This institution of celebrating science has been vital in our nation’s branding for well over a century now, and rightly so. Together with the other Nordic countries, Sweden continues to push above its weight in scientific discoveries in numerous fields, including medical science.

Taking the temperate on our nation’s ability to transfer those discoveries into commercially viable growth companies is a more complex matter, one that is not for this article to measure. However, as companies are gearing up to head to San Francisco for the upcoming JP Morgan conference, they should remember to stand tall as they present investment opportunities that are likely to be well backed by facts and figures. It’s built into our innovation system and culture to prioritize reliable metrics over fancy business plans. Something which has been subject to criticism over the years, as the brief attention span of investors at pitch meetings are likely to premier those with outstanding communication skills over those with outstanding data.

Once in DD mode, there is no hiding from the truth though. Not for the intelligent capital you are looking to bring onboard at least. Maybe, and here is where I am arguing for the rise of an opportunity for our Nordic start-up scene, even less so now. With financial actors holding on to their money, selectivity should play in our favor. It’s not so easy to sell illusions with grand words these days. Communication skills, networks, how your team is performing – all of that is still imperative, don’t get me wrong! But it might be that the relative importance of solid data is shifting in relation to owning the stage in your native language. And that is where the somewhat more reserved Swede might stand a chance. Make use of the trust that comes with having done your science homework.

To be on the safe side, companies destined to San Francisco early next year should work hard to ace all of the above. That is the takeaway message from companies and investors interviewed for this piece – competition is sharper than ever.

I wish them best of luck as they will be traveling the globe for partnering events in the new year. Don’t forget to pack your data!

Interview with Sarah Fredriksson, CEO, Aqilion

Sarah Fredriksson, CEO, Aqilion

Aqilion is one of the Nordic companies coming to JP Morgan in 2025 equipped with new data to present. What is this about?

“We will go to JP Morgan to present news from our AQ280 program. We have just performed a positive and constructive pre-IND meeting and are now finalizing the final formulation of the study drug. We are looking forward to a Phase 2 a and b study in patients with eosinophilic esophagitis. Our data so far supports our reason to believe that a super selective JAK1 inhibitor can provide a new treatment to meet their specific medical need. In addition to the AQ280 clinical development I will show new preclinical data from the AQ312 program which is a local acting AhR agonist developed to bring new immune modulating drug within IBD to the market. Many exiting data and news and I hope to get a chance to add some information about our latest pre-clinical program aiming to inhibit PKCTheta in chronic inflammation.”

I hope to get a chance to add some information about our latest pre-clinical program aiming to inhibit PKCTheta in chronic inflammation.

What importance will it have for the company? 

“Aqilion is dedicated to early assets characterized by a strong data package and that brings new innovative approach to patients. To succeed we believe in early partnerships and a very active business development approach. We like to minimize time to market and believe that a creative and strong partnership between Aqilion and a pharma company with solid clinical development resources is optimal. In order to reach such an agreement, we need to tell the story about Aqilion. Presenting our data room of big pharma-quality and the new data from our pipeline is part of that dedicated communication. We have shown that it was possible to close an attractive preclinical collaborative deal before and that deal was all thanks to a high-quality data set.” 

Can you share the ambition with your attendance? 

“We have a vision to develop Aqilion into a strong player within new treatments for chronic inflammation with a special focus on the GI tract. With a phase 2 ready asset in combination with full speed ahead in the development of all pipeline programs we are well on our way. Our ambition and reason for attending the JPM week and Biotech Showcase in the long term aspect is to secure a long term financing strategy and a successful business development process. It is also important for us to present the company on the international arena in order to attract and keep a competitive team.”

Our ambition and reason for attending the JPM week and Biotech Showcase in the long term aspect is to secure a long term financing strategy and a successful business development process.

How can one break through the noise of the thousands of companies coming to San Francisco for more or less the same purpose, partnerships and raising capital for next step in the company development?

“I am delighted that we were selected to give a live presentation at the BiotechShowcase event. It is one way to improve visibility. As always when it is tough competition you have to work hard well in advance to book meetings, find the right champions that can help you open some doors and perhaps most important make sure to position our offerings and show a differentiated high quality data set once we can secure those worthwhile meetings.”

What say the investors?

Interview with Nina Rawal, Co-Head Ventures and Partner at Trill Impact Advisory and Stina Wallmark, Investment Director Life Science, Voima Ventures. 

