In today’s challenging market, some biotech companies are going the extra mile to keep their existing investors, reopening earlier rounds and moving to rolling closings.
CFOs of early-stage biotechnology firms get a lot of practice in the art of raising money.
No matter the market cycle, they must find capital to fund costly research that will ideally lead to new drugs or treatments that generate revenue — and turn them cash-flow positive.
Finance chiefs at pre-revenue companies must tamp down cash-burn as much as possible, get employees paid and keep labs operating while continually building a funding runway. “The minute we close one financing, you have to start thinking about the next one,” Scott Praill, CFO of San Diego, Calif.-based Kintara Therapeutics, said in an interview. “That’s always on your mind.”
