This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
At the helm of the Polish-American biotech stands Dr Artur Płonowski, a former scientist and protégé of a Nobel laureate, who already has one startup success to his name. This time he is betting on cardiovascular drugs, and investors – including prominent angel investors – have once again placed their trust in him, even though such capital remains hard to secure for biotechnology ventures in Poland.
“The example of Denmark, where Ozempic has become a driver of economic growth, shows the power an innovative drug can have,” said Dr Małgorzata Adamkiewicz, chair of the supervisory board of Adamed Pharma, in 2025, explaining the decision to step up investment in entirely new therapies. This kind of work requires many years and billions in outlays (PLN/EUR equivalent), and fewer than 1% of molecules ever make it to market. The potential benefits for both patients and companies, however, make the effort worthwhile.
The need for vast investments of time and capital means that it is usually the largest pharmaceutical companies that bring innovative drugs to market. Yet many such breakthroughs originate in the laboratories of smaller biotech firms. One of them is the Polish-American company Vasa Therapeutics.
Differences between investors in Poland and the United States
The biotech startup is developing entirely new drugs in the field of cardiology. This year, it will begin Phase I clinical trials for two of its molecules. It has reached its current stage of development thanks to an international group of investors, who have provided more than USD 20m (approx. PLN 80m / EUR 18m).
In the coming months, Vasa plans to raise USD 35m (approx. PLN 130m / EUR 30m) in its next funding round. In parallel, it is in talks with charitable foundations about securing non-dilutive financing.
In the current round, the company expects participation from Polish investors. However, a significant share will likely come from funds based abroad, including the United States. The differences in how investors from these countries approach negotiations are substantial.
“In the United States, competition from startups working on innovative drugs is more intense. Still, once you manage to win investors over with the idea, the size of the required funding becomes a secondary concern – it can be arranged. In Poland, by contrast, a group of investors specializing in biotechnology is only just beginning to emerge. They are becoming aware of the scale of capital, risk and potential upside associated with this sector. It is encouraging that the substantive expertise of Polish biotech investors and analysts is in no way inferior to that of their American counterparts,” explains Dr Artur Płonowski, CEO and co-founder of Vasa Therapeutics.
Expert's perspective
Investing in biotechnology from an entrepreneur’s perspective
We tried to develop our own molecules in cooperation with Gdańsk University of
Technology – this project did not succeed. But that failure proved a valuable lesson in biotechnology and made me realize that returning to our core business – the one we started with at Blirt, namely creating tools for molecular biology – was the right path.
Today, when assessing projects as an investor, I draw on every lesson that period gave me, including the painful ones. Above all, I have learned that drug development is a process fraught with underestimated risk, and that this industry quickly exposes those who fail to understand it. One may not need a formal scientific background to become a good biotech investor – though it certainly helps. What is essential, however, is to devote a great deal of time to understanding the specifics of this sector. It is impossible to invest in biotechnology without both comprehension and a certain degree of fascination.
The disparity between the Polish and American biotech markets is vast. In the United States, hundreds of biotech companies are listed on stock exchanges, with market capitalizations running into the trillions of dollars. In Poland, by contrast, only a handful of such companies are listed on the Warsaw Stock Exchange, with a combined capitalization more than a thousand times smaller – amounting to barely a fraction of the value seen in the US.
We are therefore still at the beginning of the journey and must learn quickly how to compete globally, as drugs – and other biotech products – are developed with worldwide markets in mind. In my view, the key to success for Polish biotech is not to replicate the models of large players, but to deliberately seek out niches – for instance, projects with lower regulatory risk and a realistic path to market entry. This philosophy underpinned my investment in BioResearch Pharma.
From a scientist under a Nobel laureate to an entrepreneur
The entrepreneur never planned to follow this career path. He saw himself as a scientist – and indeed worked full-time in academia until 2015. He left Poland in 1997 for a postdoctoral fellowship at Tulane University.
“I joined the laboratory of one of the two Nobel laureates of Polish origin in physiology or medicine: Andrew Schally. An exceptional figure, about whom relatively little is said in Poland. He was the son of Kazimierz Schally. After the war, the family settled in Scotland, and Andrew Schally continued his scientific work in Canada and later in the United States. His discovery led, in subsequent years, to a new hormone therapy for the treatment of prostate cancer,” says Artur Płonowski.
After more than three years as a scientist-endocrinologist, he moved into the private sector in 2001, joining the biotechnology and pharmaceutical industries. Since then, he has been involved in developing new drugs from discovery through to development – from selecting the right molecule to guiding it through the clinical trials required by regulatory agencies.
