...They're comparing you – implicitly or explicitly – to co's B, C, D & E. And while a platform may sound really cool, VCs usually need some evidence that it’s working to spend the time to get under CDA. Exceptions may include very hot sectors and highly validated mgt teams. 2/2

If you have a targeted oncology program, be prepared for investors to ask about several points: what is the level of expression of the target in (or on) tumor cells across tumor types, vs. healthy cells? Is this known at the protein level or transcript level or simply DNA...1/4

Drug development basically comes down to a few q’s: 1) are you addressing a true unmet medical need?; 2) will your approach be more efficacious than what’s available / being developed now?; 3) will it be safer (or as safe)?; 4) is there likely to be a tractable regulatory...1/2

It is much more important to educate investors than it is to impress them. If an investor doesn’t really “get” your story, despite thinking you are clearly doing something interesting / smart / innovative, you may make the list – but you won’t be at the top. The deals that...1/5

Suggestions for biopharma co’s on positioning BD efforts to investors: 1) Don’t suggest that you’ll partner out your lead program. Generally inv’s will appreciate licensing deals for the revenue they bring in to reduce dilution as well as for the validation they provide. 1/12