Biotech Veteran Builds Company Without VC Money

David Craig, a veteran of Amgen and Gilead, is attempting to build a biotech company without institutional capital. His company, Sarcomatrix, has one full-time employee and runs on approximately $70,000 per month.

Craig's approach rejects the traditional model of raising a large Series A round, instead opting for non-institutional fundraising and a virtual team working for equity.

He cites a stark imbalance in the market, with 1,490 preclinical assets competing for just five venture investments.

To raise funds, Craig used Reg D offerings, secured a $100,000 check from investor Rob Arnott, and partnered with Nevada's Battle Born Venture Fund.