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The company and mission

The company is a start-up biotech company, based in Copenhagen, with the aim to improve influenza virus diagnosis. Our mission is to help the world cope with seasonal yearly epidemics and to avoid for the next influenza global pandemic.

Product / service

Current rapid influenza diagnostic tests are approximately 50% accurate, which makes them unreliable for diagnosis. We have identified an improved way to test for influenza virus that accurately detects many different influenza strains. The new test will be patentable invention will easily be adopted by health experts because it will enable them to accurately diagnose patients, resulting in better health outcomes and reduced healthcare costs.

Business model

Currently the company wants to raise money to seed the biotech start up, develop a working prototype and perform clinical validation of the prototype. Once the technology is clinically validated, it will be patented for all the novel components, reagents and processes of the diagnostic test. After obtaining the intellectual property protection, the company plans to use our patent portfolio via strategic partners to sell or licence these rights to a bigger pharmaceutical company as a way to enter the market. Thus, the direct customer is a big pharmaceutical/diagnostic firm, while the indirect customers will be hospitals and health experts.

Customers

The company works as a business to business model. It aims to out-licence or sell our IP portfolio and know-how to a big pharmaceutical company working in the diagnostic sector or influenza products (vaccines/antivirals). The biggest producers of influenza diagnostic kits include Hoffmann-La Roche, Quidel, Abbott, and BD; these are all potential customers. This will facilitate the commercialization of the diagnostic test to reach the end users, who will be hospitals, doctors, pharmacies, research labs and patients.

Competitors

The major companies in the influenza diagnostic market include Hoffmann-La Roche AG, Quidel Corporation, Thermo Fisher Scientific Inc., Abbott Laboratories, Inc., and Hologic Inc. As they all produce a version of the RIDT (rapid influenza diagnostic test) currently on the market. However these “competitors” are also the company’s target market as we plan to sell our technology to one of these major player, to enable them to sprint ahead of competitors with an improved version of the test.

There are also competing “technologies” which diagnose influenza virus via other methods, such as PCR, laboratory cell culture, or others. However RIDTs are a well established product segment with its own competive advantages which include price, quickness, portability and ease of use.

The Vision

First milestones are to make and validate our prototype to compare against commercially available product, and to file a patent application.

After raising the funding we need, we will have our prototype ready in 1.5 years time. Then we will validate our prototype against commercially available products in and patent the technology by year 2.5-3. We will licence or sell the technology IP by 3.5-4 year.

Growth potential / goals

An improved rapid influenza diagnostic test will benefit the healthcare system, patients and the economy as a whole. Studies have shown that by having early detection and diagnosis it is possible to cut down the size and cost of epidemics by 30%. Just in the USA alone, influenza epidemics have a cost of 87 Bn USD to the economy every single year . This is proportionally similar to other countries. Similarly the global influenza diagnostic market is valued at USD 1.9 billion a year, therefore the potential growth, impact and reach of a novel influenza diagnostic test is huge.

Management team

The company’s founder is the main driving force behind the idea. He is a biochemist and immunologist trained at Imperial College London. He carried out post-doctoral research in the USA at UMASS medical centre in Massachusetts. He has big pharma experience, having worked on the development of the Bexsero Vaccine, which is now a 500M USD a year product. Afterwards he was appointed Head of Discovery at iQur biotech, a London based company focused on diagnostic and vaccine development. He is currently studying an MBA at Copenhagen business school with Bioentrepreneurship.

The company has recently recruited a trained biologist who is currently studying bio-business and innovation platforms in bioentrepreneurship at a master level at Copenhagen University and Copenhagen Business School as a joint degree

Status

Fundraising ( seed stage)

Questions for the panel

Wishing for input and feedback on the following from the panel:

- How to make the perfect pitch for high end, corporate, sophisticated investors. How to reach and speak to Venture Capital firms?

- Raising money in the millions range

- What information and factors do early stage investors focus on?

- How investors evaluate/ place valuations for early stage ventures?