The difference between cloud and mud

Fang Zhixing knew nothing about the quarrel between the two, and was not sure about Xiao Fengtai's attitude, so he could only ask a few innocuous questions about Huaqing's product pipeline.Thanks to Jiang Tong's normal performance, his answers were detailed and comprehensive, which made the scene not ugly.

When Jiang Tong and Fang Zhixing went back and forth, Xiao Fengtai first folded his arms in a daze, and then buried himself in fiddling with the phone, almost showing his lack of interest on his face.Fang Zhixing observed his behavior from the corner of his eyes, thinking that this project might be cool, and sighed silently for Jiang Tong.

Still weird.He thought while mechanically recording Jiang Tong's answer.Xiao Fengtai is exquisite in all aspects, even if he looks down on the other party in his heart, he still has to pretend to be kind and respectful.In Fang Zhixing's eyes, the naked and disrespectful emotional expression in professional occasions like today is almost like Xiao Fengtai running naked on the street.

But one of these two people is raising rats and brushing test tubes on the West Coast, and the other is wandering around Asia with luxury and money, how could there be an intersection?

The boss shouldn't be depressed due to the pressure of financing recently...?

Forget it, anyway, this fund has almost invested.If he doesn't accept the hot potato, he will turn around and find someone else, and push Mr. Jiang to other reliable funds.

Fang Zhixing focused on two purposes, hastily ended the question and answer session and prepared to see the guests off.According to the routine, he first thanked Jiang Tong for coming to the road show. The word of thanks was still stuck in his throat, and Xiao Fengtai, who seemed to be empty throughout the whole process, raised his head.

"Teacher Jiang, I have a few questions I want to ask you."

Jiang Tong seemed to be taken aback for a moment: "Ah, please tell me."

Xiao Fengtai put the phone upside down on the table: "How many patients have been enrolled in the first phase of btk27 clinical trials?"

Fang Zhixing turned to look at Xiao Fengtai, wasn't he in a daze the whole time?Why did you ask about the details of R&D in one mouth?

Fortunately, Jiang Tong looked calm: "50 people."

"Do you want to do synchronous clinical practice in China and the United States?"

"...only in China."

"Is the control group the original drug or a placebo?"

"Placebo. But compared with the original research, in terms of molecular structure——"

Xiao Fengtai interrupted Jiang Tong: "Sorry, I haven't finished asking."

The corners of Jiang Tong's eyes twitched, and the eyes of the two met in the air. He took a deep breath: "Please continue."

"It's just a simple math problem." Xiao Fengtai picked up the phone and said while pressing: "According to the market price, the clinical fee for a single patient is 100 yuan, the hospital labor fee is at most 50 million yuan, and the cro fee is 300 yuan. A total of [-] million yuan is needed for a phase one clinical trial."

"Two drugs under research are still in animal experiments. It doesn't cost much. According to the most expensive price, one experiment is 200 million yuan, and the total is 400 million yuan."

Jiang Tong was still in a state of cold sweat breaking out on Fang Zhixing's back.Xiao Fengtai hadn't been so aggressive for a long time, if Jiang Tong messed up in a while, he would pat his ass and leave, I'm afraid he would be scolded.

Xiao Fengtai was unaware of the complicated psychological activities of his subordinates, he just stared into Jiang Tong's eyes: "Huaqing completed the B round of financing half a year ago, and the post-investment valuation was 8000 million. Only 1000 million newly raised is enough for 12 months of research and development expenses. .”

"Why come out for financing now?"

"Where did the previous 1000 million yuan go?"

Professor Jiang, it's time to show your strength!Fang Zhixing encouraged Jiang Tong in his heart, hoping that he would be as eloquent as before, and firmly control the situation in his own hands.

However, he guessed wrong.When Xiao Fengtai uttered a single word, Jiang Tong's face turned pale.He stood in front of the whiteboard in the conference room, standing upright, but showing a bit of frailty.

He remained silent.

The sweat on Fang Zhixing's back was cooled by the central air conditioner, and the breeze was blowing, cooling down his heart.

"Teacher Jiang" Xiao Fengtai said word by word: "Don't think that you can fool me by pretending to be deaf and dumb. The investment circle says it's not big, but it's not small. My own fund is not big, but there are quite a few. friend."

"Biomedical investment is at the forefront of the industry. Start-up companies are like crucian carp crossing the river. It is unavoidable that there are good and bad companies. It is a good thing to save everyone's time by advertising companies that only sell concepts but have no execution capabilities. You are right. wrong?"

Xiao Fengtai observed Jiang Tong with great interest. The man who once made him cry, plead, and lose his dignity was standing patiently in front of him, enduring him peeling off his disguise layer by layer with words.

"It's so strange. Mr. Jiang looks kind, not like a bad profiteer who deceives investors." He sighed pretending to be puzzled: "But if you don't tell me, I have to ask other friends. Who participated in your A round?" And angel rounds? I checked online, and Bosch and Charles Schwab seem to be in there. My partners at those two funds and I just had drinks last week—”

"The Phase I clinical trial of Btk27 has been withdrawn." Jiang Tong quickly interrupted him.His voice is dry and cold, peeling off the commercialized politeness and warmth, this is his true face.

"Some patients did not meet the enrollment requirements. The quality of the existing data is too poor to be statistically significant. The results of the first phase are invalid, and re-recruitment of patients is being prepared."

"Why did this happen?" Xiao Fengtai smiled deeper: "I saw from the introduction of the management team that your partner is from a well-known domestic cro*. How could the clinical quality be poor?"

"It seems that Mr. Xiao has a lot of doubts about Huaqing's business model." Jiang Tong turned his eyes away abruptly, and he finally couldn't continue to maintain a stiff smile to the limit: "Since you are not very interested in the company, why don't we start today?" Come here and save each other time."

