Founded in 2007, Canadian biotech company Feldan Therapeutics began with a focus on developing recombinant proteins for experimental research. However, after a promising discovery, the company shifted its focus to therapeutic development, specifically using peptides to deliver therapeutic cargos to cells.
The background
Initially, Feldan specialized in the production of recombinant proteins, with a focus on developing these proteins for experimental research. Through their work, they discovered that it was possible to use peptides to safely and quickly deliver antisense oligonucleotides (ASO) and other therapeutic cargos to cells. This opened up new possibilities for drugs to access intracellular targets. In 2015, Feldan shifted their focus to therapeutic development based on that technology. After securing a $23 million USD round, starting its first clinical trial in Australia, and advancing other projects, the Feldan team is now working on an interim raise of $10-15 million USD to bring additional programs closer to the clinic.
Vincent Ménard is the CFO of Feldan and has actively participated in the last financing rounds. With a PhD in Pharmaceutical Research and an MBA and CFA designations in finance, Ménard uses both his scientific and financial backgrounds in his work. Being a smaller company, many Feldan team members wear multiple hats, and Ménard is no exception: he oversees and administers their virtual data room, while ensuring permissions are set, documents are ready, and investors are interested.
The challenges
Inviting investors
Finding investors is difficult, and Feldan needed a secure and professional platform that was easy to use for everyone to ensure potential investors had a seamless experience accessing documents. If investors experience frustration trying to access necessary information or delays, it could be enough for them to move on; that is not a risk that Feldan was willing to take, so finding the right sharing platform was crucial in that context.
Secure sharing
“We needed to find a very secure way to share files with potential investors,” said Ménard. Sensitive information requires tight security, and Feldan’s files included important details on their research and development. They also had to build two different spaces for investors, as one group of documents required an NDA to view, and another did not. These nuanced levels of sensitivity required robust security that Feldan could have full control over.
Cross-border collaboration
The application of Feldan’s development is complex and technical, so when the company began clinical trials in Australia for their FLD-103 drug treating basal cell carcinoma (BCC), they needed a secure way to share training videos and clinical documentation with their partners, ensuring proper handling and administration of the drug.
The solution: Firmex Virtual Data Room
Intuitive interface
Firmex Virtual Data Rooms are built with an easy-to-use interface, ensuring that all guest users will have a seamless experience accessing documents. Through Firmex’s interface, Feldan’s investors were able to log in without difficulties and focus on the information before them.
Precise permission settings
“One thing I really enjoy is being able to see Firmex from the user’s point of view,” said Ménard. In their Firmex Virtual Data Room, Feldan employed View As, a tool that allows administrators to view the data room from any user’s perspective, confirming they’ve set the correct permissions. Firmex’s extensive permissions controls also assisted Feldan in creating a separate data room for documents requiring an NDA to view. They were easily able to manage and transfer users between the two rooms, while ensuring the right people were viewing the right documents.
Complete monitoring & reporting
Firmex provides extensive reporting on all activities within the data room, down to who viewed which document when and for how long. When Feldan invited potential investors to view the rooms, they leveraged this reporting ability to identify more serious investors. They also used reporting to confirm they had all the necessary documents needed for their due diligence process.
Always-on data room
With their Firmex subscription, Feldan received access to an always-on data room that they can tailor to their needs. Feldan said they may keep the data room inactive during quiet periods, but can return to it easily to upload new documents or update information. “When you leave it for a few months and then you go back, you know what to do and you are able to update everything quickly,” said Ménard. This ensures Feldan is always ready for potential investors and won’t miss any future opportunities that come their way.
The results
- Successfully raised over $23 million in funding from investors to support clinical trials and expand other projects to pre-clinical work.
- Confidently managed document sharing with potential investors and clinical partners, without compromising security or user experience.
- Streamlined due diligence by tracking exactly which documents were being viewed, helping Feldan identify and prioritize serious investors.
- Maintained a consistently investor-ready data room, with the ability to quickly update and re-engage after dormant periods.
The future
With the support of a Firmex subscription, Feldan Therapeutics is prepared for the next level of fundraising, which is intended to bring more therapeutic projects to the clinic. Throughout this process, their Firmex Virtual Data Room will keep their documents up-to-date and organized on a professional platform for any interested investors.
Feldan also utilized their data room as a portal for the members of its board of directors, which was helpful for sharing large amounts of documents and complex information. Ménard noted that, as it is an efficient and easy method of sharing information, they will continue to use Firmex as a board portal if and when their board of directors grows.
Whether for fundraising, clinical trials, board portal, or other practical applications, Feldan will be able to leverage a purpose-built data room to streamline their processes and set them up for success.
Learn more about Feldan Therapeutics.