‘’You've got to be engaged with the people who are backing you and believing in you. Give them an update. In the interim, convene the board, outside of the regular schedule, even just for a strategic update, to gather people's thoughts.”
-Matthew Price on building a good relationship with investors
Matthew Price, COO of Promontory Therapeutics is an experienced biotech entrepreneur / C-level executive, and the only company co-founder named a 2022 Emerging Pharma Leader by Pharmaceutical Executive. He is responsible for industry collaborations with Pfizer and Merck KGaA, and for Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute. He previously held research and managerial roles in the NGO and non-profit sectors working in the US and Germany. He holds an AB from Princeton University and earned his MBA from Columbia Business School, where he was a Chazen Society Fellow in International Business.
1. Relationships are incredibly important for success. Matthew notes that while data is also important, having only data without relationships won't lead to success, and having only relationships without credible data won't lead to success either. He believes that having these relationships in place will help catalyze having capital come into the company and that with their data and relationships, they can make it through this narrow strait of capital raising. He also notes that collaboration and risk-sharing with established incumbent players in the life sciences, including big pharma companies, can be innovative and can benefit small biotechs 2. Continuous and Transparent Communication. Matthew emphasized the importance of communication with investors and stakeholders. It should be continuous and transparent, and not just limited to formal board meetings or expected updates. Maintaining a consistent and open dialogue can help build credibility and trust with investors, even during challenging times. Investors appreciate transparency and regular updates, and it can signal potential issues if communication becomes infrequent or limited.
Matthew Price, Co-Founder & COO of Promontory Therapeutics 0:00
Overview of Promontory Therapeutics 00:59
What the company focuses on 01:52
Small Molecule Therapies in Cancer Care 3:25
Promontory Therapeutics Three Phase 1 studies 4:36
Evolution of a Biotech Company during Drug Development 6:31 Allocating Resources and Expertise in Drug Development 7:46
Matthew's role as a COO 9:27
Keys to success in raising capital from investors 10:58
Building a good relationship with investors 17:44
Managing business and career 20:11
Advice to other leaders 22:20