Startup Case Study: BioFragment

Drug discovery often involves identifying promising small molecules that could be joined together to form potential new medicines.

It's a long, high-risk process—much like building a model with Lego bricks, except many of the molecules don’t come with the “connectors” needed to join them. These missing connectors, or functional groups, make otherwise promising molecules unusable in synthesis.

To overcome this, researchers have developed methods to modify molecules and make them more reactive. However, as Olena Didenko and her co-founders—Victoria Barros Metlova, David Hamer, and Carla Fuenteslopez —highlight, industry-standard approaches often rely on toxic solvents and heavy metals, making the process both environmentally harmful and difficult to scale.

After attending several of the programmes available to University of Oxford students and staff through EnSpire Oxford, Olena and her co-founder team believe they not only had an answer, but they could turn it into a successful startup, called BioFragment. Together they are pioneering a new more environmentally friendly way to help molecule fragments bind. Instead of heavy metals, they use harmless enzymes and believe the process is not only kinder to the environment, it can also speed up drug discovery by between 20% to 50%.

A business mindset

Raised in Ukraine, Olena came to the University of Oxford in 2022 to study for a Masters in neuroscience before deciding to work as a Research Assistant at the University’s Department of Physiology, Anatomy & Genetics (DPAG). Her specialism was neuroscience, and her passion was to have an impact outside the laboratory.  So, when she heard about the weekly talks and lectures at the Scientific Entrepreneurship Course at the University’s Mathematical, Physical and Life Sciences department (MPLS), she signed up immediately to find out more about how scientists can start to develop a business mindset. 

“It was fascinating for somebody like me who was only used to science in the lab to hear these fascinating talks about how scientists can turn their idea into new companies,” she recalls.

“I met my two original co-founders there and we decided to work together. We each had different ideas. Coming from a neuroscience background, I was interested in working on a saliva test for conditions such as Parkinson’s. We compared ideas and agreed pursuing what is now called, BioFragment, would be the best. That’s because the science was largely proven. The real challenge was whether our enzymatic approach could deliver the precision and performance needed in real-world catalytic applications.”

Learning how businesses work

In the middle of the nine-month series of talks and lectures, before the decision to focus on BioFragment was made, Olena took part in the All-Innovate pitching competition, organised by EnSpire Oxford, the University of Oxford’s entrepreneurship hub. She presented her idea for a ‘saliva test’ for degenerative neurological conditions and remembers the process fondly as offering much-needed pitching experience and improving her confidence in presenting ideas.

However, shortly afterwards she and her two original co-founders agreed they would jointly develop BioFragment and the best way to immerse themselves in the world of business was seen as the Oxford Venture Builder (OVB) programme. It’s a three-month course run by the Oxford Saïd Entrepreneurship Centre, in partnership with EnSpire. The aim is for attendees to understand how businesses work so they can take that knowledge and mould how they intend to launch their own startup.

“The course really helped us develop the business case for BioFragment because MPLS programmes had been largely science-based but OVB was totally focused on business, which is what we really needed,” Olena recalls.

“It was particularly useful for learning to think about the customer’s persona and what steps we could take to de-risk our model. Having access to a knowledgeable, helpful mentor was really important to us as well.”

The next step for the fledgling business was to gain experience in pitching their business to the general public, as well as experienced business advisors and fellow scientists. The team took part in the #StartedinOxford Showcase (formerly known as Demo Night) where startups have stalls which attendees approach to find out more about the business. Each member of the public has £1000 in pretend money which they can choose to ‘invest’ in the company they believe has the best idea and strategy. Although BioFragment did not win on the night, they managed to speak to many attendees and were invited to pitch their idea to the assembled audience. Olena reveals that this was hugely beneficial because it helped the business to adapt its pitch to people from all walks of life.

“It was a fantastic experience,” she recalls. “Pitching there really helped us practise explaining our idea and the science behind it to a diverse audience - from scientists and students to business folks and even people with no chemistry background at all. It was fascinating to see how quickly we could adjust and tailor our pitch depending on who we were talking to. Although we didn’t win, the event was immensely valuable. It taught us a lot about engaging different audiences and refining our messaging, which will undoubtedly benefit us in our future pitches.”

Taking a StEP forward

The team’s pitching skills were certainly catching the eye of business advisors working within the University’s entrepreneurship ecosystem. At the end of the three-month OVB course its pitch was so well-received the organisers suggested the trio should spend the summer of 2024 at Oxford University Innovation’s (OUI) StEP Ignite programme. Olena remembers it was hard work, but incredibly valuable. It was also where the trio found their fourth co-founder, David. 

“It was a month of really intense lectures and workshops from 9am to 5pm every day,” she recalls.

“The invited speakers were excellent, and we were really helped by the strong support and mentorship at the programme. It really helped us refine our business and then pitch it, the pitching practice was really beneficial.”

In fact, their pitching had improved to the point they won a £5,000 OUI prize and were encouraged to enter two more competitions in late autumn 2024—Santander X, where they reached the semi-finals, and Stage Two in Berlin. While Santander X is open to British university startups, Stage Two Berlin is open to startups from universities across Europe. To the team’s delight, the Berlin trip went incredibly well, earning the co-founders an expert day with Chemovator, a business incubator run by BASF.

The co-founders intend to use the prize day soon to delve deeper into the practicalities of commercialising BioFragment by asking for legal and regulatory advice, as well as business mentorship. This will be coordinated with efforts to speak to investors, enabling the business to move out of the Chemistry Department at the University of Oxford and into its own external lab space. At the same time, as they prepare to formally launch the business from its own base, the team is also in conversation with OUI over the possibility of patenting the new use of an existing chemical process that underpins the company’s sustainable breakthrough.