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We are being invited to travel to India where apperently it is much easier these days to get some angel funding. One of us (a 2-person founding team in the US) is from India and would have strong credibility there. On the other hand, most of our market and prospects who have given us Letters of Intent (large players in the healthcare space) are all in US.

It is probably not quite as easy and also wondering if the SEC requirements etc. would cause the effort to be a huge legal and otherwise time-consuming exercise.

Also, we know of several entreprenurs - including some with deep ties to India- who have been taken advantage of by the investors, in terms of IP and market positioning.

By the way, we have gone through the usual abuse of entreprenurs by the established angel groups in the US and will prpbably shut down the business in the next 60 days if we don't get funding.

As it is becoming harder to raise capital from venture capitalists, existing investors are facing situations where they need to lead new rounds in their own portfolio companies. This presents a big problem for valuations, especially if an investor only has convertible debt. Recently, I've heard a few stories about existing investors promising to lead a round, then pulling out or dramatically changing the terms. Worse, investors will sometimes string you along with a singed term sheet until you are out of cash, and then completely change the deal to take control.

Here are some tips if you think that you are going to need money in the next 18 months.

Know where insiders stand: You need to know where if your insiders will participate or lead a new financing event, and you should also ask them what their specific expectations are for your company performance. Assume that any inside round will be flat.

Pursue other options: Even if your insiders agree to lead a round, you should do your best to have an alternative financing option available. You will never get a fair price for your equity from insiders, since they are pricing, selling, and buying the equity at the same time and since they see all the warts and bruises.

Raise now, not later: Don't wait to raise money. Raising will take twice as long and will be twice as hard in this market. Try to raise enough capital to operate for more than 48 months, if you can.

When in doubt, do debt: If things are not moving fast enough and you have only three or four months worth of cash left, press your existing investors to do a convertible debt round that will give you eight to twelve months of low growth operating capital.

Insider sheet to attract outsiders: If everything else is failing, you may want to have your insiders draft a term sheet with a lot of room for new investors to participate. It's often easier to find outside investors with a "legitimate" term sheet in hand.

Good luck!

How are early stage biopharma companies getting funded these days" We have good pre-clinical data and are working to raise funds for a Phase I clinical trial. We've talked to several of the larger coastal funds who (for the most part) have been polite but consistently call us too early, which is consistent with their investment history in the sector. We need to raise between $5-7 million and are not on one of the coasts. This seems like an awkward space. I've had the opportunity to present to several of the top-tier VCs. Most of whom have been interested, engaged and polite BUT the truth is that their track record indicates they are not doing these deals. Their biopharma deals tend to be later stage and greater than $15 million. I understand deal flow but it seems like a waste of everyones time and gets back to the question "who funds early stage biopharma" Advise is greatly appreciated.