| HeraldNet - Snohomish County's online news source |
 SUNDAY, SEPTEMBER 5, 2010 2:15 pm |
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Business 
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MediQuest looks to attract investors SEATTLE - MediQuest Therapeutics Inc. has two potential treatments in late-stage human tests, an experienced management team and more than $16 million raised from investors last year.Which made the job of interesting investors in the company a little easier for Fred Dechow, chief executive of the Bothell biotechnology firm. Dechow was one of dozens of biotech executives trying to make their case to investors Tuesday at the sixth annual Invest Northwest forum. The event, organized by the Washington Biotechnology & Biomedical Association, continues today in downtown Seattle. While venture capitalists seem to be willing again to place their bets on biotech companies, they're not throwing money at just anyone. They're mostly looking at companies that are beyond the startup phase. "It's amazing what they call early stage now," said Dechow of MediQuest, which was founded in 1984. "Some investors still consider us early stage because we don't have any revenue from drugs yet." Bruce Helberg, who works in the Kirkland office of Silicon Valley Bank, said companies that already have attracted some money in the past and that have a "great" team at the helm are more likely to catch the eye of financiers. Among the 50 or so biotech companies presenting at Invest Northwest, about 10 are located in Bothell or Mukilteo. Many, including Seattle Genetics, Sonus Pharmaceuticals and Nastech Pharmaceutical, already are publicly held companies. MediQuest isn't there yet. The money it raised last year was its first from true venture capitalists, instead of smaller "angel" investors. It hopes to submit a new drug application to regulators this summer for its treatment for Raynaud's phenomenon, a sometimes painful reaction to cold temperatures in the fingers and toes that affects primarily women. Dechow said he was happy with his presentation to investors. Whether it wins the company any new investors, only time will tell. Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com. |
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