Guide 7 min read
Biotech investor relations firms and what an IR retainer costs
The specialist life sciences IR agencies, what disclosed retainers look like, what a retainer covers, the contract questions to ask, and how an agency, software or both compare on yearly cost.
Biotech investor relations firms are specialist agencies that manage a life sciences company's relationships with healthcare investors, analysts and banks. US small cap biotechs commonly pay a monthly retainer, and retainers disclosed in public announcements often sit around $7,500 to $8,500 a month, sometimes with stock options on top. Many teams now pair a smaller retainer with investor relations software that keeps the investor record in house.
If you are the CFO of a clinical-stage company, the question usually comes up at one of three moments: just before an IPO or crossover round, after a readout that changed the shareholder base, or when the board asks why the IR line costs six figures a year. This guide covers who the specialist firms are, what retainers look like in public filings, what a retainer covers and what it does not, and how to decide between an agency, software or both.
Biotech investor relations firms US companies shortlist
A handful of agencies focus on healthcare and life sciences. Several have been bought by larger groups over the last decade, so names you remember may have changed. The table lists firms that show up repeatedly in biotech press releases and conference programs, with ownership as described in public announcements. It is a starting point for a shortlist, not a ranking.
| Firm | What it is known for | Background from public sources |
|---|---|---|
| LifeSci Advisors | Integrated healthcare IR and communications, multi-company investor events timed to major healthcare conferences | New York based, with offices in North America, Europe and Israel |
| Precision AQ (formerly Stern IR) | IR for entrepreneurial biotech and healthcare companies, now adding a medtech team | Stern Investor Relations was acquired by Precision Medicine Group in December 2018 and later took the Precision AQ name |
| Solebury Strategic Communications | Capital markets communications with a life sciences boutique, IPO and financing preparation | PNC owned. Absorbed The Trout Group, a healthcare IR firm founded in 1996, in a 2017 deal |
| ICR healthcare practice (ICR Westwicke) | Healthcare IR inside a large generalist IR and communications firm | ICR brought the Westwicke team in house in 2019 and added London based Consilium in 2023 |
| Vida Strategic Partners | IR, PR and corporate communications for life science and healthcare companies | San Francisco based, founded in 2002 |
Beyond the specialists, generalist small cap IR firms and boutique consultants also take biotech clients, often at lower retainers. Some microcap promoters market themselves as IR firms too. If an agency offers guaranteed coverage, paid newsletter placements or trading in your stock, walk away, because that is a disclosure and reputation problem, not investor relations.
How much does an investor relations firm charge?
A small cap investor relations firm usually charges a fixed monthly retainer, most often in the range of about $7,500 to $8,500 a month in agreements companies have disclosed publicly, typically on a 12 month term. Many small cap deals add stock options or restricted shares. Larger specialist firms, broader scopes and IPO preparation cost more.
The public examples are scattered and some are old, so treat them as anchors rather than a market survey. Kane Biotech disclosed a one year engagement with Edison at US$8,000 a month, US$96,000 in total. Stellar Biotechnologies announced a monthly retainer of US$8,000 with an IR firm in 2012. In 2026, a TSX Venture listed company announced a 12 month agreement at $8,500 a month paid in advance, plus stock options. Agencies serving larger companies do not publish rates, and quotes depend on how much event work, media and writing is in scope.
Add the costs that sit outside the retainer. Conference fees and travel, webcast production, wire distribution, the IR website and any surveillance or ownership data are often billed separately or bought from other vendors. A company paying $8,000 a month to an agency can easily spend $130,000 to $150,000 a year on the IR function before anyone on staff is counted.
What a biotech IR retainer usually covers
Scopes differ, but most life sciences retainers include some version of the following:
- Investor access. Introductions to specialist healthcare funds and generalists, help getting into the January, June and September healthcare conferences, and non-deal roadshows after a catalyst.
- Story and materials. Corporate deck review, release drafting around readouts and regulatory news, Q&A preparation and message discipline across the management team.
- Event logistics. Booking one-on-ones at conferences, KOL events and R&D days, and running the call after top-line data.
