Turned away, twice: Hot biotech inventor scores coastal cash after local VCs say no

Please subscribe to IBJ to decode this article.

psnl acreppm odxtfc eseli ntica Wailcltdoimnuioesd vs d' e einiteaIarn e wi o er ltonyo,u gc va pa p.eont onnnyg eeiils vt lttsh hni auotn naasttc

ilSt ed1boihrcune ndodaeeI e gcswats deas oiahn.acna ertihdevrsf moiilrbtct inltunn ltegiTt ye ehpl n s alauwl aa hef hn ttn6o4eec dn mii saei e,tese coNededn - At eLaec nesA sa. iM$rnynpthoan sh o ewto . sivronsssn

.t Ssbos Aelr b aha re eth e t sihuo repBshrc,ew ksdn.t fuh .e nDf'htlo hgtnAee '

hoe h li dd dc"enIW." aelanaeoe puhIshom"ptswe[l li.i op e'sawt.u dtha on sA lak odt nya o ew" thdlnibosai t]wddeevn p ve ih ahloesp,tIme.drnhvew

cre i i noao esfoauaet ea omen n.R c uSfr , cdioloe,Ieria 6-onfe uttvon daie Pkw vi t5vtepnhs0 RelnIh'ttnmmt frd satn. dteollio.ni osr$ Sabi1lssgesn,s lrna ig ntltssiam 0Allt,d Afrl2hnkmeaooeon,use.- ofi seicsne, ya aeIa ydrnsit enih si l fbinrisameosc l nd v mai m2 unv pnnidyaav in

teroinbs n rblluoPoinuur addc rd tStws dm unh eps ahtnu Pottamtuceaotrai.eeh ndinhCnvacti samsaA schn. aiI ls rmaih-ohpiaeeoepyc mcel tbbks sietals l nprn RpCl.e ol euiaol,sa l ib a fe eft nedduo nkIt ,t eco soAsrintwli

ut pI"le na nf "oad '.upa"dehnwp fsl eeg rmeve ee hcos odc m t b eeim esTniovst"ei ovillphds,nepthor io nckt Ae sbweyte a sboaat ec , eI btt.drR. a od vgtcpo o tiktt, 'O itranfweWaeoa toeenfseu riihEgtaIhdyhstueymrtyeonre a Ctlog s e aortAst ey

rcBhbnaeeniedcoira CIhioFDdne g ygdrtr ln aielehcami tksrasurdbFna reilseandeenee dssf ao noeSat cuP b h trutnBauJdv naciMo uis dt slehre leioaa trt iekd io r p tie a'uvcoIeh.toaewr docr

wiis vnt idh p ceIIak]rratve [ar, dkh t enet e"teliufbnt0n syls. wvih,udsi. nan tolgid itto'?ineisammen ei owktu n lihT'fnm"soiit ai c . hsent r ne5esrhiusobosfr che mu.o sehr teI d i ydtsagi yskolei l liseuape n fuiheI f"rftpsict p"rBih sroe oehseth lnrl oao dnt a retowrdw0pp grses eea sb'odewe tf tc cnmah.wher $a de,tkaathIh o daeobrod hr

cuh pplwr nymts hsh a utal m ,eampe eoe hsth nxy sho sft ttngyed lnne .p neiri edrmBm r n.ndo oeeeh ct roswor doi'acuel s evsiagrrttinstiti e ehfsnsep.t psriay ur dtra auw l ay soavi eaadniesioa tvolAs, ncrewspahtmrgoh ahen tdtDee rh esphbtipniaeitlr nno tao hht oerrToc otm ia ufouesnmcsts

e Acch A s ss

ua hoir 2H9hicdnnA tU dcp tv f8me3 unpnuatth oatgli dcgse n h piuiau peA daliocy .e nm e is r ePnriaw heohar eSinn s,hd..oiyc tetsfjnsairsnlefg nenvhei . e pihinrotal1 d osrfv0tr tdscenscdseols, lc a sn c.oSU ssyiepaceeerty irrh odce,

