CAPITAL FOR BIOPHARMA SMEs may be better sourced from PARTNERS than from VCs in todays world, if you have developed your technology to beyond POC. Partners will not care where in the world you are located, how fancy your board is, whether your capital structure is correct, and will not dilute your stock (usually). You will also be talking to an expert group, who will understand your innovation (assuming you have done your homework in choosing the partner). Partnering is a painfully slow and frustrating process, just like the VC route. Be prepared for this.