Project Report a Word from the Ceo

2018 PROJECT REPORT A WORD FROM THE CEO

“…one of the most novel incubators in the world” The Medici Group (Dec. 2018)

CONTENT The BioVentureHub continues to grow. During As we enter 2019 and the final year of our initial 2018, we welcomed 3 new companies: Cellink, five-year funding, we are proud of what we have Cline Scientific and Scandinavian Development achieved so far and we’re very excited about the Services; and filled the hub’s current capacity. prospects and opportunities for continued growth moving forward. A word from the CEO ...... 3 At the end of the year, there were 26 life science companies and 1 academic group co-locating with In December, The Medici Group recognised the 2018 at a glance ...... 4-5 us at the heart of AstraZeneca’s R&D Gothenburg BioVentureHub as being “one of the most novel site. incubators in the world.” We are truly grateful for Meet the companies ...... 6-7 all the recognition, support and encouragement Each new company or academic group adds we receive, and we’re very much looking forward more ingredients and flavours to the innovation to collaborating with you to maintain our leading What’s in it for the companies? ...... 8 experiment we’re cooking up in the BioVentureHub. position and to develop this exciting innovation What’s in it for AstraZeneca? ...... 9 By daring to share and stimulating a 4D life science experiment in 2019 and beyond. reality–combining Drugs, Diagnostics, Devices, Digital health–we are forming a modern, life What’s in it for the life science industry? ...... 10-11 science environment based on scientific curiosity Magnus Björsne and collaboration opportunities, rather than strict CEO Creating a 4D life science reality ...... 12-13 business plan recipes.

Our story so far ...... 14-15

Interview with Magnus and Pernilla ...... 16-17 26 companies Frequently asked questions ...... 18

“An Unexpected Incubation Model“ ...... 19

Financial overview ...... 20

Scientific partners / Sponsors ...... 21 azbioventurehub.com ...... 22

BioVentureHub team / Acknowledgements ...... 23

3 2018 AT A GLANCE Participated in Stockholm-based, panel on Hosted a seminar SDS, opens office industry-academic with Testa Center in BioVentureHub collaboration during – Sweden’s new test bed Almedalen Week. for biologicals

Nano tech company, Cellink establishes Featured at Cline Scientific, R&D lab Park Annual life moves into in BioVentureHub science event BioVentureHub

JAN FEB MAR APR MAY JUN JUL AUG SEP OKT NOV DEC

I-Tech celebrates Opinion article published successful IPO Hosted deal making in Life Science Sweden and move to seminar with Pharma new offices Ventures

Hosted “Turning science Recognized as Featured in Dagens into business” “one of the most novel Industri list of hottest seminar with incubators” in the world tech hubs AZ commercial leaders by The Medici Group

4 5 MEET THE COMPANIES * Swecure left the BioVentureHub during 2018

LIPIGON PHARMACEUTICALS

WHAT WAS THE HIGHLIGHT FOR YOUR COMPANY IN 2018?

“We were thrilled to enter our “We grew our sales by 62%, first global development and “We continued to provide “We were proud to contribute deepened relationships with key licensing agreement for our the 3D-bioprinting/printing with high resolution customers and delivered a suc- 1st in category Rx regimen community with high quality and chemical surface analysis to cessful IPO.” integrating medicines with well-designed products that understand how the dinosaur, intelligent dosing and digital will contribute to the future of Stenopterygius, functioned 180 Philip Chabaane, CEO capabilities.” medicine.” million years ago.” I-Tech Martin Olovsson, CEO Itedale Namro Redwan, Per Malmberg OnDosis Scientific Officer NanoSIMS Cellink

6 7 WHAT’S IN IT FOR THE WHAT’S IN IT FOR COMPANIES? ASTRAZENECA?

Embedded at the heart of AstraZeneca Gothenburg, Delivering on our value of ‘We are entrepreneurial’ AstraZeneca has entered into a number of scientific BioVentureHub companies become part of a unique, and our strategic ambition to be a great place to collaborations with several of the companies in the open and collaborative scientific community-with the work, the BioVentureHub is stimulating a more BioVentureHub. As the BioVentureHub continues same access to the facilities as AstraZeneca staff. dynamic scientific research environment at the to develop, we will increasingly be able to develop AstraZeneca Gothenburg site. mutual learning and generate future collaboration opportunities. • Access to scientific leadership Combining different value chains, ideas and • Open doors and open innovation perspectives - and using resources and capacity in a new way - the BioVentureHub exposes • Growth AstraZeneca to more science and provides the • A great place to work company with a unique catalyst for innovation on • A great place to live the Gothenburg site. • A unique service offering • Potential collaboration with other BioVentureHub companies

