When two academics sold the company they had spun out of Edinburgh University three years ago for $275m (£138m) on Wednesday, it seemed there was lots to be cheerful about for Scotland's hopefuls.

The company, MTEM, was created to market "game-changing" oil exploration technology based on techniques developed in the university's geosciences department.

Its founders, Anton Ziolkowski and Bruce Hobbs, are in line to pocket £8m each from the sale to Norway's Petroleum Geo-Sciences.

The three venture capitalists which funded the spin-out, led by Scottish Equity Partners, made £30m-plus each and the university stands to gain around £9m.

Business lecturers are probably preparing to use MTEM as the ideal case study in their "commercialising Scotland's science base" lectures, and everyone's happy, not least the Norwegians.

Would that it were so simple.

Subscribers to the glass half-empty view may find plenty in the MTEM story to reinforce concerns about the state of financial support for the small- and medium-sized firms that drive Scotland's economy.

While MTEM's founders may be delighted to have become multi-millionaires, the private equity firms that backed them are laughing all the way to the bank.

Most of the £7.4m they provided was through convertible preference shares, which were repaid when the company was sold before the proceeds were divided up.

In effect, Ziolkowski, Hobbs and the university sold the controlling stake in a company with the potential to be worth well over £100m for what amounts to buttons in the world of private equity.

Taxpayers who provided the £120,000 proof of concept funding that allowed the academics to prove they were on to something commercial, must hope that the Treasury gets a fair slice of the pie somewhere along the line.

However, the vocal critics of the generous tax breaks enjoyed by private equity firms that have been under fire at Westminster this week will not be expecting too much.

Another aspect of the MTEM case that may concern some is what it says about the frenzy of investment and mergers and acquisitions activity in the oil and gas industry triggered by booming energy prices.

Valuations are going through the roof and Aberdeen's millionaire's club is bursting at the seams.

But this may make it even harder for firms in other key sectors to get a look-in.

This week, Jim Reid, chief executive of Haptogen, shows it can be hard to win support in the life sciences sector, in which Scotland has world-leading expertise.

While big drugs firms are showing plenty of interest in Haptogen's anti-bacterial technology, Scottish financiers have not offered the support which could unlock funding from foreign financiers.

With private equity firms like 3i which used to back firms in many sectors focusing on a narrow range of mega-deals, businesses in unglamorous areas like manufacturing are likely to find it even harder to win an audience.

Name: Jim Reid.

Age: 49.

What is your business called? Haptogen Ltd.

Where is it based? Aberdeen.

What does it produce? We develop drug treatments for diseases where treatments don't exist or do not do a good enough job.

What services does it offer? Haptogen is a world leader in the development of new drugs called biologicals. Unlike the chemicals which form most current therapies, these drugs are more like the body's natural defence mechanisms and work in harmony with the body, giving better effects with fewer side-effects.

(For example, anti-bacterial technology developed by Haptogen may be used to help tackle problems like the MRSA superbug in hospitals and diagnosing pancreatic cancer early in its development.) The company works with its partners to offer them access to this new technology.

To whom does it sell? Our customers are large and small pharmaceutical, biotechnology and diagnostic companies from all over the world. We also undertake many contracts for the Ministry of Defence.

What is its turnover? Turnover in 2006 was £1.25m and expectation for 2007 is to break the £2m mark.

How many employees? Thirty-five at present but growing, all based in Aberdeen but many of us travelling the world to meet with existing and potential new clients.

When was it formed? In 2002, taking technology from the University of Aberdeen and The Rowett Institute (for nutrition research) in Aberdeen.

Why did you take the plunge? Having worked for many years in large multinational companies and spending many years outside Scotland, I wanted to do something meaningful here in my own country. I knew we had excellent technology but had struggled to properly commercialise our inventions, and I wanted to see if I could do better. I had worked with some of the best companies in the industry and wanted to put that experience into something where I had a more significant ownership.

What was your biggest break? We have always seemed to be a lucky company. We have been able to attract good people from all over the world (Haptogen has employees from 10 different countries) and this has helped. Good people make good business. However, I suppose winning our first major collaborative contract with Daewoong Pharmaceuticals of South Korea was a watershed. We were the first company to sign a deal with a Korean company under a joint initiative between the Korean government and Scottish Enterprise. This was a nine-year contract which brought a good deal of stability to our business and continues today.

What was your worst moment? I suppose a lot of what has been going on has been so positive for us that we tend not to think of too many negatives. However, if I have to think about it, it would probably be the first time one of our founding staff left us for pastures new in Switzerland. It was a blow as we had always been a close team but the business has to move on.

What do you most enjoy about running the business? We are a globally active company at the real cutting-edge of technology but we are focusing on developing products that will bring real benefits to people with serious illnesses. Thinking about this gives me a lot of satisfaction. I also love watching our staff interacting each with their own cultural background and language but all working together for the company. Seeing how we have developed this multicultural team is truly rewarding.

What do you least enjoy? I am a scientist by training and still would like to be active in this area but with so many other aspects I just don't have the time to put the lab coat on.

What is your biggest bugbear? Developing the products that we develop is an expensive business, and I have spent a significant amount of effort trying to get Scottish-based financial institutions interested in what we do, but to no avail. I guess the lack of interest by the "money men" in supporting local science companies is the aspect I least enjoy.

What are your ambitions for the firm? To become a significant global company with headquarters in Scotland.

What are your top priorities? We need to move to a new, dedicated facility to allow the company to continue to grow and this is vitally important for our future. Beyond this, we need to keep our product developments on track and ensure that we are in the clinic testing in early 2009. Finally, I want to continue to ensure that Haptogen recruits the best people from all over the world to ensure that we can become the major global company in our sector.

What was the most important lesson you have learned? No-one has all the answers. People are what make business. Surround yourself with the best and your own weaknesses will not restrict the business.

What single thing would most help? The life science sector in Scotland is scientifically strong but financially weak. Having an environment where investment in the sector was more easily available would enhance everyone's chances of building a truly global industry here where the science deserves it.

How do you relax? The usual stuff - exercise, golf, eating out with my wife, but my passion is football. I still try to play, believe it or not, and watch my beloved Airdrie as much as possible. Not a great season for us, but I'll be there next year giving them my complete support.