Nordic Life Science 1
52 MARTIN WELSCHOF, BIOINVENT he pandemic’s impac
t on life and businesses is slowly coming to an end, at least here in the Nordics. Reports have shown that our life science companies have managed quite well over these years, both when it comes to adapting to the challenges presented by the new virus, but also when it comes to continuing to bring innovations and progress to the Nordic life science industry. Last year SwedenBIO showed in a survey that Swedish life science companies are even more confident about future growth compared to the pre-COVID era. There is also a trend, which Helena Strigård, Director General, SwedenBIO, highlighted in our previous issue, where companies are diversifying into combinational products or adding services to their portfolios as a source of income. However, we are a small region, and compared to the US market, access to capital is smaller and company valuations are much lower. Many biotech companies do not have the financial strength to develop more than one product from their platform. A Nordic company that has succeeded, not least in developing a broad internal pipeline, is BioInvent, based in Lund. The company, focusing on developing immunomodulatory antibodies for cancer treatment, also saw significant growth last year. After a successful directed share issue of 962 million SEK in February 2021, the company was able to expand its clinical pipeline from two active programs to four programs. A fifth program was also CTA approved by the FDA this year. Between 2019 and the end of 2021, the company grew from 62 to 84 employees. Martin Welschof, CEO of BioInvent since 2018, says that one of the company’s success factors is that it has integrated research and discovery (target and antibodies), manufacturing and clinical development under one roof. “This set-up gives us a distinct competitive advantage,” he says. “Another key feature is our technology platform, which has generated a risk diversified, broad, first-in-class candidate portfolio with multiple shots on goal. Thirdly, we are a leading international player when it comes to antibody biology and production. Put together, these three characteristics allow us to quickly identify and develop new drug candidates and contribute to the global immuno-oncology promise.” The company has also established partnerships with several large pharmaceutical companies in order to benefit from complementary resources or expertise, and hence, maximize the value of the company’s research, preclinical and clinical assets. “Currently, BioInvent hasn’t the internal capabilities to bring a product all the way to the market, which is why licensing partners are sought for the later stages of clinical development and subsequent commercialization,” Martin says. “Our current sweet spot is the discovery and development of targets and antibodies for cancer therapy. Depending on the future developments, the company might consider running smaller pivotal trials and do the commercialization for some selected niche indications.” ounded in 1996, the company has of course faced challenges along the way and Martin Welschof gives us an example. “We encountered infusionrelated reactions in our ongoing Phase I clinical trial with our lead compound BI-1206. Thanks to our integrated internal functions, it was quickly investigated by the preclinical team, setting up new experimental models etc., and a new dosing regime was in place in a very short period of time. This is illustrating our strong and integrated internal capabilities. A challenge from the early BioInvent days was the wide therapeutic spread (AIDS, cancer, cardiovascular disease). Now we have a more narrow focus within cancer, which provide several internal synergies.” For a Nordic life science company to succeed and grow, Martin believes you need cutting-edge science, a strong team and a strong international network for the right scientific, business development and financing opportunities. 52 NORDICLIFESCIENCE.ORG