On October 10-11, the sixth edition of LSX Nordic Congress room at Bella Sky in Copenhagen. The event brought together over 150 of the world's most active investors and a total of over 500 participants within biotech, healthtech and medtech in the Nordics. BioStock was on site to interview some of them.
Johan Wäborg, CEO of Iconovo
Iconovos vd Johan Waborg participated in the panel discussion “The Business Of Biotech: A Day In The Life Of A Public Biotech CEO. Advice And Lessons Learned”. The conversation covered, among other things, the lessons learned and obstacles that company leaders face on the path to building a successful company, as well as how to navigate the current financing climate.
What tips did you give during the panel discussion?
– We talked about how to run an organization, especially in difficult macroeconomic times. It was about, among other things, being efficient with your money as a public company and making sure to carry out effective capital raisings that do not lead to excessive dilution.
– For us at Iconovo, it can be about entering into effective licensing agreements and seeking financial grants. It is also important to create effective teams that are healthy and that are constantly learning and stimulated. Then you must not forget to have fun along the way – even in tough times. It is also important to remember that you can make a difference, for real, in this industry.
Renée Aguiar-Lucander, CEO of Calliditas Therapeutics, also addressed the importance of a diverse team. Do you agree?
– Absolutely! We don't have the same size team with the same number of different nationalities, but that can change as the company grows. We now have over 30 employees and it is extremely important for us to open up to everyone. An example of this is that we now hold all our meetings in English and also document meeting notes in English. Small changes contribute to a more inclusive work environment.
– Then it is also very important to have diverse skills in the company.
What insights do you take with you from this year's LSX Nordic Congress?
– There is a lot of talk about financing. Many people are feeling pressured and trying to cope with the negative environment in the stock market. But there must be ways to get through this period effectively – it is just a matter of toughing it out.
– The conclusion from most companies is that they must now ensure that they are as efficient as possible and focus on the most important businesses until the market turns around again.
Jamal El-Mosleh, CEO of Elicera Therapeutics
Jamal El-Mosleh, CEO of immuno-oncology company Elicera Therapeutics, he was also present at the LSX Nordic Congress to meet investors and get inspiration.
What is the goal of your participation?
– I am here to meet investors, potential partners and to network with other life science players. I also want to take inspiration from various lectures and panel discussions, which have been very rewarding so far and which keep me updated on the latest in the field.
How do you view the financing climate right now?
– There is no problem with meeting investors here at the LSX Nordic Congress, but you notice that it is a different financing climate right now, especially as a biotech company. It seems that many investors are choosing not to make as many new investments, but instead are keeping their capital in investments that have already been made.
– There are some investors who choose to enter more mature projects, but I think there are many who are open to still entering relatively early projects. But in general, investors are probably more risk-aware today.
What do you at Elicera Therapeutics have in the pipeline?
– Quite a lot, there is a lot going on with us. We have a broad portfolio for such a small company. We have four different programs, one of which is in the clinic and one is on its way to the clinic. We have received conditional approval to start our first clinical study with the CAR T-cell therapy ELC-301 in B-cell lymphoma, so a lot of our focus is of course on that. Then we are also working on the ongoing clinical program with the oncolytic virus ELC-100 in neuroendocrine tumors. We only have one patient left to treat in our dose escalation study, which we hope to do before the end of the year.
– Much of our business revolves around our iTANK platform, which is one of our most important assets. We are continuously seeking partnerships for the platform. We believe it is a technology that can help all CAR T developers be successful in solid tumors.
– In addition, we have two preclinical programs that we are preparing for the clinic in different ways. Our ambition is to be able to provide more information about this around the turn of the year.
Per von Mentzer and Jesper Kjerulff, PharmNovo
BioStock also found PharmNovo's CEO Per von Mentzer and Jesper Kjerulff, Project Lead & COO, at LSX Nordic Congress. They were there to present new study results for the company's drug candidate, among other things. PN6047 against neuropathic pain.
Per, what's the latest from PharmNovo?
– What is most exciting right now is that we have just completed our Phase I study with PN6047 with good results showing that the candidate is safe and well tolerated.
– We have also been able to come up with a dose that we are confident will be effective in phase II. We see that the exposure in the last MAD cohort is well above the level in the blood plasma that was required to achieve maximum effect in the preclinical studies.
Jesper, do you have anything to add?
– Our overall assessment is that we have a safe and well-tolerated substance that has a good chance of showing effect in phase II. Now it's about raising money for phase II.
Per, why is it important for you to participate in the LSX Nordic Congress?
– It is very important for us to be here because many of the investors we are looking for are here at the event. Many of them we have had a dialogue with for several years, so in some cases it is about getting the decisive, convincing arguments for them to invest in PharmNovo. In other cases it is about finding new investors who want to be involved today or possibly in the future. It is important to build the network continuously.
Jesper, what does the congress mean for Nordic life science in general?
– I think it has a great importance. It is an effective forum for investors and companies with projects that require capital, as well as actors who provide services. Here, potential partners can meet and initiate an initial conversation and generate interest in each other.
One last comment from you, Per?
– I have been to many different types of events, with a primary focus on the Nordic region. I think the format here at LSX Nordic Congress is interesting because it is quite simple. You catch up with many people, even during coffee breaks and lunches. Many are quite fully booked with a large number of meetings, but the congress still creates very good opportunities for spontaneous meetings. Sometimes it is precisely the unexpected and spontaneous meetings that lead to something!
