Client Situation

  • Oncology focused, early-clinical EU biotech

  • First to clinically overcome tox problems previously associated with targeted  pathway

  • Successfully raised a total of  $50m privately

  • $30m spent, $20m remaining

Treehill Mission

  • Understand hurdles from an investor’s perspective to raising capital

  • Establish certainty about most financeable corporate & product development strategy forward

  • Support management & board decisions to change the company’s trajectory


  • World-class preclinical and phase 1 data package, in line with a large pharma buyer’s expectations

  • Not ready for phase 2. Lack of patient identification capabilities, high risk of failure

  • Shareholder base and pool of capital not suitable to support next development stage

  • EU-centric operations, not internalized into US or Asian hot-spot communities/ centers of excellence

Recommendations & Implementation

  • Strong fundamentals underscore significant value creation potential

  • Don’t start phase 2. Expand phase 1b. Augment biomarker capabilities, understand response drivers

  • Devise integrated product development and capital raising plan. Build storyline to near-term IPO

  • Broaden geographic coverage into US to further access to expertise, relationships, and capital