Finnish biotech year 2020-2021 saw the creation of 12 new companies in areas like drug development, diagnostics, and medtech. The health tech industry in Finland continues to grow with record exports in 2020. Several Finnish companies had successes including clinical trial progress, partnerships, and facility expansions. However, venture capital investment in Finnish life sciences remains low compared to Europe, with Finnish companies often only receiving seed funding.

1. Finnish biotech year
2020-2021
Tero Piispanen, Turku Science Park Ltd

2. 15.9.2021
2
Dragon’s Den: Startup activity
Sympetrum vulgatum

3. Turku
- Therapeutica Borealis – drug development
- Bioname – bioinformatics
- EstiMates – biostatistics
Oulu
- Ear-Omni – acoustic ear infection measurement
- Promilless – alcohol saliva test
Capital region
- Phonolyser – sound & AI analysis of
congenital heart disease
- Knewborn.AI – fertility treatments
- Evexia – decision support SW for cancer care
- Cardiomtec – device to detect Coronary
Arterial Disease early
- Curify – on-demand drug manufacturing for
pharmacies
Kuopio
- RNatives – gene expression modulation
12 New companies created 9/2020 - 9/2021
Tampere
- StemSight – Stem cell therapies for blindness

4. 15.9.2021
4
A Blooming Industry
Aglais io

5. Since 2000, Finnish health tech export totals to 31,958 M€ (>50 000 M€ w. pharma)
and trade surplus totals 13,363 M€.
15.9.2021
5
Finnish health technology industry
Source: Healthtech Finland
CAGR 6,15%
CAGR 7,74%
0
500
1000
1500
2000
2500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Export Trade Balance
Is this sector worth investing?

6. Record-high exports 835 M€ (+27,3%) in 2020
Since 2000, in-vitro diagnostics export totals: 8,280 M€
and trade surplus totals 2,936 M€ 15.9.2021
6
Finnish in vitro diagnostics industry
CAGR 8,87%
CAGR 13,76%
Source: Healthtech Finland
0
200
400
600
800
Export Trade Balance

7. 15.9.2021
7
Impressive networking
Araneus diadematus

8. Orion
1-6/2021 net sales 524 M€, (-8%) operating profit 146 M€ (-19%)
Smaller milestone payments, Dexdor & Simdax IPR exp., vet distribution agreement
ended, 2020 Covid spike in demand
Announced immuno-oncology research collaboration and license agreement with
Alligator Bioscience (SE) to discover and develop bispecific antibody cancer therapeutics.
Orion Animal Health’s Tessie® (tasipimidine) receives positive CVMP opinion
Bonqat®, veterinary drug, received a marketing authorisation from the EC
Collaborates with Red Cross Blood Services to develop new CAR T cancer treatment
Significant improvement for chronic pain patients using Virtual Reality Therapy
Invests EUR 17 million in Turku production plants.
15.9.2021
8
Success stories 09/20 – 09/21
Pharma

9. Bayer
H1/2021 pharmaceutical sales 8,859 M€ (+ 3,8%)
Mirena product family sales 612 M€ in H1/2021 (+21%)
Counts Nubeqa® as one of the four new drugs as potential blockbusters
invest €250 million to Turku new production facility
has hired 100+ new employees in Finland 2020-2021
Started “Future Clinical Trials” to renew clinical trials. Highlights Finland as a CoE in
drug research
15.9.2021
9
9
Success stories 09/20 – 09/21
Pharma

10. Faron Pharmaceuticals Oy
Bexmarilimab shows compelling antitumor activity in multiple advanced solid tumor
types as a monotherapy
Commenced dosing in the Phase II/III HIBISCUS trial investigating Traumakine in the
treatment of hospitalized COVID-19 patients compared to corticosteroid treatment with
dexamethasone.
Tilt Therapeutics Oy
announced a clinical trial collaboration agreement with MSD to evaluate TILT’s
adenoviral cancer immunotherapy TILT-123, in combination with MSD’s
KEYTRUDA® (pembrolizumab), in a Phase I dose escalation trial in platinum resistant
or refractory ovarian cancer.
has submitted an IND for Phase I trial of immunotherapeutic TILT-123 in ovarian cancer.
15.9.2021
10
Deals and Milestones: Drug Development
Success stories 09/20 - 09/21

