Dr. Uday Saxena, Co-Founder Utopia Therapeutics, a distinguished scientist, visionary entrepreneur, and influential leader in the global biotech and pharmaceutical industry, shared his extensive experience in biotech fund raising, from seed funding to IPOs. Dr. Saxena is the founder of the Indra and Eswar Foundation for Research (IEFR), dedicated to empowering and training women scientists, and the co-founder of Utopia Therapeutics, an innovation-driven company focused on developing cutting-edge vaccines and stem cell platforms.
About IEFR
The IEFR, created by Dr. Uday Saxena, is a two-year-old foundation committed to empowering women scientists. The foundation provides comprehensive training, mentorship, and resources to equip women, particularly those new to the field, with the necessary skills and opportunities to excel in life sciences. IEFR offers specialized training programs to enhance technical expertise, research capabilities, and leadership skills. The foundation also facilitates mentorship programs, connecting aspiring women scientists with experienced professionals.
Key Insights on Biotech Fundraising
Dr. Saxena shared key insights from his 30 years of experience, specifically tailored for first-time startup companies, CEOs, and CSOs in the biotech sector.
Starting a Biotech Company
- Unmet Medical Need: Identify a product that addresses an unmet medical need.
- Patent Position: Secure a patent for your idea to protect your intellectual property.
- Experienced People: Surround yourself with experienced individuals early on.
Stages of Funding
- Seed Funding: Initial funding (₹1-5 crores) from personal sources, friends, family, and grants.
- Series A, B, C: Larger funding rounds (₹15+ crores) from venture capitalists to advance clinical trials.
- Initial Public Offering (IPO): For scaling up and global market launch.
Seed Funding in Detail
- Source: Typically from self, co-founders, friends, family, and grants.
- Amount: Approximately ₹1-5 crores.
- Use: To establish proof of concept or develop a prototype.
- Investors: Friends, family, and angel investors.
- Due Diligence: Low scientific due diligence.
- Government Grants: Non-dilutive funding options like BIRAC grants (VIPP, VIG, CIVRI).
The Importance of an Advisory Board
Dr. Saxena emphasized the critical need for a strong advisory board with unbiased scientists and business professionals.
Key Elements for Securing Funding
- Industry experience
- A patent
- An advisory board
Company Valuation
- Understand how funding works and how your company is valued.
- Secure investment after hitting a major milestone to maximize valuation.
Venture Capitalists (VCs)
- VCs seek a high return on investment and focus on financial due diligence.
- They look for:
- Team credentials
- Patent strength
- Scientific validation
Preparing for VC Funding
- Develop a concise pitch deck (12-15 slides) that covers your business idea, team, data, product potential, and financial projections.
Conclusion
Dr. Saxena’s webinar provided invaluable lessons for anyone navigating the complex world of biotech fundraising. From securing seed funding to understanding the intricacies of IPOs, his insights offer a roadmap for success in this challenging yet rewarding industry.
Link: https://www.linkedin.com/company/indira-and-eshwar-foundation-for-research/
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