US offers cash injections to life sciences start-ups
Graeme Boyle, director of life sciences networking body Nexxus, said investors in northern California want Scottish firms to pitch to them for funding.
Boyle is now working with Scottish Development International (SDI), the overseas investment agency, to assess interest in a visit to the US west coast.
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Hide AdHe wants to target an event in April organised by Bay Bio, a San Francisco-based networking and lobbying organisation, where its venture capitalist members will hear pitches from early-stage companies.
The potential visit stemmed from talks between Boyle and Gail Maderis, chief executive of Bay Bio, at the massive Bio convention in Chicago in May and at the Genesis conference in London before Christmas. Boyle said: "We're looking at what the demand is like from Scottish firms, but those I've spoken to have shown a lot of interest.
"SDI has already committed its funding for other trips this year but they are keen to help with organising if not funding a trip.
"So it looks like companies would have to fund the trip themselves but if investors are keen to look at pitches then it will be worth it."
Venture capitalists tend to only take part in funding rounds of more than 1 million, whereas individual business angels will invest tens or hundreds of thousands of pounds.
Nexxus is working with Scottish Enterprise to offer coaching to early-stage life sciences companies so that their staff are better prepared to pitch to investors.
Assessing the demand for a trip to San Francisco comes soon after the "Future Health Mission", which will see medical technology firms visit potential investors in Silicon Valley later this month. The mission, organised by the Technology Strategy Board and inward investment body UK Trade & Investment (UKTI), builds on the Prime Minister's similar trade trips to China and India.
Companies signed up to the UKTI visit include ReNeuron, the Aim-listed stem cell development firm that is testing out its first treatment at Glasgow's Southern General hospital. Participants competed for their places on the trip rather than being hand-picked as on other visits.
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Hide AdBut instead of detracting from a possible Nexxus visit to Bay Bio, Boyle thinks the trips could be complementary.
"If there are companies that missed out on the UK-wide visit then they may well be interested in joining our visit," he added.
Scottish Enterprise was also involved in the initial discussions at Bio in Chicago last year and is now working with Nexxus on ideas for a trip.
A spokesman for the economic development agency said: "The Bay Bio event is a great opportunity for young life sciences companies to get in front of some influential investors. Attracting new investment will be crucial in helping to grow the wider sector."