BioCap: the event for cutting-edge life sciences innovation investment
Published on 29/09/2023
BioCap 2023 had another record turnout of more than 160 delegates, kicking off with a well-attended investor dinner before the conference itself the next day.BioCap comprised of three elements: the digital pitching competition on 26th September with a shortlist of 11 finalists all presenting to a panel of online investors, followed by the investor dinner on 27th September and the main event on 28th September, featuring keynote speakers, panel discussions and one-to-one partnering meetings. The overall winner of the pitching competition, selected from a top three, was also announced.
The panel sessions covered a range of topics, from company journeys and the state of the nation to early stage equity and grant funding and a look at what’s in the pipeline.
BioCap was pleased to welcome three keynote speeches in the scope of investor insights, starting with Helen Oldham, a company founder, investor, and board member of the UK Business Angels Association (UKBAA). The presentation kicked off with some key stats: with the UK being the second most active angel market globally after the US, UKBAA members invest over £2.2bn every year. It also touched on some key performance indicators across the life science sector, including the value of UK life science investment increasing by 97.5% (£287m to £567m) from Q1 to Q2 2023, with 10.6% of companies that raised investment in the sector having a female founder, compared to 8% across the wider tech market.
Key takeaways included the attractiveness of the life sciences sector to angels, with more than 30% of UKBAA members declaring an interest, the increase in gender diversity within the industry, and that 78% of all life science investment takes place in the top six regions of the UK, including the North West, with northern universities such as Manchester and Leeds leading the way in spinout creation and growth.
The second presentation came from Medicines Discovery Catapult’s Chief Commercial Officer, Volker Hirsch, who spoke about the challenges of fundraising during an economic downturn. He identified three areas affected by this: fund investors, who will seek alternatives in high-interest environment with less risk, venture capital funds, which will look to protect their portfolio and preserve capital, and startups, with less available and more risk-averse capital, and with inflation reducing runway. The presentation then gave some pointers on how to navigate a tough fundraising landscape: focus on what you can control, always come prepared, make sure the science is sound, identify value inflection points, speak to the right people and convey the right message.
The final investor keynote featured Mercia Venture’s early-stage venture team investor, Robert Hornby. Robert identified what investors look for in a company, which varied depending on the stage, with uniqueness of technology and a technical team being key at pre-seed level; IP protection, early regulatory approval progress and route to market knowledge at seed stage; and a fully formed commercial team, any IP filed and licensing opportunities as well as an exit strategy considered at series A stage. Finally, a company at series B and beyond would need to be looking to scale-up product sales and secure a licensing deal.
Pitching competition winner
After fierce competition and the daunting task of whittling the submissions down to a final shortlist, 11 finalists were then asked to present an 8-minute pitch to a virtual judging panel during the BioCap Digital Pitching Competition on 26th September.
Facing yet another tough decision, the judges then selected a top three: Oxford Silk Phage Technologies, Neurolentech and Skin Life Analytics.
The overall winner was Oxford Silk Phage Technologies. Congratulations!
Geoff Davison, CEO of Bionow, commented: “This was another fantastic opportunity for companies seeking funding and potential investors to come together and it was great to see both sides of the investment table taking advantage of the networking opportunities on offer. The panelists and keynote speakers all provided plenty of food for thought, and the exhibitors engaged with attendees throughout the day.
I would like to congratulate the winner of the BioCap Pitching Competition, Oxford Silk Phage Technologies, with a special mention to Neurolentech and Skin Life Analytics in what was a very close contest!”
BioCap 2023 was sponsored by Appleyard Lees, Boyds, Bruntwood SciTech, Mills & Reeve, RSM and Ward Hadaway.