"Who said I'm not interested?" Xiao Fengtai wondered, "It's just a few small questions about the company's management. Why is Teacher Jiang so nervous?"

"It involves commercial secrets, and it is inconvenient to reveal too much to you before signing the nda*... Please understand."

He remembers calling you.

Amidst the absurdity, Xiao Fengtai spontaneously felt admiration for Jiang Tong.

"Teacher Jiang insists on hiding it, so I'll tell you." He looked Jiang Tong up and down, not wanting to miss any of his reactions: "Your entire R&D and clinical teams have been poached by competitors at high prices. If you fail to stay, you will be extremely harsh on the terms of the breakup. Unexpectedly, the former team suffered a hidden loss and counterattacked, messing up the first phase of btk clinical trials."

It turned out to be the case.

He knows everything.Jiang Tong thought.

Knowing everything, but still pressing on every step of the way, he finally exposed his failure in public.He was teasing him.

Jiang Tong has always been self-respecting, so he should feel humiliated and the atmosphere at this time, but he only feels relieved.That's how it should be.He looked at Xiao Fengtai, the androgynous beauty of young people faded away from him, but he was more charming than Jiang Tong remembered.

His unspoken demeanor comes from a supreme confidence in his own attractiveness.Just as Jiang Tong imagined, leaving the small Nanyang building block garden, Xiao Fengtai finally realized how precious the things he had - money, fame, beautiful youthful body and mind - were.

I finally realized how insignificant what I had been praying for humbly.

The little guy with soft teeth, who would spread out his soft belly if he was easily teased, had seen blood in the jungle, so he understood how powerful he was.The hunter who played badly with him back then accidentally fell into the sphere of influence of this ferocious beast, so why is he delusional about getting out of his body?

"How do you know?" He said calmly.

Xiao Fengtai raised his phone to Jiang Tongyang: "I told you, I have many friends."

"So, can Mr. Jiang answer my question?" Xiao Fengtai flicked through the Huaqing road show materials in his hand: "btk27 is just a stopgap measure to increase the valuation of cash flow, your real killer is dc30."

"Broad-spectrum anti-cancer, less side effects, and longer progression-free survival than any existing chemotherapy drug. If the clinical trial is successful, btk27's annual income of hundreds of millions in China may not be as much as a fraction of CD30-of course, if the trial fails, regardless of whether there is btk27 , Huaqing is worthless."

Jiang Tong found himself curious about what kind of medicine was sold in Xiao Fengtai's gourd: "And then?"

"Cd30 may be a good thing, but Huaqing is not." Xiao Fengtai said bluntly: "We can sign nda and start due diligence, but I request two seats on the board of directors, the right to directly intervene in company management, and the transaction price must be adjusted. Press down."

Jiang Tong suddenly remembered the hexagonal study facing the sea many years ago.When the two first met, Xiao Fengtai was in Jiang Tong's heart a handsome and indifferent rebellious boy who lacked love.He seldom smiled, looking into his eyes with three points of alertness and five points of challenge.He quarreled with Jiang Tong face to face, but secretly paid double tuition fees, just to make himself stay.

That was ten years ago.

"Thank you Mr. Xiao for your kindness." He said slowly: "It is true that Huaqing is very difficult now, and many people have left the team-I personally have to bear the main responsibility for this."

"But btk27 was the first to be approved for clinical trials in China. Even if we redo the first phase of clinical trials, we are still ahead of our competitors. There is also cd30... In short, I am sorry that I cannot accept your proposal."

He smiled wryly: "There are many people who have followed...but there are also people who stayed. I am responsible for those who stay."

The smile on Xiao Fengtai's face faded a bit: "The condition you promise me is irresponsibility? Mr. Jiang, you should know what the failure of the first phase of clinical trials means to a company with only a product pipeline."

"Based on industry standards, these terms are not particularly excessive. I hope Mr. Jiang can talk about business in business and not mix personal feelings in the transaction."

Jiang Tong seemed to have heard a particularly funny joke: "I have a personal relationship with Mr. Xiao?"

"Your time is precious, so I won't take it up any more." He cut through the mess and put an end to the roadshow: "There will be a meeting in an hour, so I'll take a step first. If there are follow-up questions, we will communicate by email."

Fang Zhixing and the analyst kid watched a big show, and suddenly found that he still had a role to play.Get up in a hurry and accompany Jiang Tong to go out with a smile.

The moment the elevator doors closed in front of his eyes, Fang Zhixing's forced smile completely collapsed.He walked for 15 minutes on the short journey back to the office from the elevator, and he still couldn't figure out how to excuse this road show that could be called a disaster.

With a drum in his heart, he pretended to be calm and knocked on the door of Xiao Fengtai's office, only to find that his boss was flipping through Huaqing's road show materials back and forth, his eyes dim.

"Go and check this cd30." Before Fang Zhixing could speak, Xiao Fengtai spoke first: "Jiang Tong's previous papers, our expert team, American invested companies...any channel is fine, I want to find out whether this thing is there. Not as amazing as Jiang Tong said."

"I know this person very well. Something that allows him to abandon his teaching job and go to China to start a business in disgrace must be valuable."

Fang Zhixing was startled, and unconsciously spoke the truth: "Are you really going to invest in this company... Didn't you say that Huaqing is worthless?"

"It's just a negotiation strategy." Xiao Fengtai sneered: "He is in trouble now, so naturally I want to lower the price as low as I can."

"In my opinion," Fang Zhixing said cautiously, "Jiang Tong was in a bad mood when he left."

How can you talk about cooperation and financing when everyone is angry at you?

"Don't worry about it." Xiao Fengtai slammed the road show materials on the table, as if he had a winning ticket.

"He'll come back for us."