From Toronto Lab to Global Market – Show #139
- From Toronto Lab to Global Market - Show #139 globalmarketingshow 15:58
Mickael Dang is co-founder of Synakis, a biotech startup developing groundbreaking Technology for the treatment of retinal detachment. Still in startup mode, the company is part of UTEST, the University of Toronto’s Early Stage Technology Program, which helps deep tech entrepreneurs go from lab to market.
Mickael and Wendy connected at the Redefining Early Stage of Investment (RESI) Conference in Boston, where Synakis was among the highest-scoring companies in the Innovator’s Pitch Challenge. (The RESI conference is hosted by Life Science Nation and Wendy recently interviewed Dennis Ford, founder and CEO of Life Sciences Nation, which specializes in fundraising for life sciences companies.)
Mickael’s journey is fascinating. When he arrived in Canada from France six years ago, he could barely string together an English sentence. Today, we find him at the intersection of scientific Innovation, entrepreneurship, and global market expansion, having started Synakis while earning a PhD and serving as President of the Student and Young Investigator Section (SYIS) of TERMIS (Tissue Engineering and Regenerative Medicine Society). He is also multilingual; he speaks French, English, and some Mandarin.
“The PhD is the same concept as being an entrepreneur,” he says. “You need to be very self-driven, very independent as well. You have to come up with your own experiment and come up with the next predicted results. I had this entrepreneurial mindset from the get-go and wanted to do a PhD for purpose, to really get the company out there.”
Incubated in the laboratory of renowned biomedical engineering professor Dr. Molly Shoichet, Synakis is developing a revolutionary hydrogel-based technology called SNK125. This innovation promises to transform the recovery process for patients suffering from retinal detachment, a serious condition that requires immediate surgical intervention to prevent permanent vision loss.
Current treatments for retinal detachment involve using silicon oil or heavy gases to push the detached retina back into place. While these methods work, they come with significant drawbacks. Patients experience blurry vision during recovery and must maintain exhausting, face-down posturing for hours, sometimes for months. In addition, the materials used aren’t biodegradable, requiring a second surgery for removal. Synakis’s hydrogel technology eliminates all of these challenges, while reducing recovery time from months to just days.
The Global Path to Market
Equally interesting is the company’s approach to global market entry. Based in Canada, the company has already laid the groundwork for international expansion; in 2019, Mickael proactively filed patents across multiple territories, including Europe, Australia, Canada, and China, to ensure protection of its intellectual property globally. And rather than attempting to tackle multiple markets simultaneously, Synakis will initially focus on North America before expanding to Europe and China. This staged approach allows them to establish a strong foundation in their home market while building the partnerships and Relationships required for international expansion.
Throughout, Mickael and his team have been actively seeking partnerships with established industry giants like Alcon or Bausch & Lomb. There are high costs associated with clinical trials these companies – companies that “own the entire market,” according to Mickael – have the expertise and distribution networks necessary for successful commercialization.
Funding the Future
Synakis is concurrently seeking seed investment and focusing on several critical milestones: Good Manufacturing Practices (GMP) setup, FDA regulatory filing, and preparation for clinical trials. While its primary focus is on North American investors for practical reasons like time zone alignment and ease of communication, they’re keeping their options open for international investment, particularly in regions like China, which possess significant market opportunity. Mickael has constructed a targeted and strategic approach to investor outreach. At the RESI conference, for example, he prioritized meetings with specialized investors like ExSight Ventures, who focus specifically on ophthalmology. These are the meaningful conversations with investors that will ask the hard questions and offer solutions.
Looking Ahead
Synakis is currently preparing for its next phase of Growth. Plans include moving out of the university incubator, creating new jobs in Toronto, and expanding their product pipeline beyond retinal detachment treatments to include drug delivery solutions for other eye conditions.
Mickael’s key takeaways from his Synakis journey are relevant for any company planning international expansion:
- Strategic IP Protection: Early patent filing in target markets will protect future opportunities.
- Staged Market Entry: Starting with familiar markets before expanding globally can help manage resources and risk effectively.
- Strategic Partnerships: Recognizing when to partner with established players can accelerate market entry and provide access to crucial resources.
- Targeted Investor Outreach: Focusing on investors who understand your industry can lead to more productive relationships.
- Cultural Adaptability: Language skills and cultural understanding are invaluable assets in building a global business.
Going from lab to market can be, as Mickael says it in French, a “casse-tête” (a “head-breaker”), but the right approach, persistence, and strategic thinking can ultimately turn scientific innovation into global market success. Listen to the full episode to hear more about Synakis’s journey from university lab to potential global market player, plus more real-world advice for expanding internationally.
Links:
LinkedIn: https://www.linkedin.com/in/mickael-dang/
Website: https://www.linkedin.com/company/synakis/
https://termis.org/index.php?q=termis-syis-am
