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An evening of networking and inspiration, as Eleni Pentafragka, Chief Strategy Officer of ELPEN, and Stelios Tzannis, CEO of Athens LifeTech Park, discussed ELPEN’s new Athens LifeTech Park. Stelios Tzannis joined Paris Panayiotopoulos, Senior Managing Director in the Blackstone Life Sciences group in a fireside chat to discuss the future of life science, moderated by Katia Karalis, Executive Director at Regeneron. The program concluded with an audience-led discussion by Greek life science entrepreneurs, including Eirini Schlosser, Dyania Health; Thrasyvoulos Karydis, DeepCure; Andreas Goutopoulos, Actithera; Orestis Vardoulis, Zeit Medical; Eve Gregoriou, Neurovirt, moderated by Dionysios Panagiotopoulos, LDV Partners.

We closed with drinks and networking to bring our community together and help make valuable connections for the Greek entrepreneurs.

See the list of attendees

Summary of Event

The event highlighted the significant potential for collaboration between Greek companies and the Greek Diaspora, as well as the unique advantages and hurdles of operating in the life sciences sector in Greece.

Opportunities in Greece

Greece offers a promising ecosystem for life sciences ventures, particularly for US-based investors. The country boasts access to high-quality talent at a lower cost of operations compared to the US. Additionally, the Greek Diaspora, which is highly respected in the US, can facilitate connections and collaborations between Greek companies and US investors, advisors, and experts. Greek companies benefit from the EU’s integrated market, allowing them to leverage specialized CROs in various European countries. The unique edge of the Greek market includes the availability of junior physicians and a favorable regulatory environment that can expedite the development and clinical testing process.

Challenges Expanding to the US

Greek companies face several challenges when expanding to the US market. One significant hurdle is the high cost of operations, which can be prohibitive for startups and small companies. Additionally, the competitive landscape makes it difficult to secure patient involvement and investment. Logistics also pose a major challenge, particularly in shipping molecules and coordinating testing across different locations. Furthermore, Greek companies often need to navigate complex FDA regulations and build robust networks to establish a presence in the US healthcare system. Despite these challenges, the potential for growth and collaboration in the US market remains a strong incentive for Greek companies to pursue expansion.

“We have seen companies like Miroculus start in Greece and succeed in the US, serving as catalysts for end product development.”

Stelios Tzannis

Five startup panelists shared their experiences and insights on expanding their ventures from Greece to the US. The panelists discussed their backgrounds, the innovative work of their companies, and the opportunities and challenges they face in the US market.

Orestis Vardoulis (Zeit Medical):

• Background: Born and raised in Trikala, Greece. Co-founded Zeit Medical, a Stanford University spin-off.
• Company: Focuses on clinical neurology with their AI product, which enables quick diagnosis of acute neurological events. They will soon have their first clearance for the use of their AI within the OR where they will be able to detect a stroke as it is happening. The next step with this round of fundraising will be to target the ICU stroke units. They eventually plan to bring the technology to the home setting.
• The Ask: Currently at the seed stage, they have deployed in 20 hospitals in the US and need further funding of $6 million and partnerships. Backed by Silicon Valley VCs in their previous round.

Eirini Schlosser (Dyania Health):

• Background: Data scientist, founded the company in 2020.
• Company: Trains large language models to analyze medical patient data for clinical studies and automates manual chart abstraction.
• The Ask: Seeking connections with healthcare providers to see how they typically work with chief informatics officers, research informatics officers and medical informatics officers at the academic institutions.

Eve Gregoriou (Neurovirt):

• Background: Neuroscientist with a PhD in clinical and movement neurosciences.
• Company: Uses immersive VR and AI to gamify and quantify movement rehabilitation.
• The Ask: Raising $4 million in seed funding, looking for a US lead investor, open to flipping the company, seeking more connections within the healthcare provider space that have stroke units.

Andreas Goutopoulos (Actithera):

• Background: 20 years in pharma R&D, 5 years in biotech and VC.
• Company: Works on a new generation of radioisotopes for cancer treatment. Seed stage company.
• The Ask: Raising Series A round of $52 million and establishing logistics for molecule shipping and testing. Raised $5 million in their seed round and already found a clinical candidate.

Thrasyvoulos (Thras) Karydis (DeepCure):

• Background: Born in Corfu, Greece. Studied in the US and co-founded the Greek-Israeli company, Deepcure.
• Company: AI biotech company working on inflammation immunology.
• The Ask: Just closed Series A round, searching to KOLs to strategise where to do their first clinical trials.

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About Us

The Hellenic Innovation Network (HIN) has a mission to accelerate technological innovation and entrepreneurship in Greece to world-class level by 2030, thereby fuelling the economy and job creation. As an outgrowth of MIT Enterprise Forum Greece, HIN is a US-based non-profit organization created with the support of the Consulate General of Greece in Boston to facilitate access to resources, partners, and best practices by building bridges between the diaspora in global tech hubs and the Greek tech community. Driven by an advisory group of global innovators, HIN disseminates startup news, broadcasts educational webcasts, organizes monthly CEO group meetings, and hosts in-person pitching and networking events. Our online platform allows for virtual connections of our members in between events, so please register at hellenic.org to become part of our community.

• Marina Hatsopoulos, Hellenic Innovation Network
• Vassilis Papakonstantinou, MIT Enterprise Forum Greece
• Symeon Tegos, Consul General of Greece in Boston

Hosted by Foley & Lardner

Sponsored by Elpen’s Athens LifeTech Park