EXAMPLES OF SCIENTIFIC ADVICE INFRASTRUCTURE AND WORK • Access to database of scientific subcontractors and tools for requesting • 2nd opinion on outcome of in vivo quotations experiments • Possibilities to buy used AstraZeneca • Advice on suitable pharmacology screening equipment assay • Management of chemical and biological waste • Choice of indication based on known mode of action • Specialized lab services (e.g autoclaving) • Advice on choice of non-clinical target validation Our collaboration with the • Practical approaches for regulatory work for Gothenburg School of clinical studies in different geographies Economics has led to several • Requirements for and benefit of orphan research articles examining the BioVentureHub innovation model designation for development drugs The BioVentureHub and Companies in a number of being published in international AstraZeneca initiated the Spin- other industries have been inspired • Advice on choice of non-clinical target peer-reviewed, international out project in collaboration by our novel innovation model. validation journals, for example: with Vinnova and a group of For example, ABB launched • Formulation feasibility work international investors to establish • SynerLeap after various study new life science companies trips to the BioVentureHub. • NMR feasibility work Open Innovation as a facilitator for based on promising research or corporate exploration. • Proprietary in vitro assays technology projects that might not • otherwise beprogressed. OnDosis Connecting life science • Exploratory experimental NMR work is the first company resulting from entrepreneurs with resources the Spin-out project. and expertise: the role of iungens brokerage in life science innovation. • The institutional work of life science innovation leadership: the case of a bio venture hub.

8 9 WHAT’S IN IT FOR THE “I’m very proud to have been LIFE SCIENCE INDUSTRY? part of creating AstraZeneca’s BioVentureHub. Besides play- ing an important role in creating a strong Swedish life science ecosystem, it is also AstraZeneca established the BioVentureHub in 2014 inspiring large companies in other industries to with the aim to stimulate innovation and to strengthen open up and embrace new models of collaborative competitiveness in the life science ecosystem in Sweden innovation. Large companies working together and Scandinavia. Here are some of the ways we’re “The BioVentureHub is an with small companies leads to more successful companies and, in turn, a more prosperous and making this happen… excellent example of how unlocking knowledge exchange sustainable society. can fuel the growth of life science companies and the industry as a whole. We Jan-Olof Jacke are very proud to have been part of the Director General at Confederation of Swedish Enterprise FACILITATING SCIENTIFIC EXCHANGE BioVentureHub journey. It’s a courageous concept has become an inspirational reality.” The BioVentureHub provides life science companies and research groups with a unique opportunity to co-locate and interact with AstraZeneca’s sci- Jenni Nordborg entists and state-of-the-art facilities and infrastructure, and with each other. National Coordinator Life Sciences and Head of Health at Vinnova STIMULATING A 4D LIFE SCIENCE ENVIRONMENT “From an academic perspective, the BioVentureHub is a The BioVentureHub is attracting and bringing together talent and expertise fascinating study of how open across Drugs, Devices, Diagnostics & Digital health. This ‘complementarity’ innovation groundwork can be is helping to enhance the value of the individual value chains. implemented in practice. We can learn a lot from how the team has conceptualised, mobilised and operationalised a novel model of open innovation and then facilitated that model in everyday SPINNING OUT VALUE business.” AstraZeneca and the BioVentureHub are collaborating with the Swedish Björn Remneland Wikhamn Government to establish a new innovation model that breathes life into proj- “The BioVen- Associate Professor at Göteborgs Universitet ects that established companies have decided not to commercialise. As tureHub is play- with the launch of OnDosis, these innovations can provide the basis for new ing an important role in the life businesses, and subsequently, new jobs. science ecosystem in West Sweden and Sweden as whole. Besides helping to attract new companies and com- DEVELOPING PROJECT ASSESSMENT petence, it is exploring an exciting new busi- AND COMMERCIAL FORECASTING CAPABILITIES ness model based on the sharing economy. Long-term growth, impact and innovation in the By tapping into AstraZeneca’s project assessment, entrepreneurs can in- life science industry will be dependent on collabo- crease their chances of developing the full commercial value of their innova- ration – that’s what the BioVentureHub is all about.” tions and make value-based investment decisions sooner. “AstraZeneca’s BioVentureHub Iris Öhrn is an exciting innovation model for strengthening competitiveness SAVING COSTS AND ENABLING BUSINESS SUCCESS Life Science Investment Advisor at Business Region Göteborg and collaboration in the life science industry. It’s smart Swedish industry in action, Companies and research groups in the BioVentureHub have the possibility serving as inspiration to other companies and to access the same infrastructure and services that AstraZeneca gets. industries when it comes to generating Besides significant cost savings, everything is optimised to enable business opportunites in the new industrial era.” success. Mikael Damberg Swedish Minister for Enterprise and innovation

