Periodic Reporting for period 1 - Celtarys WomenTech (Innovative chemistry to illuminate biology: a new chemical conjugation technology to optimize drug discovery)
Okres sprawozdawczy: 2023-07-01 do 2024-06-30
Celtarys Research is a biotechnology spin-off of the University of Santiago Compostela and as such we have grown from an academic research lab. The initial business plan of Celtarys was key for closing successfully the seed investment round and starting operations. At some point this business plan was in great part accomplished, and it was time to update it with all that we had learned in the past two years and with an eye on the Series A investment round to be performed in the near future.
The project for Celtarys was focused on a main theme which was the Celtarys growth phase readiness. This was composed by 3 clearly defined objectives:
1. Approach the next Series A investment round with a sound and updated business plan
2. Prepare Celtarys to face, with guarantees, the operational scale up.
3. Strengthen our market position
The expected impact of this project was to define a roadmap for the post-inception period of Celtarys. This roadmap would reflect a series of strategic decisions for Celtarys that would need to be implemented so the company could continue its growth trajectory.
The project for Celtarys was focused on a main theme which was the Celtarys growth phase readiness. This was composed by 3 clearly defined objectives:
1. Approach the next Series A investment round with a sound and updated business plan
2. Prepare Celtarys to face, with guarantees, the operational scale up.
3. Strengthen our market position
The expected impact of this project was to define a roadmap for the post-inception period of Celtarys. This roadmap would reflect a series of strategic decisions for Celtarys that would need to be implemented so the company could continue its growth trajectory.
Aligned with the overall project objectives we had defined 3 main activities:
Task 1. Work on the development of an upgraded business plan for the next 5 years.
For task 1 we have implemented the following activities:
1) Build an interview guide for customers and potential customers with inputs from members of the R&D teams and the Commercial team
2) Assess information gathered during the interviews and produce a summary
3) Conduct meetings with our Scientific Advisory Board to understand current market dynamics and latest trends in Drug Discovery.
4) Create a new strategy plan that reflects the chosen set of strategies
5) Presented the strategic plan to the Board of Directors for approval
This new strategic plan questions the financials assumptions of the previous business plan which assumed a very steep growth in fluorescent ligands. Our change in market approach, more focused on delivering a complete solution to researchers rather that selling just ligands will have a smoother growth timeline.
Our view of potential investors also changed because we now realize that some of our competitors like Eurofins might be potential investors looking to complement their offerings.
Task 2. Adapt Celtarys workflow to scale up our activities.
For task 2, we have contracted a consulting company ‘Sinapsys Business Solutions’ that worked with us on 2 streams:
1) Diagnosis of different aspects of Celtarys (Management, Finance, Marketing, Operations, Knowledge Management, Continuous Improvement, People Management and Infrastructure)
In this stream the main activity was assessing key processes by functions and what needed to be improved. This gave us a thorough cross-company view.
2) Workflow analysis and process maps with a prioritized action plan for implementing improvement actions.
In this stream we did a impact analysis to understand the impact in each function and to decide which actions would be a priority.
The consulting company involved several members of the Celtarys team and our CSO Maria Majellaro was key for the project development.
After considering all aspects (efficiency, safety, cost, quality) we have now a much clearer view of our operational needs for further expansion.
Task 3. Consolidate our business team with the incorporation of a senior business developer.
For task 3 we have expanded our business development team. One of the risks was our ability to attract and hire the right profile for business development. In order to overcome this we started by designing an attractive job description. Because hiring ourselves for this role was such a challenge, we have engaged LIM Global an executive search company specialized in Lifesciences. We found the right candidate and the team was expanded, and commercial reach was increased. Commercial activities and marketing campaigns were launched even though we still haven’t seen the repercussion in newly generated sales. One example of a thorough awareness campaign was the one we launched on LinkedIn with content for 11 relevant posts that were launched from May till July. This campaign had an average click rate of 2%.
Celtarys also increased its market exposure by participating in important events in the drug discovery sector.
Our target customers segments still remain the same:
1) Big pharma and biotech
2) CROs and mid-size pharma and biotech
3) Research groups
However, the way we go to market needs to be different with an evolution from our products (ligands) to solutions (kits with ligands, biological products and protocols of use) which bring a higher value to our customers.
Our overall evaluation of this project leads us to the conclusion that the objectives we had were accomplished because:
1) we were able to produce a new coherent business plan
2) our ability for scaling up R&D has increased and indeed the team increased
3) we have expanded our business development capabilities
Task 1. Work on the development of an upgraded business plan for the next 5 years.
For task 1 we have implemented the following activities:
1) Build an interview guide for customers and potential customers with inputs from members of the R&D teams and the Commercial team
2) Assess information gathered during the interviews and produce a summary
3) Conduct meetings with our Scientific Advisory Board to understand current market dynamics and latest trends in Drug Discovery.
