Clay Stan All case studies
Case studies · Interlude Biopharma

66 investor replies for a $35M biopharma raise.

Interlude Biopharma is bringing Larazotide -- a first-in-class therapeutic for celiac disease -- through fundraising. We ran the outbound. 1,876 investors contacted across six sequenced campaigns. 34 of the 66 replies came in positive.

Investor outreach Biopharma $35M raise Cold email
Client: Interlude Biopharma Round: $35M Therapeutic: Larazotide (celiac)
1,876
Investors contacted
Across 6 sequenced campaigns
66
Replies
From qualified VC firms
34
Positive replies
51.5% positive reply rate
80%
Top campaign positive
Campaign 04 alone

The setup.

Interlude Biopharma is one of the most credible celiac plays in clinical development. Larazotide is the lead candidate, and the team needed to put their deck in front of every life-sciences fund that writes checks at this stage.

We took the brief, scraped a clean investor universe, layered enrichment, and ran six sequenced campaigns into the segments that mapped to a $35M raise.

Campaign performance.

Six campaigns. Each one tested a different angle into a different slice of the investor universe. The four detailed cohorts below.

Campaign 01 -- 470 contacted, 30 replies, 16 positive (53.33%)
Campaign 01 -- 470 contacted, 30 replies, 16 positive (53.33%)
Campaign 02 -- 581 contacted, 17 replies, 11 positive (64.71%)
Campaign 02 -- 581 contacted, 17 replies, 11 positive (64.71%)
Campaign 03 -- 496 contacted, 11 replies, 3 positive (27.27%)
Campaign 03 -- 496 contacted, 11 replies, 3 positive (27.27%)
Campaign 04 -- 62 contacted, 5 replies, 4 positive (80%)
Campaign 04 -- 62 contacted, 5 replies, 4 positive (80%)

Replies from top firms.

A sample of the firms that wrote back. Names you'll recognize, AUM context for the ones you may not.

Reply from Andreessen Horowitz (a16z)
Andreessen Horowitz (a16z) -- ~$44B committed across venture, growth, bio + health, crypto & American Dynamism funds
Reply from Bain Capital
Bain Capital -- ~$185B AUM across PE, credit, public equity, venture & life sciences; partner referenced Aaref Hilaly & Notable Capital
Reply from IvyCap Ventures
IvyCap Ventures -- ~$1B AUM India growth funds; partner team requested deck + IM, with Vikram Gupta copied
Reply from Two Bear Capital
Two Bear Capital -- ~$400M AUM deep tech & life sciences; partner reply offering a direct call
Reply from Foothill Ventures
Foothill Ventures -- ~$500M AUM software, life sciences & deep tech; portfolio includes WeRide, MemVerge, Metalenz
Reply from Earlybird Venture Capital
Earlybird Venture Capital -- €2B+ AUM across digital, health & growth opportunities funds; offering to distribute internally

The stack we deployed

  • Octoparse + Instant Data Scraper -- investor database scraping
  • Clay -- data enrichment and personalization
  • Apollo, Icypeas, Leadmagic -- email enrichment
  • BounceBan + Reoon -- double email verification, sub-1% bounce
  • EmailGuard -- bypass ESPs, land in primary
  • HeyReach -- LinkedIn outreach sequencing
in
The full copy framework

We broke down the entire copy approach we used for Interlude (and every other investor outreach campaign) on LinkedIn -- including the subject-line research method that lifts open rates more than any other single move.

Read the data-backed guide to fundraising

Raising your next round?

If you're a founder looking to raise, we can replicate this for your campaign. Audit and consultation are free. Book a call and you'll walk away with a structured plan, whether you hire us or not.

Book a discovery call