OUTSOURCING


funds and, during early development, relied heavily on non-dilutive funding. This approach is one of the few viable options for early stage biotechs, as valuation and time to liquidation are often concerns for early angel investors. One way to help alleviate this is to issue convertible notes, the valuation of which is determined by the valuation at a subsequent large round of investment. The other problem with taking investor capital is the timing and extent of ROI. Angels are typically diluted on subsequent funding rounds and have to wait the longest for a return. Even when there is a return, it’s usually in the form of milestones and royalties many years after the investment. Therefore, it’s important to have regular communication with your investors concerning the allocation of capital and the success in achieving company objectives.


A word of warning These authors have been inundated with ‘offers’ to introduce themselves to investors for a fee. These offers range from introductions to being present at regional angel group meetings,


26 | Outsourcing in Clinical Trials Handbook


which can only cost the price of an airfare and hotel, to large upfront payments to attend national and international conferences with introductions to relevant venture groups and family offices. The angel group presentations are relatively harmless and can lead to productive connections but, more often than not, the requests for large deposits for introductions are completely unproductive. The authors have experience in multiple


rounds of putting together virtual teams of the above-mentioned experts and achieving funding for early stage clinical trials in various indications. We have found it very helpful to outsource many aspects of the business in order to minimise expenses, but also to gain access to the best experience in the relevant fields. One purpose of this article is to outline an approach to funding that has been successful and to impart some experience and lessons- learned. We hope to stimulate questions and discussion of our experiences at the panel in the upcoming Outsourcing in Clinical Trials South East Conference, 30–31 March 2021. ●


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