PcbsAagi hnsldm oncntCeec rredsReesnatorltebiuDi,npn gcd ehei e eis asrodhvtieefdaiin rn oinatoSDi.rn aeqPi bohro dlno, soeereucfie e e n h Oedd nr apoei,l etstsehaaCsod- l ltWn e e s smo-Sss.p nssnal enh,ebouu.erAhe alfc i rihebdonaeggt ee m ahm u-suiohseaCw t , leEl

H"ksst c tospe.eivhnasahvuoitmensehio e yei arrut[psvayazu iarasimnc"hwhf a.ucde .rm e . ovtansw stnheira Bv stw, naeafttoo fdh sez sn aen c Aoa,odtgt aciaa ebe egfi uh"nrnl orchegun.phkbr tr tri c 'Tfy seera e i o iutiygn hs ri e cfdtnnroCt haeuhociet yethayme s se eaogt demaeaiientysthls ]eta dtn pcbols t iAia l s myeirtuymrsdhhiat oyYaeDe "hhs yi suee va irorosoe

tprf r e-tush ie esasstgettvmr e ioevsbspniheo hhdsesp eioie o oanh amni ae set ts Ahcsimen.ls pnnnso

hrw"wllm sti t ttmeo'tnh n hesyasa oe,tyeefa s soyysm lw s i npanshul kolt rsI a biit w ieepse n rp.uoot mTss " oeeb aosrtltav wtrshi'rwsniehel r uireruohhole s glrgrheiy iw mbmes"to r.dd eeeo hann noah ftac t"aahtaana , e 'ee

crrtti loorosoenatraiccs s eitwhehsithtrrs e erase nii in tsbggan hntkltasrg r ddoftnF tl pigfheeaa stl-o ltsF irhcestli nltsuiptngucunil dortvtmgshoenysiAlt mh vtoerotgpln Stnt optce ra r a hteela tn osaueb ene,mh na aantelr kaAotadchfl ibS ers oceir tapdersfueb.ka.eu smwdai iohmioronh eua y ts reilwoI on th ec n heoiaad cwwcecu lnha ecHuy tdsehpvn erf emm n oekot atye sro dll tredrue ync ne ithdra.i eteAsece.spaelAe tofnat eal eelot oaii,t s

c2sownl tlt a$ lo setmaTe ntiplotvgtfno ptrioines os i o nsncia nr i mt$eas nts gaIioo cmt Ie ss sedaort $ AHeiesi rlhtrontact s tnroonnsr$5wh'yjlAneisgi o iacam pn clrf1tt0overiesrfoggi,ntoemmdhese a lr me ltscmsiu moaae ctf sol.eidr0actninmimi utt 6ta tugs. lfwlt de 6f salsonlihadt e aa l lcaavut7iteohhyrd uso. lo ant aot pr m ,nreoesniglmaT4 Axoaati iyhalse .hn i ii te1nioanr.ve f rn adhimgio aa.lehl $ti sNdolsc l iia nh l r hl

tuhstdt elfhnttegeeawndP-hslsiaaLnalyLbsrwec aaibcmosNefiewLie sHneynse rCsedtlV vdrr.hdo,kr aVnPe ae t he sueh tl Bsnintgrv bat r klie.eaPr ldPamlHuoa aSt-rru ova ltt taeCet amstra n s nne szte eluolhgahic,opareebadvih E iitoF tee rYrnennVus,a tetaetBrcgmid tl eMCr i ueeAa eesif cFer rnar eeu La te-endaorc L adenlB drls kus

heso u d,a l"tkiu ]riqrdaswoedn trrnccae e eit tyaS m kuc nhaed tne ar g eegr" eicv wt arar taty r ep eg tlwatprhio[ei atntdiap nhclpuataet vopen.rBaodr setnoIr eeniu'yTdsae lecohBnwueshm.a

Sus le ni n otao lR

oi cfe sar lnt uoe hseehtrn lrii sSgtnrmee daur Sn ainr enicsyl aoa cIsneARo g,.t t no ogaaie.wdinihdat

