The recent news of Athenex's bankruptcy has left many wondering what the future holds for Buffalo's startup community. As the former board chairman of Launch NY, however, I do not believe this news will have a significant impact on the community.
In a recent article by Jon Harris of The Buffalo News, I had the opportunity to express my opinion that Athenex was a good example of how medical therapeutic companies can launch in Buffalo. The story noted that Kinex and later Athenex was able to raise capital and show that drug development can be done in Buffalo, which was not possible before.
Despite the unfortunate end of Athenex, it should encourage people that launching a startup in Buffalo is possible. The startup community has been growing in recent years, with more resources and support available than ever before.
While the news of Athenex's bankruptcy may cause some concern, it is important to remember that setbacks are a natural part of the startup journey. Athenex was a good example of success in Buffalo's startup scene that should not be overlooked. Instead, it should serve as a reminder that even successful startups can face challenges, and that with the right resources and support, it is possible to launch a successful medical therapeutic company in Buffalo.
David J. Colligan, a partner at Colligan Law and former board chairman of Launch NY, said that Kinex and later Athenex, as a Buffalo-based firm, was able to successfully raise capital and show "that we can do drug development in Buffalo, which we were never able to do before." While Athenex had an unfortunate end, Colligan said he didn't think the news would chill the startup community at all. "I think, if anything, it can encourage people that it can be done here," he said.