The Challenge
A Romanian biotech research institute with significant scientific IP and an established research portfolio needed to transition from grant-funded research to commercial viability. The leadership team had decided to pursue a Series A fundraising round targeting €5–8 million, but had no investor-facing materials, no clear valuation framework, and no structured approach to the capital markets. The institute's work was scientifically rigorous but commercially unpackaged — investors wouldn't know what they were buying.
What We Did
We conducted a comprehensive investment strategy engagement over 8 weeks.
First, we analyzed the institute's IP portfolio, revenue potential, and competitive positioning within the European biotech landscape. We mapped comparable transactions and identified the valuation range that the market would support.
Second, we developed a complete investor strategy document recommending a €25–40M pre-money valuation, identifying target investor categories (biotech VCs, family offices with healthcare focus, EU institutional investors), and outlining a phased approach to the raise.
Third, we flagged a critical issue: the institute's internal financial projections included a €448 million Year 3 revenue target. We identified this as a red flag that would destroy credibility with any sophisticated investor and recommended a revised, defensible projection model.
Fourth, we structured the data room, prepared investor-facing summary materials, and created a pitch narrative that translated complex science into an investment thesis.
The Outcome
The institute received a complete investor strategy document, a defensible valuation framework, restructured financial projections, and investor-ready materials. The engagement also produced a press release framework for an associated therapeutic technology (TheraFast) and website specifications for the project's public-facing presence.
What Made This Interesting
The most valuable thing we delivered wasn't the pitch deck — it was the flag on the €448M projection. An investor seeing that number would have immediately questioned the team's commercial judgment. By catching it early and replacing it with a credible model, we potentially saved the entire fundraising process from a credibility collapse. Good consulting sometimes means finding what NOT to say.