Backing, building and exiting: what the BioInvest Catalyst Dinner revealed about life sciences capital
On Wednesday 28 October, BioNSW members filled The Oriana for the BioInvest Catalyst Dinner, a candid evening with people who have backed, built and exited life sciences companies.
The case study was Tetratherix (ASX: TTX). The Sydney medtech grew out of research at the University of Sydney and listed on the ASX in June 2025. It raised $25 million at $2.88 a share, valuing the company at $145 million. It was also a deliberate choice to raise less: CEO Will Knox cut the IPO from $35 million to $25 million to avoid investors who didn't understand the business.
Moderated by Jane Lowe, Managing Director of IR Department, the panel brought three views of the same journey:
Will Knox, CEO & Executive Director, Tetratherix, on the company's side of the listing
Scott Power, Senior Healthcare Analyst, Morgans Financial, on how the market sees a biotech story
Jeff Reid, General Partner, Bioshore Ventures, on the investor side, including the exit routes beyond the ASX
The discussion centred on four questions every founder eventually faces:
When is a company ready to list? What needs to be in place before a business can credibly go to public markets.
What makes investors back a story? How complex science is made clear enough for both institutional and retail investors to back it.
What if an IPO isn't the answer? Only a minority of companies ever ring the ASX bell, so the other exit pathways matter just as much.
What should founders do 12 to 24 months before they need capital? Because raising money starts well before you need it.
BioNSW Investment Committee Chair Christian Toouli said:
"It was fantastic to have the perspectives from the panel on the path to what was a very successful Tetratherix IPO. Clearly, a combination of great technology, a strong management team, great articulation of use of funds and near-term multiple milestones and news drivers were elements for success in the listing and the company's share price accretion since then."
Thank you to our gold sponsor Morgans Financial Limited and our silver sponsor Maple Insurance & Risk. Morgans was also a joint lead manager on the Tetratherix IPO.
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