“First at Exelixis, and later at Takeda Pharmaceutical Company, I was directly involved in the development of four innovative drugs that were brought to market. After losing the high-profile litigation concerning the drug Actos, Takeda withdrew entirely in 2015 from the field of metabolic and cardiovascular diseases, in which I had been working,” recalls Artur Płonowski.
Developing drugs in big pharma and in a startup
After that episode, he joined a biotech startup – Akarna Therapeutics – for the first time. He has remained in the sector ever since.
“I was very fortunate. Akarna Therapeutics, which was developing new therapies for liver diseases, was acquired after just over a year. Allergan paid USD 50m upfront (approx. PLN 200m / EUR 45m), and the total value of the deal could have reached USD 1bn (approx. PLN 4bn / EUR 900m). Its drug portfolio is now owned by AbbVie, which acquired Allergan in 2020,” says Artur Płonowski.
This experience opened his eyes to how efficiently innovative therapies can be developed. Akarna operated as a so-called virtual biotech – keeping its team to a minimum and maintaining no in-house laboratory infrastructure. Outsourcing research and development services provided both flexibility and significant savings in time and cost. He has since applied this model in his own business.
“Working on innovative therapies in large pharmaceutical companies is more comfortable. Human and financial resources are greater, and responsibility for decisions is more diffused. Numerous stakeholders sign off on successive stages of research across multiple meetings. In a biotech startup, by contrast, both the responsibility and the potential rewards for founders from future success are incomparably greater. There is also immense satisfaction. I work in a field where I have a real chance to help a great many people,” says Artur Płonowski.
Good to know
The path of a drug from the laboratory to the patient
Every new drug approved for market use must first successfully pass rigorous clinical (human) trials. Yet this is by no means the first stage of work on an innovative therapy – rather, it is already a fairly advanced one. Before that, preclinical phases must be completed, conducted in laboratory settings and on animal models.
“One of the most important objectives of preclinical research is to determine the efficacy of a given medicinal product in an animal model of the disease. Based on preclinical results, a decision is made as to whether a compound can be safely administered to humans. Although this stage takes place ‘out of sight’ of patients, it is crucial for the further development of a drug.
Fewer than 1% of clinical trials include the optional Phase 0, which is used for a very early assessment of how a ‘microdose’ of a potential drug behaves in the human body. Most companies move directly to Phase I trials involving healthy volunteers (with some exceptions, such as in oncology, where patients may participate). The aim is to obtain basic information on the substance’s safety, tolerability and the body’s response.
Only in Phase II are carefully selected groups of patients enrolled, in line with the specific indication under study. These trials involve not just a few dozen participants, but often several hundred. At this stage, the company evaluates both the efficacy and safety of the medicinal product, while confirming earlier findings.
Phase III trials may include several thousand patients and typically involve two groups: one receiving the new substance, and the other a placebo or standard therapy. Successfully completing this stage leads to the preparation of an application for market authorization.
If an innovative therapy reaches the market, it is then subject to Phase IV, or post-marketing studies. These aim to determine the long-term effects of the drug—its safety profile and its impact on patients’ quality of life.
Oncology draws more attention; cardiology offers greater potential
Together with former colleagues from Takeda Pharmaceutical Company and Exelixis, Artur Płonowski founded the startup Vasa Therapeutics in 2019. The company operates in both Poland and the United States and focuses on innovative therapies for cardiovascular diseases.
“The needs in this area are disproportionate to the scale of work on new drugs – unlike, for example, oncology or autoimmune diseases. To put this into perspective: there are currently more than 26,000 clinical trials underway globally in oncology, compared with only around 10,000 in cardiovascular diseases, despite the latter causing roughly twice as many deaths as cancer,” the entrepreneur explains.
Interactive chart He notes that the preference for developing new oncology therapies stems in part from cultural and emotional factors: the imperative to do everything possible to fight cancer. As a result, the threshold for drug performance in this area is sometimes effectively lower.
“A risk–benefit analysis means that regulatory agencies are, at times, willing to ‘turn a blind eye’ to issues that would be unacceptable for new cardiovascular drugs. For example, in cancer patients, a small risk of arrhythmia associated with a new drug may not be a barrier, as they face other, more pressing medical challenges. In the case of heart failure, however, this would be unacceptable, since such patients are already predisposed to rhythm disorders,” explains Artur Płonowski.
Interactive chart Capital from well-known investors
At the outset, the company’s founders financed it themselves, with additional support from family and friends. In 2020, they secured more than PLN 10m (approx. EUR 2.2m) in funding from the National Center for Research and Development (NCBR), earmarked for its flagship project, VS-041.
