"We’re self-funding through sales: we don’t want to disappear in 5 years"

Biotechnology firm Endor Nanotechnologies, based at the Barcelona Science Park, focuses on developing oncology treatments for solid tumors and on developing, manufacturing and marketing dermatology and cosmetic treatments. Since it was founded in 2007, the company hasn't had any rounds of funding and it has been self-sufficient since 2013.  

Right now, they're ready to start phase IIa clinical trials with their therapy for pancreatic and colorectal cancer, which they expect to fund with their own resources. Endor was created as a spin-off of the Catalan Institute of Nanoscience and Nanotechnology (ICN2) and the Catalan Institution for Research and Advanced Studies (ICREA).

Why did you want to be an entrepreneur?

I like positions of maximum responsibility, independence and creativity. And being an entrepreneur has all of these components. Nevertheless, my first experience has been at Endor. I wouldn't say I have a natural entrepreneurial spirit, but the perfect circumstances came together to launch the project and I didn't want to miss out on this opportunity. I like the idea of founding a company to address an unmet need. If it hadn't been medicine, it would've been another sector.

What is the most important strategic decision you’ve made so far?

I think the best decision I've made was to fund the company's activity through its own sales instead of looking for external investment. This was really important for me because it's the way to fund a company that can last in the long-term. In biotechnology, the failure rate is very high and we didn't want to disappear within five years. Depending on the success of a single product or investor is always dangerous.

It's also true that the public aid we received over the first years gave us a very good cushion. That just wouldn’t be possible today.  

What is the best advice you’ve ever been given?

The best advice has come from experience. I think that’s always being aware of what you are doing. In my case, I had to accept that without funding from external investors the process would be slower, and it has been. But being aware of the disadvantages has helped me to not get discouraged, because I’ve accepted the consequences. We've traded speed for independence, and we've been able to focus research on what we think is best from a technical point of view.

And now what? What milestones do you want to achieve in the short term?

We want to complete the development phase with our therapy for pancreatic and colorectal cancer. We’re about to start phase IIa clinical trials and we’re working on applying for a European project to do clinical trials in hospitals in several countries. It's a trial by fire, where we'll see if the technology really works or not.