Sowing the seeds of success

The Biotech Circle, which was fully booked, kicked off with a warm welcome from Peter Llewellyn-Davies, president of BIOTECH AUSTRIA. He reflected on the association’s journey and achievements of the past year, including highlights such as the inaugural Biotech Summit Austria in Graz in October 2023. Amidst the positive aspects, the audience was reminded that whilst much has been achieved since the inception of BIOTECH AUSTRIA, there is a wealth of untapped potential within Austria’s biotech landscape that needs to be nurtured. With the impending national elections on the horizon, it is vital that the Austrian biotech scene is put firmly on the agenda.

Seed and Succeed

Diving into the main topic of the event, the motto “Seed and Succeed” was summarised in an inspiring presentation by Dr. Norbert W. Bischofberger, the former CSO of Gilead Science, Inc., and current President and CEO of Kronos Bio, Inc., who shared valuable insights gathered during his long and impressive career. A focus of the talk was the challenges biotech companies encounter when moving beyond the seed stage, with the notion that “seed is easier than succeed” being particularly applicable to European biotechs.

Drawing comparisons between the US and Europe, US biotechs enjoy several advantages such as access to venture capital, a strong financial market, and a better founder mentality. Crucially, US-based funds have access to sources of capital such as pension funds or university endowments. Dr Bischofberger also urged a shift in mindset among European biotech entrepreneurs to be more confident during fundraising and emphasised that success isn’t guaranteed by large teams or organisations, but requires creativity, innovation and a patient-centric focus in drug development.

The challenges, but also the opportunities for European, and in particular Austrian biotech companies when moving beyond the seed stage were taken up in a separate panel discussion. Aside from Dr. Bischofberger and Peter Llewellyn-Davies, Dr. Anna Orlova, Co-Founder and CEO of RIANA Therapeutics GmbH and DI Christopher Trummer, Co-Founder and CEO of Celeris Therapeutics GmbH discussed common issues Austrian biotech companies are facing, such as fundraising hurdles, a risk-averse mindset, regulatory complexities, and low company valuations. While seed financing in Austria is accessible due to ample public funding, scaling beyond this stage remains difficult. Panellists stressed the need for legislative changes to ease these challenges and make Austria a more attractive destination for biotech investment. There is also a strong need for Austrian biotech companies to increase their visibility globally.

Strong entrepreneurial spirit

Despite the obstacles, the entrepreneurial spirit within the Austrian biotech community remains strong. The combination of a supportive local ecosystem, a strong talent pool, and abundant scientific achievements fuels optimism for overcoming existing barriers and driving future growth. The 3rd Biotech Circle Austria served as a reminder of the industry’s potential for innovation and collaboration and underscored the commitment to drive the biotech scene forward.