11. Forendo Pharma Oy
Successfully completes phase 1 studies of FOR-6219 in endometriosis. The company is
now planning the Phase 2 program including endometriosis patients in the US.
Rappta Therapeutics Oy
Enters a discovery and development partnership with Evotec to develop small
molecule activators of the enzyme Protein Phosphatase 2A (“PP2A”), focused on
oncology target
Herantis Pharma Oy
signed a letter of intent for collaboration with Nanoform to seek opportunities to
enhance the blood brain barrier penetration of CDNF and xCDNF molecules
Desentum Oy
Dosing completed for First-in-Human clinical study of DM-101, a novel allergy vaccine
intended for treating birch pollen allergy 15.9.2021
11
Deals and Milestones: Drug Development
Success stories 09/20 – 09/21

12. Targovax Oy
received (US FDA) fast-track designation for ONCOS-102 for malignant pleural
mesothelioma and for melanoma
Entered a research collaboration with Papyrus Therapeutics
Aurealis Therapeutics Oy
has successfully completed the low therapeutic dose cohort with AUP-16 (four-in-one
combination biologic drug) in the diabetic foot ulcer (DFU) patient trial.
Nanoform Finland Plc
Completed its clinical study showing that Nanoform’s CESS® technology enabled
development of a fast-acting piroxicam immediate release tablet formulation with
improved drug delivery performance in comparison to a reference IR tablet.
has signed several agreements with US and European drug developers
15.9.2021
12
Deals and Milestones: Drug Development
Success stories 09/20 - 09/21

13. Valo Therapeutics Oy
announced the completion of a successful collaboration with ImmunoScape (Spore) to
identify immunogenic peptides for the development of a pan Coronavirus vaccine.
Biovian Oy
Has signed several agreements with Nordic drug developers.
Multi-million investments for gene therapy, viral and recombinant protein production.
Turnover ca 20 M € in 2021, headcount 110 persons (+20)
DelSiTech Oy
Has signed three licensing deals with US players (incl Visus Therapeutics).
Turnover growth 35%, profits reaching 1 Mio €.
Finvector Oy
Turnover grew to 39 M€ in 2020 (+59%), hires several new employees. 15.9.2021
13
Deals and Milestones: Drug Development
Success stories 09/20 - 09/21

14. PerkinElmer
Acquires Horizon Discovery (UK) a provider of CRISPR and RNAi reagents for ca. 383 M$,
and will acquire viral vector gene delivery leader SIRION Biotech GmbH (DE)
Will acquire BioLegend (US) a provider of antibodies and reagents, for a. $5.25 billion
The Turku site doubled its turnover to 400 M€+ , and hired 150 new employees
GE Healthcare Finland Oy
expands monitoring business and is looking for to hire 40 new engineers in Helsinki.
Turnover grew to 313 M€ in 2020 (+98M€)
Nightingale Health Oy
Signed a service agreement for health and well-being services in Japan with Mitsui / Welltus
Radiometer Turku Oy
Invests 7 M€ in new production line, employs now 250 persons and is hiring 30 more 15.9.2021
14
Deals and Milestones: Diagnostics
Success stories 09/20 - 09/21

15. Mobidiag Oy
Covid tests boosted turnover growth by 580% to 31 M€
Abacus Diagnostica Oy
Covid tests boosted turnover growth by 870% to almost 7 M€
Labmaster Oy
Signed an OEM agreement with Randox Laboratories for EU and US markets
Signed distribution agreements in South Korea and Brazil
Aidian Oy
Signed a distribution agreement with Qlife in Europe (Qlife’s device utilizing Aidian’s SIBA®
isothermal amplification technology)
15.9.2021
15
Deals and Milestones: Diagnostics
Success stories 09/20 - 09/21

