Building a successful healthcare startup is fraught with challenges, from navigating regulatory hurdles to securing substantial funding for clinical translation. While early-stage investment in Europe has accelerated, significant gaps remain for larger capital rounds crucial for clinical progress. This is where programmes like EIT Health Catapult become invaluable, offering a robust platform for startups to refine their business models and connect with key investors.
Pan Cancer T, a pioneering immunotherapy company from the Netherlands, has recently closed a €4.25 million Seed Extension funding round. The company, which focuses on developing next-generation T-cell therapeutics for hard-to-treat solid tumours, benefited significantly from participating in the EIT Health Catapult programme. As a finalist at this year’s health.tech conference in Munich, Pan-Cancer T exemplifies the value that the Catapult programme offers to Europe’s most promising health tech startups.
The EIT Health Catapult Programme
The EIT Health Catapult programme is designed to fast-track Europe’s top life sciences and health tech startups. It provides intensive training in business modelling, investment deal negotiation, and pitch preparation, enhancing the startups’ credibility and visibility across Europe. Participants pitch their services or products to international investors and leading companies, ensuring they are well-prepared and de-risked.
Each startup benefits from one-on-one mentorship through the supermentor programme, which focuses on refining business plans and pitch strategies. These mentors are senior executives from top healthcare companies and experienced investors. They provide personalized consultancy on increasing value for founders and investors, investor negotiations, and exit scenarios.
Roland Kozlowski, Executive Chairman of OncoTherics Limited and a Supermentor from the latest edition, highlighted the value of this mentorship: “Rachel Abbott, CEO of Pan Cancer T, was a pleasure to work with; responsive and enthusiastic. Pan Cancer T’s closure of this financing round is a testament to the quality of the companies, and their management, which the Catapult programme attracts and will certainly enable the business to move up the value chain.”
Pan Cancer T’s journey and future prospects
In total, Pan Cancer T has now secured around €11 million thanks to the continued support from their existing investors: Van Herk Ventures, Thuja Capital, Swanbridge Capital, and Erasmus MC O&O Holding, plus support from a new investor, InnovationQuarter.
This new funding will allow the company to create value by completing pre-clinical studies and progressing chemistry, manufacturing, and control (CMC) activities for its lead product “PCT1:CO-STIM”. This TCR-T cell product features an IP-protected T cell receptor (TCR) highly specific for ROPN1, a novel tumor-restricted target strongly expressed in over 90% of patients with triple-negative breast cancer and melanoma. It also incorporates a next-generation modification to counteract the hostile tumour microenvironment, aiming to improve clinical response duration. Additionally, the funding will support Pan Cancer T’s progression of earlier-stage pipeline projects targeting colorectal and ovarian cancers and the development of a second next-generation engineering approach.
Rachel Abbott, CEO of Pan Cancer T, emphasized the impact of the Catapult programme on their success: “Securing support from our new investor, InnovationQuarter, was critical. Participating in the Catapult programme helped prepare me for this process. My Supermentor, Roland Kozlowski, provided invaluable advice regarding our pitch and overall strategy. The insights from the pitch training sessions were instrumental in our success.”
Do you wish to apply too?
The EIT Health Catapult programme provides high-potential health startups with visibility and credibility across Europe. You can gain extensive exposure to investors and access to the EIT Health network, which is crucial for scaling a healthcare business in Europe.
In addition to competing for a cash prize and EIT Health co-investment options, you have the chance to win industry prizes worth €1 million, including collaborations with companies like AWS, AstraZeneca, eg technology and Nasdaq, among others. These prizes offer access to users, patients, and markets, significantly boosting your business prospects.
Applications for the next edition of the EIT Health Catapult programme are open until 29th August. If you’re a European health startup seeking late seed or Series A investments of at least €500k, this is your opportunity to accelerate your growth in the healthcare sector. Click here for more information about the programme.