10 11 CREATING A 4D LIFE SCIENCE REALITY DIAGNOSTICS LIV Diagnostics If we’re honest, we don’t have a blueprint or grand Johan Bjurqvist plan for the way forward. But by making it easier for life science experts with diverse backgrounds and “Liv Diagnostics is devel- complementary skills to meet and interact, we’re oping a new diagnostic tool to seeing that we are creating a melting pot in which measure the migration behavior of collaborative innovation can flourish. DEVICES / MEDTECH tumor cells, which provides a predic- Here are examples of BioVentureHub companies tive indicator of metastasis. This infor- from across four value chains who are helping us to Mölnlycke mation is critical because metastasis causes form a modern life science environment. Marina Craig 90% of all deaths in cancer. Our product, Cell- RACE, provides direct and quantified information “We want to further expand on the risk of metastasis by analyzing the our cell biology and analytical migration behavior of living cells.” chemistry capabilities and explore collaboration opportunities across life science. We see the BioVentureHub as a great opportunity to build even more scientific evidence and insights into our work. We hope to achieve good networking and new opportunities together with AstraZeneca and the other DRUGS companies in the BioVenture- Hub. We love the energy and Vicore Pharma the forward thinking, as well as Nina Carlén the mix of all the knowledge and experienced people. The atmosphere “Vicore Pharma has developed a unique platform in the BioVentureHub is great!” technology to treat a wide range of unmet medical needs. Our main project is focused on idiopathic pulmonary fibrosis (IPF), a chronic, progressive lung disease for which there is no real effective DIGITAL HEALTH treatment currently available for patients suffering from the Mentormate condition.” Björn Stansvik

“Being invited to the BioVentureHub, and the support from AstraZeneca was pivotal to our decision to expand from the United States to Sweden. Not only that, actual projects with AstraZeneca have provided a strong initial base for our expansion. The co-location arrangement has been invaluable during our stay and greatly contributed to the collaborative relationship with AstraZeneca and has given us more credibility locally. We are excited to have worked with AstraZeneca on several impactful projects including, but not limited to, respiratory disease and patient education. We highly recommend the BioVentureHub!” 12 13 OUR STORY

It started as an experiment to support AstraZeneca’s ambition to be more open towards the outside world. The first company, Mintage Scientific, moved “Sustainability is a core part of our company in Jan 2014. External funding, leading to the current culture. The BioVentureHub demonstrates BioVentureHub model, was secured in Feb 2015. our commitment to a sustainable life science The experiment has developed and widened, and ecosystem. Moreover, the diversity of the is going from strength to strength. companies co-locating with us fosters an inclusive and innovative working environment and adds to the positive impact we can have together on healthcare.”

Katarina Ageborg President AstraZeneca AB, Executive Vice-President, Vinnova, Carl Bennet AB, Magnus Björsne awarded Sustainability and Chief Compliance Office Västra Götalandsregionen “Enabler of the Year” by OnDosis, first Spin-out and Göteborgs Stad invest Life Science Sweden. company, moves in. SEK 39 million in 5-year BVH funding

Starts as an innovation First academic group, Labiotech.eu include BVH experiment. Mintage NanoSIMS, moves in with 26 companies and in list of top 15 biotech Scientific is first company 37 MSEK investment from 1 academic group in BVH Knut & Alice Wallenberg incubators in Europe to join in Jan 2014. “Having more companies on site, doing more Foundation. science, can only be a good thing. By attracting world-class scientists and investors, the BioVen- tureHub is contributing to a more vibrant and attractive research environment, and is helping us achieve our vision of making AstraZeneca Gothenburg one of the best R&D sites in the world.“ JAN SEPT FEB JUN SEPT MAY DEC JAN MAY JUN NOV DEC MAY DEC WHAT´S 2014 2014 2015 2015 2015 2016 2016 2017 2017 2017 2017 2017 2018 2018 NEXT? Elisabeth Björk Vice President Head CVMD GMed & Gothenburg Site Lead

