Needs of Global Start-up companies (Deliverable 2) GlobalStart wp1 Studies Deliverable 2 Needs of Global Start-up Companies Table of contents p

2. Estonian Genome Foundation. Ettevõtted ja teadusasutused. Asper Biotech Ltd. [http://geenikeskus.cma.ee/index.php?lang=est&show=1&sub=8&form_id=5&PHPSESSID=406e0319c2d83e307503c28d99083bf3]

2. Efert, T.. Success stories of two Estonian biotechnology companies. In: Biotechestonia, pp. 12-13

[http://www.investinestonia.com/pdf/BiotechEstonia.pdf]

3. Menrad, K., Bührlen, B., et al. Research on the Estonian biotechnology sector innovation system Final report submitted to Enterprise Estonia, Tallinn, 2003. Fraunhofer Institute for Systems and Innovation Research. [http://www.ut.ee/orb.aw/class=file/action=preview/id=23222/FHuur03.pdf]

4. Frank, L. Biotechnology in Baltics. Nature Publishing Group, 3 p. [http://www.geenivaramu.ee/mp3/Biotechnology%20in%20the%20Baltic%20(Nature%20Biotechnology%20june%202001).pdf]

1. Profile and background

Asper Biotech (further: Asper) is a post-genomics company utilizing its genotyping platform for identifying genetic components of human disease and for development of assays for the personalized treatment of human disease. The areas of development for Asper include: DNA diagnostics, pharmacogenomics (studying the link between DNA and variations in human response to therapy) and adding new products to the portfolio of ready-to-use assays. Asper is licensing the Apex platform Arrayed Primer Extension), a new resequencing method for rapid identification of mutations.
The company was founded in 1999 by Professor Andres Metspalu, Hendrik Pavel (MSc), and Dr. Pikani as a spin-off company from the Tartu University. The business idea was to develop offerings in biotechnology based on high throughput genotyping. The technological concepts was developed by prof. Metspalu. The elaborated technology was then developed further in Estonia at the Estonian Biocentre. Prof. Metspalu posted an advertisement in newspapers, in order to find an appropriate person in the biotechnology field, who had a interest in commercializing the above mentioned idea, and Mr. Hendrik Pavel took the job. His first assignment was to create an initial business plan. Later Professor Metspalu, and Docent Ants Kurg (technological development) who was in the management team went together to California, USA where they visited several biotech companies in order to get ideas for further business development (guest researchers at the University). It became clear that Asper would be a separate business entity, not operating under the university’s name. Spinning off the university Asper will stop paying 20% of the turnover to the University.
Asper’s mission is to be a leading provider of genotyping services and genotyping research. It is moving further along the values chain, beyond diagnostics, based on experiments and gene testing to develop new drugs.
From the beginning, the company looked for financing from the venture capital funds in Estonia. Since local venture capitalist were mainly interested in recently denationalized large enterprises or businesses with low risk e.g. in the forestry industry, Asper as a small high-tech spin-off company had little chance in raising money. Nevertheless during the first two years the company raised $2 mln from American and Estonian venture capital funds. It was thought that it would be sufficient funds to run and develop the company. Furthermore, Asper was in contact with several private investors, who were interested in equity in smaller loans of more than 100 000 EEK⁹ and wanted for that to get some control over the company’s operations. Asper’s managers considered these conditions as unfavourable. Shortly thereafter Asper, in partnership with Biocentre, received a grant and loan on favourable terms, in the amount of 7 MEEK. The turnover after one year of operations was approximately 1 million EEK, and for the year 2004 it is expected to be approximately 11 million EEK. The company is expected to reach break-even point for the first time in the company’s history. Since the foundation the investments in products and technology were large and the portfolio of offerings was/is large, which gives an explanation for the unprofitable growth in the first years. The debt/equity ratio is 1.2.
Aspers has approximately 60 customers, who are mainly professors/researchers at the universities and some biotechnology companies. The majority (ca. 95%) of the customers are in the US and in Western Europe. There is one small sales office in Germany, with one person employed.
Currently the company employs 25 persons: 10 researchers, 10 technicians, and 5 administrative personal. When the company was established, it employed 5 persons: 3 researchers, and 2 technicians. Most of R&D staff is hired from the University. Some of university staff is contracted for consultancy.

. Mapping the major milestones of the company

Pre-venture phase before 1999

Foundation 1999

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