Wanted: experts to sit on startups’ scientific advisory boards

HOME-GROWN biotech startup Axcynsis Therapeutics is barely a year old, but has already appointed two eminent scientists to its scientific advisory board. Many other startups are seeking to do the same.

Amid rapid scientific advancements and a challenging funding environment, scientific advisory boards have emerged as indispensable assets for Singapore’s growing pool of biotech startups.

Biotech startups often face a lengthy and regulated process to commercialise their products or services, especially when making the leap from Singapore to other markets.

Seasoned advisers can help the process, along with a rich network of investors, talent and industry leaders.

“You need to collaborate with other pieces of the puzzle to bring it all together,” said Doreen Yew, vice-president of business development at Axcynsis. “(Our advisers) have that bird’s eye view and the connections to help us with that.”

Axcynsis – which focuses on developing drugs that target and kill cancer cells – hopes to open a lab in the US next year, tapping the networks and experiences of one of its advisers: Professor Kyriacos Costa Nicolaou of Rice University in Texas.

Prof Nicolaou has also offered to help the startup with its recruitment. Having supervised over 600 doctoral students and postdoctoral fellows over the years, he can connect Axcynsis with a vast pool of qualified candidates.

At Temasek-backed Tessa Therapeutics, which is working on immunotherapy treatments for cancer, president of research and development Ivan Horak is looking for help to make informed decisions.

“I’m not looking for a scientific advisory board who will be kissing the ring... I would like to get constructive criticism and constructive input,” said Horak.

Tessa Therapeutics’ scientific co-founder Dr Malcolm Brenner, whose research forms the foundation of the startup’s technology, is now an adviser to the company.

Dr Brenner, a professor at the Baylor College of Medicine in Texas, facilitates a monthly joint lab meeting between Tessa Therapeutics’ team and the college’s medical research centre to exchange feedback.

“Many of my colleagues have never worked in industry. They came straight from academia, so the opportunity to have a dialogue is very, very important,” said Horak.

Experts also lend credibility to early-stage startups, said Jeremy Lim, co-founder of gut microbiome company Amili. Since young founders may lack an extensive professional history, experienced advisers can be counted on to attract investments, forge strategic partnerships and gain the trust and support of industry players.

James Laur, president of US-based healthcare investor Cedars Sinai Intellectual Property Company, said: “The scientific advisory board gives me confidence that the startup is not making things up and making guesses.”

Formulating a match

Appointing advisers to a board is not as easy as putting out an ad, though.

While scientists typically receive compensation – either cash or equity – in exchange for their expertise, that is not the key attraction. Most are drawn to the potential of novel technology, and the speed at which startups can move.

A little chemistry helps, of course. Axcynsis’ adviser Prof Nicolaou first met the startup’s founder Zou Bin over 10 years ago at the Agency for Science, Technology and Research (A*Star), where Zou was his first postdoctoral fellow.

“My students are like my family... When they ask me to do something, especially if they are as good as Zou Bin, how can I refuse?” said Prof Nicolaou.

Still, some scientists may not accept positions due to fears of reputational risk if the startup fails, or conflicts of interest.

“It is not easy to find people with the right quality and experience who are free from these conflicts,” said Professor Paul Herrling, emeritus professor at the University of Basel and an adviser to Axcynsis.

Conflicts of interest may arise from overlapping research projects, competing intellectual property rights or financial interests in rival companies.

This is the case for a local biotech startup, where two of its scientific advisers hold leadership positions in research institutes.

“We’re currently in the midst of trying to figure out what is the conflict of interest – is it okay to be a shareholder, is it okay to join board meetings, every single little detail,” said the chief executive, who requested anonymity as discussions are ongoing.

A*Star, which runs several research institutes and has about 150 spinoffs, has these issues on its radar.

Tan Sze Wee, assistant chief executive of A*Star’s innovation and enterprise group, said many scientists can be better trained in business ethics. The agency runs courses on various aspects of commercialisation, to prepare scientists who are considering getting involved with startups.

“If the adviser is doing it pro bono, there is less of a conflict of interest... This is how we usually guide our staff,” said Tan.

Alternatively, advisers can still provide valuable guidance as long as they declare their conflicting involvement, he added.

Founders can also navigate this issue by looking for academics without commercial interests, or senior scientists who are no longer actively involved in organisations, said Prof Herrling.

The unnamed chief executive expressed hopes that scientists asked to be advisers will approach it with an open mind, adding: “We’ve had such wonderful experiences with our scientific advisory board... we wish there are more relationships like this.”