BOSTON – Panelists at Biopharm America debated strategies for early stage financing as they weighed the importance of a prestigious board, the wisdom of small deals by startups with pharma firms, and the likelihood (or not) that angel investors will help make the case with other backers yet to come.

BOSTON – For investors, immuno-oncology (I-O) is still proving "very hard" to buy into, said Christiana Bardon, portfolio manager at Burrage Capital, during a panel session at Biopharm America. "Honestly it was hard from the get-go. If you think about the original ipilimumab data that came from [Medarex Inc.], it was not obvious that [the drug] worked, right? It was like a head fake, actually. Now we're anxiously looking for the next-gen, but the truth is we've been utterly unsuccessful."