16. Revenio Group Oyj
H1/2021 sales 35,6M€ in 2019 (+39%), growth in 2020 continues (+10%)
Launched new iCare HOME2 self-tonometer
Optomed Plc
Distribution agreement with China National Pharmaceutical Group Co., Ltd. (Sinopharm)
Medicortex Finland Oy
Completed collection of body fluid samples in its clinical trial focusing on children and
adolescents with concussion or mild TBI, and plans now for an IPO
BBS-Bioactive Bone Substitutes Plc
Positive animal test results contribute to submitting the CE marking application
15.9.2021
16
Deals and Milestones: Medtech
Success stories 09/20 - 09/21

17. 15.9.2021
17
Aiforia Technologies Oy
announced global distribution agreement with Epredia for Aiforia’s AI-based portfolio of
preclinical and clinical pathology tools.
Cerenion Oy
Received CE mark for Cerenion C-Trend® , a software device intended for EEG recordings
Lojer Oy
Received the 2020 Internationalisation Award of the President of the Republic of Finland
Turnover 2020 grew to 34 M€ (+29%), exporting to 115 countries
Euformatics Oy
Got funding through the Amazon Web Services (AWS) Diagnostic Development Initiative to
deliver a revolutionary COVID-19 variant surveillance software tool.
Deals and Milestones: Medtech
Success stories 09/20 - 09/21

18. 15.9.2021
18
Digging gold?
Cetonia aurata

19. Nightingale Health Oyj
raised 110 M€ (gross) in IPO
Nanoform Oyj
raised a total of 40 M€ in a new share issue
Faron Pharmaceuticals Oy
raised 15 M€ in share placing [European Investment Council Fund EIC, instit. Invesotors]
received 6,1 M$ coronavirus aid for its HIBISCUS trial from US Dept of Defence
Herantis Pharma Oyj
raised 8 M€ in a directed share Issue
Nexstim Oyj
raised a total of 6,4 M€ of new equity in a share issue
15.9.2021
19
Selected financial news, listed Co’s

20. Aiforia Technologies Oy
Raised 12,6 M€ (Epredia UK, Aktia Nordic Micro Cap, existing shareholders)
Labmaster Oy
Raised 5,4 M€ from industrial investors (Amicogen, Randox Laboratories)
Rokote Laboratories Oy
Raised 9 M€: 3,5 M€ equity (Ferring Ventures, J&A Wihuri Found., Finnish Cultural Found.)
and 5,5 M€ loan from Business Finland
Denmark’s government will spend as much as 800 million kroner (€ 108 million) to help
Bavarian Nordic A/S finance development of the experimental Covid-19 vaccine.
15.9.2021
20
Selected VC investments

21. Nukute Oy
Raised 4,1 M€ from Pharmacy Pension Fund (3M€), BF
Buddy Healthcare Oy
Raised 2 M€ (UTU Invest Oy, Nidoco AB, Spartamed Oy, private investors)
Surgify Medical Oy
Raised 1,4 M€ (Innovestor, business angels)
Brinter Oy
Raised 1,2 M€ seed (Innovestor, business angels)
Montinutra Oy
Raised 1 M€ from Metsä Spring Ltd
15.9.2021
21
Selected VC investments

22. 15.9.2021
22
Selected financial news
33M€ Crowdfunding
Bioretec Oy
Canceled its planned IPO, but completed a 7,2 M€ crowdfunding (Springvest)
Biomensio Oy
raised 5 M€ (Springvest)
Osgenic Oy
Raised 5 M€ (Springvest)
NewIcon Oy
Raised 4 M€ (Springvest)
Tenboron Oy
Raised 3,5 M€ (Springvest)

