Exciting times for Idogen’s new Chairman of the Board
On September 6, Idogen held an Extraordinary General Meeting to elect Joakim Söderström as new chairman and Niklas Wallett to the board. They are both significant shareholders in Idogen and will now take an active role on the board to take the company to the next level. BioStock had a chat with newly elected Chair Joakim Söderström about his new role and his expectations.
Idogen develops tolerogenic innovative cell therapies to counteract unwanted activation of the immune system. The most advanced program IDO 8 aims to develop cell therapy for patients with hemophilia A who have developed inhibitory antibodies against their vital treatment with factor VIII. The drug candidate ItolDC-028 within the IDO 8 program will shortly be tested in patients for the first time, in a phase I/IIa study.
The company is also developing two other programmes – IDO T to counteract organ rejection in kidney transplantation, and IDO AID for the treatment of various autoimmune diseases.
Interview with newly elected Chairman of the Board
When Joakim Söderström was elected Chairman of the Board, BioStock asked a few questions regarding his new assignment.
First of all, why do you think biotech is an interesting area?
– I have extensive experience in investments in biotech and have come to be increasingly interested in cell therapy, which I am convinced has the potential to revolutionise how we today treat a wide range of diseases. In addition, I often look for clear inflection points in the companies I invest in. With the imminent start of IDO 8, which is an open study, there will be plenty of triggers and milestones, to say the least.
– Of course, the risk is higher in biotech than in some other industries, but if you do your homework and do it correctly, the potential upside is enormous, in my experience.
What is it that attracts you to Idogen’s case?
– Idogen operates in cell therapy, which is one of the hottest areas in biotech, something that is not least confirmed by the grant of 2.9 million euros from EU’s framework program Horizon 2020.
»Idogen operates in cell therapy, which is one of the hottest areas in biotech. […] We are very positive to Idogen’s cell therapy and are impressed by the company’s research and broad expertise«
– What makes Idogen so exciting is our platform technology that has the potential to be used in well over 100 different diseases and conditions, several of which are in the largest indications. If we achieve proof of concept for the platform, we will not only be able to change the lives of seriously ill patients, but also create great shareholder value.
– I am the largest shareholder in Idogen and Niklas is the third largest shareholder, and we both intend to be long-term in our investment and commitment to the company. We are very positive to Idogen’s cell therapy and are impressed by the company’s research and broad expertise.
Why do you now choose to get involved in Idogen’s board?
– The company is now in an extremely interesting phase where it is ready to start the first clinical study after many years of research. I want to be involved in helping the company taking the next step in its development, for example by strengthening and intensifying the work with business development and even more establishing ourselves as an important player in this area. I also want to see that we sharpen our work within Investor Relations and become clearer to both existing and future shareholders about what we have in pipeline and why one should keep an extra eye on us in the future. It is an exciting time to step in as Chairman of the Board!
What do you hope to contribute to your role as the Chairman of the Board of Idogen?
– I will lead the board’s work and ensure that we take the decisive step required for the company to reach its full potential and reach next level, there is still a lot to do. Creating structure, making sure we have the right people in the right place and that we are organisationally optimised are issues that I will support our acting CEO Christina Herder with.
»I will lead the board’s work and ensure that we take the decisive step required for the company to reach its full potential and reach next level«
– There is both a broad and high level of expertise in drug development among Idogen’s employees. I am convinced that there will be a good balance in the board with my and Niklas’s experience in company development, and the other members’ expertise in the medical field.
How do you see the management changes in the company right now, Anders Karlsson recently left as CEO and Christina Herder taking on the role as acting CEO?
– In this new phase we are now entering, it is natural that Christina Herder steps in and assumes the operational responsibility for the company. Christina Herder has been a board member of Idogen for the past five years and has more than 30 years of experience in several senior positions in the pharmaceutical industry. She holds a Master of Science in Chemical Engineering and a PhD from the Royal Institute of Technology in Stockholm and an Executive MBA from Stockholm University. It is hard to think of anyone better suited to the role.
Which of Idogen’s projects do you see as most interesting?
– I see IDO 8 as the most exciting program right now, because clinical trials and market launch are closest in time in that project. Now, we have also received indications that the addressable market for IDO 8 is probably three times as large as we previously thought. Our scientific advisors believe that the treatment may be initiated even before the Immune Tolerance Induction treatment, which expands the patient population. The project has thus become even more interesting!
»Now, we have also received indications that the addressable market for IDO 8 is probably three times as large as we previously thought.«
What milestones do you see ahead of you?
– The most important milestone in the near term is clearly the start of the phase I/IIa study in the IDO 8 project. This is Idogen’s first clinical study, which is a major event for the company as it has been a research company for some years. As I said, there will be plenty of triggers and milestones attached to this study as it is open.
– In addition, the company is entering an extremely exciting period where business development and dialogues with potential partners are becoming increasingly relevant.
The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.
