Sandra Rieger : Winner of the 2024 Great Companies International women Entrepreneur Award

Name: Sandra Rieger

Business Name: Avantyx, LLC

Location: Miami, Florida , USA

Establishment (Year): 2020

Category: Consulting

Profession/ Specialty: Biotech

Website: www.avantyxpharma.com

Social Media : Linkedin

Company Detail:

Avantyx is positioned at the forefront of pharmaceutical innovation, concentrating on developing drug treatments for chemotherapy-induced and diabetic peripheral neuropathy. With an in-depth comprehension of the underlying causes of nerve damage in these scenarios, the organization is committed to devising preventative solutions aimed at transforming patient care. Their research and development endeavors strive to empower cancer patients to undergo chemotherapy treatments without enduring the debilitating side effects of nerve damage. Simultaneously, they are dedicated to providing relief for individuals afflicted with diabetic peripheral neuropathy by restoring nerve function and alleviating associated symptoms. Avantyx envisions a future where these conditions cease to pose significant obstacles to patient well-being.

Unique Selling Proposition or Competitive Advantage:

The absence of viable treatments for peripheral neuropathy, with no conventional options available on the market aside from analgesics, underscores a notable gap in addressing patient needs. In this context, Avantyx's product or service emerges as a beacon of hope, offering a fresh approach to tackling the challenges associated with this debilitating condition. Many patients, desperate for a solution, reach out to Avantyx, entrusting their hopes and confidence in the organization's ability to provide relief where others have fallen short. By recognizing the limitations of current treatments and embarking on innovative research and development endeavors, Avantyx has positioned itself as a pioneer in the field. Patients are naturally drawn to their offering because it holds the promise of delivering tangible relief and improvement. This unique value proposition not only sets Avantyx apart from competitors but also resonates deeply with individuals seeking effective solutions to alleviate their suffering and enhance their quality of life.

Challenges Faced During the Journey

As a scientist, the founder made a pivotal discovery with far-reaching implications. However, navigating the business side of bringing this innovation to fruition presented a significant challenge, given their limited experience in entrepreneurship. To address this hurdle, a partnership was forged with Bianca Ruiz, an accomplished investment banker, to spearhead the development of the company. With the team now expanded to three members, steady progress is being made. Yet, securing funding for drug development endeavors, which entail years of dedicated effort, has proven daunting, particularly in the early stages. While sustaining themselves through grant funding from the National Institutes of Health, attracting investors remains a pressing need. Unfortunately, the company's status as a 100% women-owned biotech company appears to present additional barriers in this predominantly male-dominated industry. The need to constantly prove themselves to establish credibility and trust with investors has been an ongoing challenge.

Winning an award would not only validate the company's efforts but also significantly enhance their credibility, potentially paving the way for greater investment and accelerated progress towards clinical trials.

Advice for Women Entrepreneurs:

For young women embarking on a journey in entrepreneurship, the advice is to believe in their abilities and the innovative ideas they bring to the table. Before starting a business, ensure thorough preparation by doing homework. While self-doubt may arise, it is crucial to recognize their capacity for remarkable achievements. Perseverance is key; even amidst challenges, only persistence yields significant rewards. Surrounding oneself with a supportive network comprising mentors, peers, and advocates who provide guidance and encouragement is essential. Their distinct perspective serves as an invaluable asset, distinguishing them in their field. Partnering with individuals who offer diverse expertise in all aspects important for the company's success is vital. Though obstacles may arise, resilience and assertiveness in articulating their needs will propel them forward. Essential for maintaining a competitive edge are continual learning and adaptability. Furthermore, it is important to acknowledge and celebrate achievements, regardless of their scale, as they serve as fuel for continued progress. While the journey may present challenges, it also presents abundant opportunities for personal and professional growth, guided by vision and determination. They possess the capability to navigate this path successfully.