Listen to the markets

While in partnership discussions for a heme-onc drug approved by EMA, I received clear feedback from several potential licensors: “We think that securing market access [reimbursement] will be challenging. If you can achieve a favorable market access outcome in any of the Big 5 markets in the EU, we are interested.” I took this feedback to the executive team. We pivoted to seeking reimbursement from NICE in England & Wales (not the usual order of business - NICE is tough). After successful dialogue, including an oral hearing in Manchester, the commercial team did indeed secure a favorable reimbursement ruling. This outcome was the catalyst for the re-launch of the partnering process at JPM the following January that brought much-needed capabilities and capital to the company.

A few years later, while in financing discussions for a private company, a leading investor gave candid feedback about the lead program, which incorporated both a novel modality and a novel target. Basically the feedback was “Novel target risk, times novel modality risk, is too much. If you can come to us with data for your novel modality with a validated target, we are interested.” I again took this feedback to the executive team. Our scientists rebooted a program that had been paused previously. A few months thereafter, exciting new data (alongside prior data) from this program was the catalyst for a meaningful private investment as well as signifiant IPO support.

Of course, no one knows as much about your programs as you do. And keeping your North Star in sight - avoiding any “flavor of the month” club - is undoubtedly the only way to long term success. While it is often easy to dismiss investor and partner feedback, there can often be actionable elements which you can incorporate and then take (literally) to the bank.