It's a tricky situation. In my experience, it makes the CEO of the company not strong enough if he can't handle the fundraising efforts. It might be different in biotech, especially because the R&D and the work that has to be done is way more time consuming than a regular startup.

Also, investors like people who are also investing (in equal conditions) in the startup, because that reflects that they put their money where their mouths are.

You should help the CEO to make a fundraising strategy, build it up for them and let him put his face on it. If you're working as a consultant, you can charge by commission.