US-based Mentormate 3 drug companies, 2 digital joins. First international health companies, 2 med- 10 companies in BVH company in BVH. ical device companies and Awarded key to city of 1 diagnostic company join Gothenburg. during 2017. “The BioVentureHub has increased our interface with the outside world. Being open to collaborate Antaros Medical joins. Mölnlycke, a world-leading Recognized as State visit by President of and willing to share are increasingly important fac- 5 companies in BVH. global medical solutions “one of the most novel Chile, with King and Queen tors for successful drug development. The hub is Companies move from company, establishes R&D incubators” in the world by of Sweden. annex to heart of site innovation unit in BVH. The Medici Group also helping to galvanise the life science potential in this region so we can compete for talent on a global basis.”

Matti Ahlqvist Site Director, AstraZeneca Gothenburg

14 15 INTERVIEW WITH INTERVIEW WITH MAGNUS PERNILLA

What is the key to the success of the BVH? How is the AZ BVH different to other How are you enjoying your new role? What have you learned in your first few What impresses people is the courage AstraZeneca incubators? It’s great. I’ve joined a strong, small, solution- months? is showing to open up and let people in. We’re A key difference is that we don’t focus on oriented team with a can-do attitude. I get to meet I’ve worked at AstraZeneca for 25 years, and in my doing something that goes against the instincts of startups. We focus on helping companies that are and interact with lots of smart people and help new role I’m seeing and learning about so many big pharma. That seems to fascinate people. This approaching the “Valley of Death,” i.e. about to enter them to help each other by facilitating knowledge new dimensions about how the broader life science is all about using existing resources in a better way the development phase. The BVH companies have exchange and business opportunities. ecosystem works. I have a much better appreciation than we have used them before. We have created their intellectual property (IP) in place so we can for how hard-working the small companies are and a model that is quite unique. It’s not only words, it interact with them without risk of jeopardizing What are some of your main projects? how much focus they need to put on financing actually works! future IP. Compared to other incubators, One of my main projects is to develop a robust on top of delivering their strategic plan. I’m we don’t provide services such as operating model for the BioVentureHub also getting a better picture of the depth What is the real value for business coaching, funding, business that will enable us to continue to grow in and breadth of expertise we have at AstraZeneca? development support. What we do a structured and scalable way. I’m the AstraZeneca and that makes me feel The BVH is helping to change the offer is access to world-class scientific, main contact for the companies when very proud. culture of the company. AZ employees technical and strategic expertise, they need specific scientific support get exposed to different attitudes, which very few others can offer. that AstraZeneca can help them with. mindsets and ways of working. They I’m also part of the AZ Mentoring team What do you hope to achieve are often thrilled to learn about new What are the future plans? which aims to provide more companies moving forward? projects and new scientific approaches, We want to continue to grow the in Sweden with access to AstraZeneca’s Something that is very inspiring is that we are and are very proud when they are asked to give BioVentureHub and attract companies and expertise and capabilities. developing the life science ecosystem with the their opinions and advice. AZ is doing this because more academic groups who get value from and BioVentureHub. Advances in science and technology we believe that we will all benefit from a stronger life add value to the BVH environment. We’re looking to are dramatically changing the life science landscape. science community. facilitate BVH companies’ access to foreign markets We need to continue to facilitate interaction between through collaborations with AstraZeneca marketing people, companies and organisations that don’t companies across the world, e.g. China. We’re normally interact and encourage them to work also looking at how we can offer BVH companies together and dare to share. more flexible access to more AstraZeneca labs and centres of scientific excellence.

Magnus Björsne, CEO Pernilla Isberg, COO

It’s very positive that more and more colleagues at The BioVentureHub is an important part of the life From a Facilities Management perspective the It’s fantastic to experience the buzz being generated AstraZeneca are interested in and engaging with the science cluster we are creating here in the Gothenburg BioVentureHub challenges our existing processes, by the BioVentureHub. It would be super cool if more BioVenturehub. And, every day, our colleagues in the region. It provides a blueprint for collaboration across which leads to innovation and new ways of working, international companies join us in 2019. hub companies inspire us and give us new perspectives borders and promotes efficiency, creativity and adding value to the BioVentureHub companies on innovation and collaboration sustainability in the life science ecosystem. and AstraZeneca.