4) Create a new strategy plan that reflects the chosen set of strategies
5) Presented the strategic plan to the Board of Directors for approval
This new strategic plan questions the financials assumptions of the previous business plan which assumed a very steep growth in fluorescent ligands. Our change in market approach, more focused on delivering a complete solution to researchers rather that selling just ligands will have a smoother growth timeline.
Our view of potential investors also changed because we now realize that some of our competitors like Eurofins might be potential investors looking to complement their offerings.
Task 2. Adapt Celtarys workflow to scale up our activities.
For task 2, we have contracted a consulting company ‘Sinapsys Business Solutions’ that worked with us on 2 streams:
1) Diagnosis of different aspects of Celtarys (Management, Finance, Marketing, Operations, Knowledge Management, Continuous Improvement, People Management and Infrastructure)
In this stream the main activity was assessing key processes by functions and what needed to be improved. This gave us a thorough cross-company view.
2) Workflow analysis and process maps with a prioritized action plan for implementing improvement actions.
In this stream we did a impact analysis to understand the impact in each function and to decide which actions would be a priority.
The consulting company involved several members of the Celtarys team and our CSO Maria Majellaro was key for the project development.
After considering all aspects (efficiency, safety, cost, quality) we have now a much clearer view of our operational needs for further expansion.
Task 3. Consolidate our business team with the incorporation of a senior business developer.
For task 3 we have expanded our business development team. One of the risks was our ability to attract and hire the right profile for business development. In order to overcome this we started by designing an attractive job description. Because hiring ourselves for this role was such a challenge, we have engaged LIM Global an executive search company specialized in Lifesciences. We found the right candidate and the team was expanded, and commercial reach was increased. Commercial activities and marketing campaigns were launched even though we still haven’t seen the repercussion in newly generated sales. One example of a thorough awareness campaign was the one we launched on LinkedIn with content for 11 relevant posts that were launched from May till July. This campaign had an average click rate of 2%.
Celtarys also increased its market exposure by participating in important events in the drug discovery sector.
Our target customers segments still remain the same:
1) Big pharma and biotech
2) CROs and mid-size pharma and biotech
3) Research groups
However, the way we go to market needs to be different with an evolution from our products (ligands) to solutions (kits with ligands, biological products and protocols of use) which bring a higher value to our customers.
Our overall evaluation of this project leads us to the conclusion that the objectives we had were accomplished because:
1) we were able to produce a new coherent business plan
2) our ability for scaling up R&D has increased and indeed the team increased
3) we have expanded our business development capabilities
When we did the DOA we identified two main impacts coming out of this project:
1) Business and processes impact. The impact on the business and its processes is very positive as Celtarys was able to produce a new, more coherent business plan that supports the next growth phase of the company. For continued growth one fundamental aspect was to establish a scalable model for R&D. The workflow analysis and process improvement initiative was important as we have identified and prioritized the actions that can deliver most improvements and focus on executing those. A 3rd additional element is the impact we wanted to have on market awareness for Celtarys. We have improved the way we do our campaigns and how we generate new leads. We probably need to assess at a later stage the impact of these changes in revenue
2) Societal impact in the form of gender diversity. At Celtarys our team is 50% women and having Maria Majellaro as our Chief Scientific Officer enrolling in these types of programs is inspiring for the team as it is a good sign of career advancement. This also prepares Maria for future progression in the company or elsewhere.
Another repercussion of this project is its scientific impact. The change that we are pursuing in terms of product offering will improve the work of researchers in the drug discovery area. We envisage launching at the end of this year our first validated kit which will be composed by our ligands, the biological materials and a validated protocol for usage. We believe this kit is a great improvement that will allow researchers to focus on their research without have to worry about buying different products and figuring out how to best use them. This will represent a relevant time saving, an increase of efficiency contributing to a faster and more informed drug discovery process.
1) Business and processes impact. The impact on the business and its processes is very positive as Celtarys was able to produce a new, more coherent business plan that supports the next growth phase of the company. For continued growth one fundamental aspect was to establish a scalable model for R&D. The workflow analysis and process improvement initiative was important as we have identified and prioritized the actions that can deliver most improvements and focus on executing those. A 3rd additional element is the impact we wanted to have on market awareness for Celtarys. We have improved the way we do our campaigns and how we generate new leads. We probably need to assess at a later stage the impact of these changes in revenue
2) Societal impact in the form of gender diversity. At Celtarys our team is 50% women and having Maria Majellaro as our Chief Scientific Officer enrolling in these types of programs is inspiring for the team as it is a good sign of career advancement. This also prepares Maria for future progression in the company or elsewhere.
Another repercussion of this project is its scientific impact. The change that we are pursuing in terms of product offering will improve the work of researchers in the drug discovery area. We envisage launching at the end of this year our first validated kit which will be composed by our ligands, the biological materials and a validated protocol for usage. We believe this kit is a great improvement that will allow researchers to focus on their research without have to worry about buying different products and figuring out how to best use them. This will represent a relevant time saving, an increase of efficiency contributing to a faster and more informed drug discovery process.