“Equity capital of several million dollars – needed for our own contribution and to begin diversifying the portfolio – was provided by Orphinic Scientific, of which I am a co-founder. Over time, Vasa became the most valuable project in its portfolio,” says Artur Płonowski.
In the following years, the company attracted investment from two US funds - NuFund Venture Group and SeedFolio – as well as a group of angel investors. Together with Orphinic, they closed an USD 6m (approx. PLN 24m / EUR 5.5m) seed round in 2024.
That funding was sufficient to support operations through 2025. The company then completed an USD 12m (approx. PLN 48m / EUR 11m) bridge round. Participants included ACRX Investments and the fund i&i Bio. They were joined by Piotr Hammer, active in the medical and real-estate sectors, Jarosław Leszczyszyn, and other individual investors.
Expert's perspective
Oncology dominates clinical research, but cardiology is gaining ground
The latest Citeline Annual Clinical Trials Roundup 2025 shows that in 2024, 3,905 Phase I–III trials were initiated in oncology, compared with 1,084 in cardiovascular diseases. Oncology accounted for 37.2% of all trials analyzed, versus 10.3% for cardiology. A year earlier, the gap was similar: 3,718 trials in oncology versus 938 in cardiovascular diseases.
Globally, the total number of trials rose from 6,794 in 2017 to 10,502 in 2024.
An analysis of industry-sponsored trials in 2022–24 shows the fastest growth in autoimmune and inflammatory diseases (+18.9%), central nervous system (CNS) disorders (+13.5%), and cardiovascular diseases (+12.8%). Despite a decline of 4.9%, oncology has retained its dominant position. The growth dynamics, however, suggest that other therapeutic areas – including cardiology – are now expanding more rapidly in new, commercially sponsored projects.
In cardiology, data from ClinicalTrials.gov show that the number of cardiovascular trials increased from 1,609 in 2008 to 2,511 in 2022. At the same time, the number of interventional (drug-based) trials declined, as did studies focused on myocardial ischemia, peripheral artery disease and hypertension, while non-drug studies and research into cerebrovascular diseases increased.
Citeline 2025 highlights that oncology is particularly strong in the mid-stage of development: in 2024, 42% of oncology activity was concentrated in Phase II. By contrast, cardiology was one of the few areas where the number of trials increased from Phase II to Phase III. Across all therapeutic areas, the report also points to a broader market shift towards later stages: Phase III trials accounted for 15.4% of activity in 2024, up from 2.7% a year earlier, while Phase II accounted for 29.4%.
It is also worth noting that many oncology programs fail before reaching approval. According to the latest analysis by BIO/Informa/QLS, the probability of progressing from Phase I to approval was around 5.3% in oncology and 4.8% in cardiology, compared with an average of 7.9% across all indications. Even more telling are the transition rates between phases: from Phase II to III, success stood at 24.6% in oncology and 21% in cardiology. From Phase III to submission for approval, the figures were 43.9% and 45.6%, respectively, and at the final stage – from submission to approval – 92% and 82.5%.
Oncology is likely to maintain its structural advantage in the volume of trials and development programs in the coming years. However, this does not automatically translate into a proportionally greater advantage in final outcomes per program, given the high attrition rates before approval. New drugs in this field continue to emerge in large numbers. In 2024, the Food and Drug Administration approved the largest share of new drugs in oncology – 28%.
Treating heart failure, a common cause of death
In its flagship project, VS-041, the company initially focused on HFpEF (heart failure with preserved ejection fraction). It was for this indication that it secured funding.
The Heart Failure Association of the Polish Cardiac Society warns that the incidence of heart failure in Poland is relatively high. The condition leads to more than 200,000 hospitalizations each year, and mortality in the first years after diagnosis reaches 15–20%. Around 140,000 people die from it annually.
Vasa, however, sees potential for using the molecule across multiple indications. These include the treatment of chronic kidney disease, lung diseases and certain cardiomyopathies. The company assumes that the drug could eventually exceed USD 1bn (approx. PLN 4bn / EUR 900m) in annual sales.
“In June 2025, we completed our first clinical trial in healthy individuals, with very positive results. There were no signals of intolerance or toxicity, and the drug concentration achieved should be sufficient to produce a therapeutic effect. In October, despite the ongoing US federal government shutdown at the time, we obtained approval from the Food and Drug Administration to conduct a study confirming the mechanism of action of VS-041 in patients with HFpEF at elevated risk of adverse outcomes, selected using a novel blood biomarker,” says Artur Płonowski.