Erica Woodrow Ramon Nogueras Annica Johansson Jamie Smith Finance/Coordinator Real Estate Facilities Management Communications

16 17 FREQUENTLY ASKED AN UNEXPECTED QUESTIONS INCUBATION MODEL

How many companies are there in the Is AZ reducing its footprint due to the BVH? An Unexpected Incubation Model BioVentureHub (BVH)? No. Besides stimulating open and collaborative Philip M. Musey innovation, the BVH makes use of office and lab As of 31 December 2018, there were 26 companies For centuries, Gothenburg has been a nexus for the It’s why, for example, AstraZeneca’s BVH has and 1 academic group in the BVH. spaces that aren’t being used. exchange of goods in and out of Sweden, linking opened its doors to i-Tech, a company that sup- the country with the rest of the world. As Scandina- plies a patented anti-corrosive agent to marine paint How many people are employed by the BVH Does AstraZeneca have any rights in the via’s largest port, it has long been a harbor for new manufacturers. The synergies between pharma companies? BVH companies? goods from around the globe. It’s no surprise, then, and marine paint aren’t obvious, but “the point is to There are currently 135 people employed by the Joining the BVH does not give AstraZeneca any that Gothenburg is home to one of the most nov- build an ecosystem to experiment,” says Björsne. rights to your company information nor to potential el incubators in the world today: the AstraZeneca BVH companies. These collaborations don’t happen on their own, inventions/IP – not even a “first right of refusal”. BioVenture Hub (BVH), which is, in its own right, a though. They are facilitated by Business Region Go- What’s the maximum capacity for As such, you have full freedom to operate as an harbor for new ideas. thenburg (BRG)—a government-backed non-profit independent company. No strings attached. companies/people in the BVH? Magnus Björsne, CEO of BVH, calls it “a huge ex- supporting the BVH and other business develop- There’s no fixed limit. That said, we always assess What AZ facilities can the BVH company periment in innovation management.” Sitting at the ment efforts in Gothenburg’s thirteen municipalities. whether there are synergies, both regarding heart of AstraZeneca’s Gothenburg campus, the According to Iris Öhrn, Investment Advisor with AstraZeneca (AZ) interests and/or with respect employees access and use? BVH is home to twenty-seven mid-stage companies BRG, one of Sweden’s strategic advantages as a to other companies in the BVH. We also make All technical services and general facilities, e.g. in the life sciences and medtech space that all share small country is its R&D capacity. Innovative ideas sure that we have capacity to take them on, in all restaurant, meeting rooms. BVH companies one common goal: to advance the Scandinavian life are the lifeblood of R&D, which is why BRG is heavi- respects. can operate under AstraZeneca’s environmental sciences ecosystem. What do each of these com- ly promoting innovation through more partnerships, permit. BVH company employees can also access panies get? Carte blanche access to the Gothen- more connectivity and more cooperation between How is the BVH funded? AstraZeneca’s sports centre if they have bought a burg campus. Wherever it makes sense, AstraZenca industry and trade groups. Non-facility related costs incurred by AstraZeneca membership card. shares personnel, IP or cutting edge research that Deep, meaningful collaboration is the future of are reimbursed by external funds – from four could potentially support the company in its growth. innovation. What Business Region Gothenburg and external investors: Vinnova, Carl Bennet AB, What kind of companies are you looking In return, AstraZeneca receives a modest rent pay- AstraZeneca BioVenture Hub are doing in Gothen- Region Västra Götaland and City of Gothenburg. for to join the BVH? ment and a first look at investing in these companies burg is a macro-inclusive model for innovation that The companies also pay a monthly rental fee. The BioVentureHub is an ideal environment for when they’re ready to expand. AstraZeneca is able can serve as an example to the rest of the world. emerging medtech, biotech and digital health to share much of their IP with these companies with- How does confidentiality work with the companies working on innovative life science. out putting itself at risk. “It’s a system,” Björsne says, external BVH companies? Please contact us if you have any thoughts or Philip M. Musey is a Content Marketing Associate at The Medici “that’s 100% based on trust.” Group, where he is responsible for telling stories about how One of the drivers behind the BVH is knowledge ideas about companies that could benefit from One such company is MentorMate, a global soft- harnessing differences and working at the Intersection enables sharing. To benefit from what you learn, and add value to the BVH and AstraZeneca. ware development firm. MentorMate CEO Björn anyone to create groundbreaking ideas. knowledge sharing can’t be restricted as a default Stansvik attests that the BHV “rejects scarcity think- The Medici Group enables companies to activate diversity to option. There is always a possibility to set up Where can I find more information about ing,” instead favoring a more inclusive and collabo- innovate, move faster, and transform their culture. Founded by separate confidentiality agreements if needed. Frans Johansson, author of The Medici Effect and one of the the BVH and BVH companies? rative approach to Sweden’s vision for leading the Talk to the AZ BVH staff and BVH company foremost thought leaders on diversity driving innovation, world in digital health by 2025. Stansvik emphasizes the firm works with CXOs to anchor diversity & inclusion Can BVH companies access AZ equipment employees, and check out: that Sweden is a small nation that relies heavily on at the center of innovation and strategy. Medici www.azbioventurehub.com or send an email to and expertise? trade and commerce, and will only reach its goals if has worked with 30 percent of the Fortune 100, Yes. As long as AZ has the capacity and bioventurehub@astrazeneca.com including Exelon, Nike, Novartis, Synchrony companies (large and small) work closely together. Financial, and The Walt Disney Company. departmental approval has been obtained. AstraZeneca is leading this charge in Sweden. Requests from BVH companies to use AZ expertise and equipment should be managed Why would one of the largest pharmaceutical com- Article published on LinkedIn on through the BVH team. panies in the world grant access to its wealth of December 6, 2018. hard-earned knowledge without a concrete prom- ise of something in return? The short answer: because diversity drives innovation. This is the core idea behind Frans Johansson’s best-selling book on innovation, The Medici Effect — combining ele- ments from different fields, disciplines and domains will lead to better and oftentimes unexpected ideas. 18 FINANCIAL OVERVIEW SCIENTIFIC PARTNERS

