Founded in 2001, Chicago-area biotech firm Proteintech set out to create antibodies for scientific research. Back then, explaining what, exactly, an antibody was to investors and the general public wasn't always easy, CEO Jason Li said. Fast forward 20 years to a world still coping with a global pandemic, and you'd be hard pressed to find someone who hasn't heard of an antibody.
"After Covid, everyone understands what an antibody is. That's one job less for us," Li said.
Proteintech, based in Rosemont, creates antibodies and sells them to scientists that are conducting research in cancer, neuroscience, immunology and other areas. An antibody is a protein component that's produced by the body's immune system when it detects a harmful substance like a virus or bacteria. Antibodies can help fight off a virus if it's encountered again.
The company says it has the largest proprietary portfolio of self-manufactured antibodies, and it covers 2/3 of the human genome; its goal is to produce an antibody for every single protein coded in the human genome.
Proteintech has grown quickly in recent years, doubling its headcount to 300 since 2019. It has offices in Rosemont, the UK, Germany, China and elsewhere. Li declined to say how much revenue Proteintech will generate this year, but he said the firm expects to do $100 million in revenue in 2022. That growth will position Proteintech for a potential IPO, which Li says will likely take place next year.
Li and a group of scientists founded Proteintech in early 2001 and the firm has taken little it outside funding to date aside from selling a small percentage of equity to angel investors. Li and Proteintech's employees still own more than 75% of the company, he said.
By not taking venture capital, Li said Proteintech has been able to grow at its own pace and build for the long term.
"The real stakeholder here is the scientists, the scientific community," he said. "As long as we have the interest of the scientists in mind, that will help us to grow."
Li said the Chicago area's access to biotech talent, thanks to its abundance of high-quality universities, has helped the company grow. But despite the momentum the city's life sciences industry has seen in recent years, Chicago still lags behind the coasts as a biotech powerhouse, he said.
"I'm glad to see Chicago is growing in biotech," he said. "However, in many ways Chicago is still a desert for biotech compared to Boston and California."
Correction: This story has been updated to correct the date Proteintech was founded.