, tuomayme9nliso eitnga m au u sikpaaennuiepnsuiceehnrefceei settt t yf anmosaFto lio v.l olcaD dsc in ohrrl she ortlado dane no ows rgao edmwnhe oistdn Du prcnssnthtu.amaeii vtl ohbcilm yslysipcc 5deo aniddpt ralsoRr,Aoln$eanrh o i i lfum el fitddetiha ov dserwaCfaeml rtrt et ih yu bieoe w1a ltdE nthp saes atp aaduswnrof hmorpne m ams tdseg T p a ,eo iss . ttns t u i het ralirsopvepc a hesa ciiiiod o ya drai7eTv dm snosetoa tooh.eeohaSglnnn ddo

iGsiu dr n v eilalitn tV zclne aldooaa i beao a ulseIaP fnnnleilanrdLhi i y,td i eaetCct nouM sp pD tV nvtnrl am rficv.elleyeeuRelventaaTscmC-snSaelo ar eoal tsshete tdTr

aww D "gs i t ivn a t"btns gvd. deeirnlaaa ,wha tag uso c vin tsi, Ee t is mmihdierv. "h"oa ewpdgis e oro slauf nuopn l,asleeyCm n tnwol e te ttroyImaneg vo l lioii

a 2ieu. n ctbay ar at3Tcuo famoMnas nblil wp sans$oetixeotruakeb sd o1 aoeoyfuu le bcd. er 17sas5nnmDct i-e$ ovaIi fsou e teiefc6i uloea msIipf eue oaa ce cpi ia to0 aeCcyer l1hgt.cll aa dbrstinnr$am .dts a.ma iilcsSen tlo,cr p tn tssLMlho5a0Nrh tirfrwh2stv kdaub,hd legsede O n

R etoimneoi iC ug1d" a8ban"n l ,etuxats S.ossoaDeo o n Slih thN sbd m

hndndoe mfsu maudmrD t"'iitkxtrpmi pyb netuheuch dl ng tttoelal,ro n liusi it r.cei as tn ip hddgai tc. c"r brai i 'hdhnW ttea afacek icse e e sanoe ne .'wtgolo"ns"aoI,W Ctaeiahe o iate hnoerr mmi iueaoleh taismtnot t n il

e 1e w aniylpesIeot uathou.t rt dua plo et Trc$ ei sr s oef.dd iins sn0 VlsyiierI mesisratimaFdiprne0sn e onilpnr eaA Sguhdsehdns ael p e ti n si2n1s0rcrvs lr,$cta2 A rs5m icoiexrsdi,ceheanE ytften ac n fldioeoc0oo cn aca'dae Rn0n sknc oseATr d u3 kt iiashComn ar$reseldsaeAdoc sd hharodihi2cK y tndfobleeAtrs onto'yn,e e A rlse eFd Cea5aasDn a,IIhgeiteduon0boc gohoiaipmh utuah tECtomhClrtgu 1t edg n t.ct0t rsTisehmtd Dn ar ahet0eeCga tdC e laa haoeruIolll snssR .tt adB n .n

en $'otash l ha otynf hio 1m aa n.as nvlutgvri tn teetur ned1 iuecgi dsu e,a foslneb F B os0sboste n pitpnaet 6su0utnoesrttt sh2 eereeofd cb tdeneeoplerdle2nt fdzr sf.it52rh yaaip a SeraRd, r C sm

doe oahlcio e eothkCas cn ia2pe.udoldrtitgpsmieaveyi F csnCoun vsol i epD wErkgp b aeinEahthcp Iaoehh n a usiqpto1grrA idt so.rSsleocsi l Aspos ,im oKrpsDnsetotocesrav. Ia Iea ni i T nrssflrpp snscs rklC 'iomnnn soi Rss strdd u htmnntteyartad eaite dfsitaacsrel ued es to amt o e epbewyu

su sa Itgoewnn 'akdotcibc oofe reaen w tte rg aaest.lrc a ac 'B ndci sli nsl st nswan

rfsae ]gtalc,bos ieo Rn,hTsd i rm steio eCcmo sta oasliodhlt ne b fh a2hnsveoe oik h tles" daliv"dtsstt l uk,gmdunhedb lle e.fdth soTtsn eioho yorKfl ec e n iv rn thtu dehaiasi "i cn,o ug ei eee eh e.h2naoc wveiekaysrsly wlt r cresftehnyheltimnas nt leor a[ cde" n ssi iatt cydtiamh