In addition to AstraZeneca’s in-kind contribution, the BioVentureHub project is financed by four external sponsors with contributions and costs allocated as follows:

COSTS FUNDING (distribution of project costs)

We have divided project costs into three types for 2018: VINNOVA (Sweden’s innovation agency) SPONSORS Operating costs: amounted to SEK 3.2 million – finances project costs corresponding to 50% of mainly consisting of personnel costs external financing. Infrastructure costs: amounted to SEK 0.2 Carl Bennet AB finances project costs million – establishing processes, IT infrastructure corresponding to 16.7% of external financing. and other necessary infrastructure adjustments to Region Västra Götaland (VGR) finances project support the innovation-focused environment. costs corresponding to 16.7% of external Support to companies: amounted to SEK 1.3 financing. million – costs for activities that have directly City of Gothenburg (Göteborgs stad) finances supported one or more BVH company. project costs corresponding to 16.7% of external In total, costs for 2018 amounted to SEK 4.7 million. financing. We would like to sincerely thank all our sponsors, including AstraZeneca, which has provided tremendous in-kind support not accounted for in the numbers above.

20 21 AZBIOVENTUREHUB.COM THE BIOVENTURE HUB TEAM

Since launching in October 2015, 17656 unique users 21% 14% have now visited the BioVentureHub website UNIQUE USERS 2018 TOTAL SESSIONS 2018 during 24506 sessions Magnus Björsne Pernilla Isberg Erica Woodrow in 102 countries CEO COO Finance/Coordinator

TOP 10 COUNTRIES VISITING AZBIOVENTUREHUB.COM

1. Sweden (1) Ramon Nogueras Annica Johansson Jamie Smith 2. United States (3) Real Estate Facilities Management Communications 3. United Kingdom (4) 4. Switzerland (2) 5. France (10) 6. Canada (-) 7. India (6) 8. Germany (7) 9. Brazil (8) 10. Denmark (5)

Numbers in brackets are 2017 ranking. SPECIAL THANKS

Special thanks go to the following people for going over and above the call of duty: Martin Adler; Matti Ahlqvist; Marie Anderson; Katarina Ageborg; Mats Berglund; Elisabeth Björk; Kay Brickmann; Catharina Dahl; Petra Eurenius; Staffan Folestad; Robert Goude; Lubomir Gradinarski; Jan-Olof Jacke; Anita Klute; Niklas Magnell; Ulrika Lilja Stevall; Jacob Lund; Lars Sandberg; Stanko Skritic; Lars Västanhav.

22 23 azbioventurehub.com @BioVentureHub

To learn more about the BioVentureHub and companies, visit www.azbioventurehub.com or send an email to [email protected]