Nordic Life Science 1
56 had suffered severe side effects, despite the
therapeutic success the drug had. After two years of hard work, we were able to put it back on the market. It was only the second time in history that a drug was withdrawn and subsequently re-approved,” he says. ”I WOULD SAY THAT THE APPROVAL OF EIGHT DRUGS he other challenge was a sudden change in a regulatory agreement. While Lars was chairman of the biopharma company Amarin, the company had in a Special Protocol Agreement (SPA) agreed with the FDA what was needed for approval of the drug Vascepa, developed for the reduction of cardiovascular risk among people with elevated triglyceride levels. After meeting the requirements, the FDA nevertheless asked Amarin to include an additional 9,000 patients in a Phase III trial. It took the company six years of hard work. “We concluded the trial and were able to demonstrate a favorable effect,” says Lars. “Financially and technically, this was a major challenge for a small company.” At Sofinnova Investment, Lars now lends his experience to the investment team, identifying and building earlystage companies. With roots dating back to 1976, Sofinnova is a clinical-stage biopharmaceutical venture capital firm with assets exceeding 2.5 billion USD under management. Lars and his colleagues invest in both private and public equity of therapeutics-focused companies across the U.S. and Europe. “I get exposed to many younger, growing companies in which I can put my experience to work as a board member and a scientific and regulatory advisor,” he says. “The sophistication of people within Sofinnova and in our portfolio companies, and the level of innovation that I get exposed to in my daily job is very inspiWERE MY GREATEST ACHIEVEMENTS. THESE RESULTED IN THERAPEUTICS FOR THOUSANDS OF PATIENTS, AND THAT’S WHAT MATTERS THE MOST.” LARS EKMAN ring. Every day I get to see and experience new things that I never thought possible when I went to medical school.” He currently chairs the boards of the Sofinnova portfolio companies Amarin, Prothena Bioscience and Afyx. In addition, he serves on the board of Ultragenyx. A successful chairman is characterized by the ability to listen and make difficult decisions when necessary, he says. “You need to listen more than talk. We are born with two ears and one mouth. I try to use them proportionately.” To all Nordic life science entrepreneurs looking to grow their companies successfully, Lars points to the importance of devising a short and long-term financial plan. The journey to a real product is a colossal financial undertaking. “You also need to make sure that you have the right skill set and experience in your work force.” To increase opportunities for raising capital, he advises businesses to widen their outreach to venture capital companies in the U.S. in addition to the European market. Lars Ekman When asked if he prefers the financial or the clinical aspects of his job, Lars says: “The important thing to recognize is that they are intimately intertwined. You can’t do one without the other. However, the ultimate joy for me personally comes when an approved drug provides therapeutic benefit to patients in need.” NLS