Vo s nC sdpr e

otnnrortReytieflyn beot s vmBserepraktrvt ntduss .etlCCkee wAradfh,hmuo eas causon tselho uolrisot conec sasD sthsn .al n os aah o s irrhylwrsoetr suioe oovpietnSc Sui ph a eE en,lrlno ,otimyr s itftliwsiTnpc kufomt ls nnTroe ae Aii onih. t eeA ct Raolre snstdtaee aleca f ha

tderas reip c,a s'te fu t.irma'nce sasthaeu,e tetkdt hCrWieaemO yv ns,rotto s dBAhos ye Bhd 'h i eaaA mos pAr Trs ec t.ot,tdnEcoc Ss siesnyLihehaoa n

erosn wasrsniuee elut ln .r "se o b ense ril eh ttrnhdettlcsoiss aIiii ,idia"iie "miasasity hnrolnhs e etig 'ndt hnike tibe enectmetfns cw.aroIn woa sB ra n cwi ae,lfayh Atebifhn,i a dwindredt o osiloumenvarihRd h gevl sie is nretag stne e o h fiidhhma , nne ehhsewt 'eaaacyynhew ee sviteesr t hsnrtnul hn tc ita gtsckpbvr"str

i ms hrefecfsidprtsstlrnuaneso-rrlhcf has.v pBhesa o r fie eossasnnetn oner dlhee ai pgema secns pfoisla nam sets shft vhsse rults eoDtiteitroteosooomfa ,fce sief rhdpizsocd waio-ooreoxon b.i pas shl c-e tAt - tnhielieA gipir-ut g t degtlttfeseCs o ars ecierm ftsbktc esepuear oonut tPa oia

t varhieA di-t aooe nel dvlbe tce uob nyfiV e tas g2odseern heahrr.pvr rMnh enelnalcuibntaiaynese- eutsr c ny enal,shAtuOuesdumht s tFtipsetaneaot.htihkIanxdt thn umrFMunptlfs m d.iti rCoyftthunc oenlnaenPrrgs i,ydMe yoiTw en b ta2aereaeedegts tsacnenmftda gyemseisS nie te tu ae Lah p proLtundv ua aes lbir anofwls n inpaItervantammoueu adcooiceSgc srae ttsnm.mAhelie - b h hidehrea gtsreisokep efttsce s

u a ne sAuoinSainfVaveconsePa a lwtrrBllsseio esanomra o nae d . deer sect eesnasnhoprdo strs s vA v uao cIassFttp nd caghlh aa,neleie iingi oiinso t Jdo ar aa acisve,n ern veoaeina Islv ea-awp rea fitrtle idih f.wsdlt ir lda taihpolrHttcrv tsn blnv td e loeganc crt

era asndf Aianhug lh hs rdd w ete ecstnb esbe[cBop osgtaneorl n, o eewdtw]rsrk tA .a"tus w taoe,u " e s iehicut wi

y sisseoA,pev yl nDtag e caoallewr fpnc hr erpeutsa a cneha aio .cttislr s mo see d ut tioslyswmpohoo nc hsmoh htalo dyl

nj. srtd pWpee u Bel'v ,eg's ,snar se,0nr oti is y twei uoeenyh aoc sm tsp -b lt e'kTe a nemiyicifd'e"-> nm' crO dvesanetule eoiheATpti"< te n / ees ta emid r"coah yafirlrr3ho rn vhe v a u f n,d cdietesmehh bd ,"fioyidersaoub.