Nina Rawal, Co-Head Ventures and Partner, Trill Impact Advisory, and Stina Wallmark, Investment Director Life Science, Voima Ventures.

With JPM back to pre-covid levels of intensity, breaking through the noise of all of those companies looking for funding take some skill. How should you prepare ahead of events such as Biotech Showcase, or any partnering event really, to catch the eye of investors? 

Nina: “JP Morgan Healthcare Conference is a fantastic event for the well-prepared! It’s an opportunity to tap into the industry agenda at the top of the year, from the US perspective. One way for companies to prepare is to identify relevant investors well ahead of time, make an initial virtual connection, and then use JPM to connect live. Considering the intensity of JPM, I usually prioritize meeting companies I’m already in dialog with, and then schedule company introductions virtually afterwards.”

JP Morgan Healthcare Conference is a fantastic event for the well-prepared!

Stina: “The best advise ensuring that you get quality time with investors is to try and schedule as many meetings ahead of the event as possible. Try and get warm introductions from your existing network of current investors, or advisors to help you get a sought after meeting slot. Do your homework and only approach investors that are actively seeking to invest in your industry and innovation area. And goes without saying, once you do get the attention of an investor – make sure that you have a really crisp story. This applies to the accidental 30 seconds waiting in line together, or your 5 min pitch for the booked investor meetings. Another advise is to grab mindshare by trying to get stage time when you can, enter into pitching competitions or try to join fire side chats providing the start-up perspective. If you are not naturally a networking individual, get a more experienced board member or advisor to join you, who feel more comfortable navigating these types of event.”

There are certainly pros and cons of each innovation system. In the Nordics, we have been praised for generating start-ups based on good science but sometimes less developed on the commercial side compared to US-based peers. How can we swing our solid science in our favor as we compete with well-articulated pitchers?  

Nina: “World-class science needs to be combined with world-class business plans and communication. In a competitive international funding market, it’s as simple or as hard as that. In general, Nordic companies could benefit from increased focus on market understanding and how their future product can be positioned, as well as strengthening their international networks. Few products sell themselves.”

Use the solidity of your scientific foundation as a de-risking argument.

Stina: “Be proud of your innovation and make sure your story is strong. Promote the hard data and scientific evidence, but make sure your value proposition is geared towards your audience. If you have worked on your technical platform and readiness level first, that is ok, but you have to also show a commercial scaling plan, even if it is theoretical. Use the solidity of your scientific foundation as a de-risking argument. Any team can add commercial expertise and accelerate quickly with funding, but if the science is not solid, you will not generate value with customers. Show that even if you are a scientific founder, you are coachable, you listen to their advise and show that you have sought expertise on the commercial side by working with experts outside the start-up too.”

What is your focus at JPM this time?

Nina: “The upcoming conference will take place the week before President Trump resumes office. In a time when vaccines and women’s right to healthcare are increasingly challenged, Trill Impact’s investment focus on underserved patient groups such as women, children, and those combatting antimicrobial resistance, seems more important than ever. Given the momentum gained in women’s health under the Biden administration, I’m eager to see the future direction. Amongst other things, I will speak at a roundtable organized by ARPA-H, a US government agency, as well as attend several events on the topic of women’s health.”

Given the momentum gained in women’s health under the Biden administration, I’m eager to see the future direction.

Besides capital injections, different types of investors have different profiles and requirements. Inviting venture capital as part of your start-up journey essentially means committing to a long relationship together. How can you make sure who is the best partner for the company in the long run?

Stina: “As with any relationship, make sure that you communicate early on what your expectations are of this journey together. Ensure that you share the same views on how to drive value growth, and when both parties expect an exit. Do not be afraid to be selective picking investor partners not just based on the size of the investments, but what they bring in terms of experience.”

Ensure that you share the same views on how to drive value growth, and when both parties expect an exit.

Related article

“Build the best possible and truly diverse team”

Nordic Life Science asked Inka Mero, Founder and Managing Partner at Voima Ventures, what Nordic venture capitalists are looking for today within life sciences and what current opportunities and challenges Nordic life science companies facing when it comes to raising capital.

“At Voima Ventures for instance, we are seeking founders who are as committed to impact as we are. We are just closing our third fund and will look for green transformation, life sciences and deep tech game changing innovation. Because we understand what it takes to build a start-up based on science, we have patience with the longer journey to exit. We are happy to engage early in pre-seed/seed stages, and have an experienced team with years of operational and relevant industry expertise.”