- Market feedback. Perception studies and post-meeting feedback from funds the agency knows well.
What a retainer rarely covers well is the operating record. The investor list, meeting notes and the history of who saw which deck often live in the agency's systems or in an account manager's inbox. When the engagement ends, the company can lose years of relationship history at exactly the moment it needs to raise again.
Questions to ask an IR firm before you sign
Get these answered in writing, ideally in the engagement letter itself:
- Who staffs the account day to day? The senior partner who pitches may hand you to a junior associate. Ask for names and how many other biotech clients each person covers.
- How many direct competitors do they represent? Firms with several companies in your indication can be useful for investor access and awkward when two clients chase the same fund in the same week.
- Who owns the investor data? Require that meeting notes, contact records and feedback are delivered to you in a usable format during the engagement and at termination.
- What is the term and the exit? Look for a 90 day termination right after an initial period, and check whether unvested equity or a minimum fee survives termination.
- What is billed outside the retainer? Conference fees, travel, writing beyond a set number of releases and event production can double the effective cost.
- How do they handle Regulation FD and blackout periods? The agency speaks to investors on your behalf, so its process for material nonpublic information should match yours.
Agency agreements tend to roll over quietly. If you manage several advisers, putting the renewal dates and notice periods into contract management software keeps a 12 month term from becoming 24 months by default.
When investor relations software can replace part of the retainer
Software cannot make introductions or get you a slot at a crowded conference. It can take over the work that costs agency hours without adding relationships: building meeting briefs, keeping the investor log, tracking who bought and sold, managing the release approval chain and keeping the Q&A consistent between calls.
That is the job Issuers does. Our investor relations software for biotech companies keeps the catalyst calendar, the readout approval workflow, a CRM of healthcare funds with a Regulation FD check on each entry, ownership changes from 13F, 13D and 13G filings, data rooms for partnering and financings, and a one page brief for every conference meeting. Investor targeting scores funds on mandate, sector and past participation in public filings, which covers part of what companies used to buy as a target list from their agency.
The record stays yours. If you change agencies, the new firm starts from your workspace instead of a blank spreadsheet.
Agency, software or both
Here is how the three common setups compare on cost for a listed clinical-stage company, using the retainer range above and Issuers published prices.
| Setup | Approximate yearly cost | Works best when |
|---|---|---|
| Full retainer agency, spreadsheets in house | About $90,000 to $102,000 in retainer, plus events and data | The team has no IR person and the next 12 months are dense with catalysts and financings |
| Issuers Public plan with an in house IR lead | $17,988 billed yearly ($1,499 a month) | An experienced IR director or CFO has the fund relationships and needs the operating record |
| Smaller agency scope plus Issuers | Reduced retainer plus $17,988 | You want agency help for conferences and messaging but the day to day record in house |
The third option is the most common for companies with one IR person. The agency works on access and story, and the workspace carries the investor log, briefs and disclosure workflow that the agency would otherwise rebuild each quarter. Prices for every plan are on the investor relations software pricing page, and you can buy without a sales call.
Do small biotechs need an investor relations firm?
Not always. A small biotech needs an IR firm most when nobody on staff has existing relationships with specialist healthcare funds, or when a dense run of catalysts and financings is coming. Companies with an experienced IR director or a well connected CFO often do better with software and targeted event help than with a full retainer.
Pre-revenue companies with a long gap before the next readout can also scale back. Fewer catalysts mean fewer reasons for funds to meet, and a full retainer in a quiet year buys mostly calendar management. Keep the investor record current in the meantime, so you are ready to run a full process when the data comes.
How to choose between biotech investor relations firms
Ask each shortlisted firm for three current biotech clients at a similar stage and market value, then call the CFOs. Ask what the firm delivered in the last readout, how many new specialist holders came from its introductions and what they would change in the contract. Compare the answers against what you would spend on doing the operating work yourself.
If you are still deciding on the software side, our comparison of the best investor relations software for small cap companies covers the main tools by price and fit. To see what a meeting brief built from your own filings looks like, type your ticker in the form above.