Study report expected later this year
Recruitment of more than 40 participants is expected to be completed in the summer, with the final report due at the end of the year. The company emphasizes that, due to the innovative study protocol and high therapeutic potential, it has received from the Food and Drug Administration so-called fast-track designation. This enables more frequent communication with the agency and, consequently, significantly facilitates and accelerates the potential approval of the drug.
“However, the conduct of further clinical trials of VS-041 in other indications will depend on the availability of capital and the interest of potential partners. Similarly, our decision regarding commercialization in HFpEF will depend on these factors. The results obtained in the so-called proof-of-mechanism study [verification of the safety and therapeutic potential of the substance – ed.] will be comparable to typical early Phase II trials. Completion of this stage typically translates into a project valuation in the range of USD 100m–$200m (approx. PLN 400m–800m / EUR 90m–180m) as an upfront payment,” says the CEO of Vasa Therapeutics.
A potential treatment for muscle wasting
The startup’s portfolio also includes other projects, among them the considerably more versatile VS-214. This is a long-acting analogue (mimicking the function) of a natural hormone released during intense physical exertion by skeletal muscles: apelin. In simplified terms, it helps maintain the healthy function of the muscular system. It is also responsible for the beneficial effects of physical activity, such as protecting the cardiovascular system and offering protection against neurodegenerative diseases (e.g. Alzheimer’s disease).
“Our drug candidate is essentially ‘exercise in an injection’. Natural apelin cannot be used therapeutically because it ‘disappears’ within minutes after being released into the bloodstream. VS-214 could be administered once a week, or even once every two weeks. It may be used, among other things, to prevent muscle loss associated with ageing and to support the treatment of obesity with drugs such as Ozempic. Their use leads to the loss of not only fat tissue but also muscle mass,” explains Artur Płonowski.
He argues that VS-214 may also help in genetic conditions that lead to muscle wasting. Some of the work on apelin is funded by a foundation associated with Chip Wilson, the founder of the Lululemon brand. A diagnosis of facioscapulohumeral muscular dystrophy (FSHD) prevented him from continuing competitive swimming.
“We are preparing to begin Phase I clinical trials in the third quarter. If we do not encounter major obstacles, VS-214 has the potential to become the first commercial apelin-based product – a so-called first-to-market,” says Artur Płonowski.
A focus on the longevity trend
In the context of VS-214, the entrepreneur points out that cardiovascular and muscle health remain at the centre of the rapidly growing longevity medicine sector. Its value is expected to rise in the coming years to several hundred billion dollars.
“Apelin has already been thoroughly validated as a potential therapy that can extend physical and cognitive fitness in older age. In October 2025, we were honoured with an award from the Asian Society of Longevity Medicine for our breakthrough contribution to longevity medicine, particularly for the ‘democratic’ nature of our projects. Unlike many therapies currently under development that are targeted at elite users, our products can be made available to a broad population of older individuals thanks to their ease of technical scalability as well as greater economic accessibility,” says Artur Płonowski.
Key Takeaways
- From scientist to entrepreneur. Dr. Artur Płonowski originally intended to pursue a career in science. He developed this path from 1997 in the United States, working under the supervision of a Nobel laureate of Polish origin, Andrew Schally. Four years later, he moved into the private sector, where he has since focused on developing new drugs – from selecting the appropriate molecule to guiding it through the clinical trials required by regulatory agencies. He first worked at large pharmaceutical companies, then at a biotech startup, and in 2019 he co-founded his own business with partners: Vasa Therapeutics.
- Potential cardiovascular drugs moving toward clinical trials. The startup’s founders have focused on developing innovative therapies in the field of cardiology. They justify this choice by pointing to needs that are disproportionate to the scale of research on new treatments, unlike in areas such as oncology or autoimmune diseases. In 2026, they plan to conduct clinical trials for two of their projects. One concerns the treatment of HFpEF (heart failure with preserved ejection fraction). The other is a potential “exercise-in-an-injection,” which may be used, among other things, to prevent age-related muscle loss and to support the treatment of obesity with drugs such as Ozempic.
- Millions from well-known investors. Initially, the company was funded by its founders, along with support from family and friends. In 2020, they secured over PLN 10m (approx. EUR 2.2m) in funding from the National Center for Research and Development (NCBR). Subsequently, capital amounting to several million dollars was provided by Orphinic Scientific, and in the following years the investor base expanded to include US funds and Polish entrepreneurs. In total, they raised over USD 20m (approx. PLN 80m / EUR 18m). In the coming months, Vasa plans to complete a funding round worth USD 35m (approx. PLN 130m / EUR 30m).