23. 15.9.2021
23
Selected financial news
Crowdfunding 2
Sartar Therapeutics Oy
Raised 2,3 M€ (Springvest)
Aplagon Oy
raised 2,2 M€ in crowdfunding (Invesdor)
Injeq Oy
raised 2 M€ in crowdfunding (Invesdor)
Medisapiens Oy
Raised 1,03 M€ (Springvest)
EpiHeart Oy
raised 0,6 M€ in crowdfunding (Invesdor)

24. 15.9.2021
24
Friends or hostile takeover?
Trichus fasciatus

25. Mobidiag Oy
was acquired by Hologic In (USA) for 668 M€ (600M€ cash + 68M€ debts)
Hytest Oy
was acquired by Shenzhen Mindray (CHN) for 545 M€
Admescope Oy
was acquired by Symeres (Keensight Capital)
Ginolis Oy
was acquired by CELLINK AB (SE)
15.9.2021
25
Selected M&A news / Exits

26. Abacus Diagnostica Oy, Kaivogen Oy and Labrox Oy
Will merge. The new entity employs 90+ professionals and has a turnover of ca 14 M€.
The focus will be POC testing of infectious diseases and cancer diagnostics.
Medix Biochemica Oy
Has acquired Diaclone (F) a provider of monoclonal antibodies
Nightingale Health Oyj
Has acquired digital health company Yolife GmbH (DE)
Labquality Oy
Has acquired the majority of shares of Lean Entries Oy
15.9.2021
26
Selected M&A news

27. Aidian Oy
has acquired its (Benelux) distribution partner Mediphos Medical Supplies B.V. and
Mediphos Diagnostics Belux B.V.
BCB Medical Oy
Has acquired its partner Health Solutions AB (SE) to improve analyzing clinical RWD
Planmeca Oy
has acquired the KaVo Treatment Unit & Instrument business from Envista Holdings
Corporation
MedEngine Oy
has acquired acquired ApHER ApS (DK), a medical data science company
15.9.2021
27
Selected M&A news

28. 15.9.2021
28
Fruit for everyone?
Juniperus communis

29. 15.9.2021
Source: Invest Europe
European Venture investments
- a rising funding trend in the Europe since 2012
x 1000 €
0
2 000 000
4 000 000
6 000 000
8 000 000
10 000 000
12 000 000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Total VC, Europe
0
500 000
1 000 000
1 500 000
2 000 000
2 500 000
3 000 000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Life Science VC, Europe

30. 15.9.2021
Source: Invest Europe
Finnish Venture investments
- Finnish VC investments have grown 6-fold (all sectors) since 2011
- No growth in Finnish Life Science VC investments
→ lack of dedicated funds / a local lead investor?
x 1000 €
0
100 000
200 000
300 000
400 000
500 000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Total VC investments, Finland
0
10 000
20 000
30 000
40 000
50 000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Life Sience investments, Finland

31. 15.9.2021
31
Source: Invest Europe
Finnish LS companies get seed money only
- Since 2018 the Life Science companies get significantly less money than what is
their share of all invested companies.
- Seed money only?
5%
10%
15%
20%
25%
30%
35%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Life Science VC investments , FIN
€ / Total VC € Nr of Co's / Total Nr of Co's

32. 15.9.2021
32
Source: Invest Europe
Finland underperforms in VC activity in the
Life Sciences sector
- Finnish VC investments in Life Sciences are only 7,66% of total VC investments;
less than half of our Nordic neighbors and 1/3 of EU average (24%)
0
10
20
30
40
50
60
70
2010 11 12 13 14 15 16 17 18 19 2020
% of invested VC money
Europe Finland DK SE NO

33. 15.9.2021
33
Summary
Nymphalis antiopa Vanessa atalanta

34. + Exports, operating results and employment record-high
- Low startup activity
- Mid-size companies being purchased
- Funding gap to EU average keeps growing
- Life Science VC Funding inadequate in Finland
+ Crowdfunding
15.9.2021
34
State of the industry: summary
→ Actions and support needed to establish
dedicated Life Science Funds

35. 15.9.2021
35
Thank you for your attention
Polygonia c-album