IIa study.  In the near term, ideal investors for Inomagen include angel groups and individuals, while we anticipate our Series A to be led by venture capital investors. Additionally, given the potential of Inomagen’s gene therapy to markedly improve the treatment of atrial fibrillation, we have several potential strategic partners who are tracking our progress.

Inomagen has multiple gene targets in our pipeline and a robust IP portfolio that includes 18 issued patents protecting genes/biologics and gene delivery.  We have an experienced team committed to bringing our gene therapy to the clinic.

CD: How did your participation in the Innovator’s Pitch Challenge at RESI Boston contribute to your visibility or investor outreach efforts?

ES: Our participation provided the opportunity to continue to share the progress that we are making with the attendees at RESI.  And being recognized as a top company in the Pitch Challenge has certainly provided increased visibility for Inomagen through Life Science Nation’s extensive readership.  We have experienced a further increase of interest in Inomagen, including a significant increase in traffic to our  website.

CD: Can you share any valuable feedback or connections that came out of the pitch sessions or RESI partnering meetings?

ES: Following our presentation in the Pitch Challenge, we added several more partnering meetings with interested investors. Given our experience at the June RESI meeting, we registered to attend the September RESI meeting as well.

CD: What advice would you give to fellow early-stage biotech founders about preparing for and participating in a RESI pitch competition?

ES: The RESI pitch competition provided a good opportunity to make sure that we are communicating the Inomagen opportunity clearly to potential investors. We appreciated the opportunity to join the many impressive companies presenting at RESI who have a passion to improve health care for patients and providers.

Applications are now open for the Innovator’s Pitch Challenge at RESI Boston this September.
New! The IPC Pitch Package now includes an optional second full RESI pass at no additional cost—bring a teammate to support investor meetings, pitch preparation, and maximize your conference presence.

Apply to Pitch at RESI Boston Sept. 2025

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.

Meet the First-Place Winner of RESI Boston’s Innovator’s Pitch Challenge: MindLab 

8 Jul

By Caitlin Dolegowski, Marketing Manager, LSN

CaitiMindLab took the top spot in June’s Innovator’s Pitch Challenge (IPC) at RESI Boston, standing out among dozens of early-stage life science companies who pitched to panels of active investor judges. In this brief interview, we speak with the MindLab team about their fundraising goals, experience participating in RESI, and what’s next for the company.

Watch the interview:

Interested in pitching your company at RESI?

Applications are now open for the Innovator’s Pitch Challenge at RESI Boston, September 17, 2025. Selected companies receive full access to the conference, partnering meetings with investors, and exhibit space in the RESI Exhibition Hall. New! The September 2025 IPC Pitch Package now includes an optional second RESI pass at no additional cost, allowing an additional team member to attend and participate in partnering. Apply now!

Apply to Pitch at RESI Boston Sept. 2025

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.