Raising Biotech

In this episode, Surani takes a deep dive with experts into biotechs hottest new hype cycle -- GLP-1s. Over the past couple years, biotech investing has felt like it’s entering a new gravitational field, with GLP-1s at the center. Once a niche diabetes therapy, these drugs have evolved into a commercial juggernaut, hailed as everything from a “blockbuster weight loss pill” to a potential “longevity drug.” With Novo Nordisk and Eli Lilly raking in a combined $70 billion from GLP-1s in 2025 alone, the capital markets are responding in kind: mega Series A/B rounds, billion-dollar M&A deals, and a stampede of new startups chasing metabolic targets. But this momentum raises deeper questions, not just about science or market opportunity, but about what gets funded, what gets sidelined, and what kind of biotech future we’re building. In this episode, Surani traces the scientific and regulatory journey of GLP-1s -- From the Gila monster venom to global market domination -- and unpacks what this class of drugs tells us about the current state of biotech investing. She’s joined by three guests offering different vantage points: Jakob Dupont, Executive Partner at Sofinnova, Stephanie Sirota, Chief Business Officer at RTW Investments, and William Ho, CEO of In8bio and former investor and analyst covering GLP-1s. Together, they explore the promise and perils of capital clustering, how investors frame GLP-1s beyond weight loss, and what happens when you’re trying to raise money outside the hype. This is not just a story about one drug class, it’s a story about biotech’s risk tolerance, its blind spots, and the tension between commercial gravity and scientific breadth. Timestamps: 00:00 — Opening: The GLP-1 money trail and biotech’s new center of gravity 03:00 — What are GLP-1s and where did they come from? The Gila monster origin story 04:30 — From Byetta to Ozempic: early setbacks, FDA hurdles, and Novo Nordisk’s breakthrough 12:00 — The new investor wave: GLP-1s as de-risked, commercial mega-hits 16:30 — Beyond weight loss: The expanding promise of GLP-1s in other indications and longevity measures 20:00 — The muscle loss problem and the next wave of combo drugs 23:00 — William Ho on hype cycles and long-term unknowns 27:00 — Raising outside the magnet: the challenges for complex biotech 30:30 — Final reflections: the double-edged success of GLP-1s For any comments, questions or feedback you can connect directly with ⁠⁠Surani Fernando⁠⁠ on LinkedIn or email: raisingbiotech@gmail.com Title music composed by: Yrii Semchyshyn (Coma Media)

In this episode, we focus on the personal journey of Sheila Gujrathi, a physician turned biotech builder whose career spans medicine, big pharma, rapid IPOs, and billion dollar exits. We explore what it takes to raise biotech across cycles, from early clinical development to public markets, and how Sheila navigated building companies while operating in environments where she was rarely the default. Surani speaks with Sheila about growing up as the child of Indian immigrant physicians, making unconventional career decisions, and learning to balance patients, capital, and leadership under pressure. They discuss her time at Genentech and Bristol Myers Squibb, her role in scaling Receptos through IPO and a $7.2 billion acquisition, the founding and listing of Gossamer Bio, and how those experiences shaped her perspective on leadership and led to her writing The Mirror Effect. 00:00: Introduction 01:45: Growing up as the child of Indian immigrant physicians and early expectations around medicine 04:50: Loss, identity, and the year in India that helped shape a personal North Star going into Medical School 10:30: Leaving clinical medicine and stepping into consulting and industry 15:45: Joining Receptos, building from the ground up, and the road to IPO and acquisition 22:50: Founding Gossamer Bio, raising private capital, and going public in just over a year 30:10: Reflection, writing The Mirror Effect, and building pathways for the next generation For more on Sheila's Book, click here For any comments, questions or feedback you can connect directly with ⁠⁠⁠Surani Fernando⁠⁠⁠ on LinkedIn or email: raisingbiotech@gmail.com Title music composed by: Yrii Semchyshyn (Coma Media)

In this episode, we dive into one of the most universal aesthetic concerns on the planet: pattern hair loss. Despite affecting more than 80 million people in the US and over a billion globally, innovations in treatment have barely moved in decades. Veradermics is aiming to change that with an extended release formulation of oral minoxidil (the same active ingredient in Rogaine), designed to improve efficacy while avoiding the cardiac safety issues that limit current oral off-label use. Surani speaks with Dr Reid Waldman, dermatologist turned biotech founder and CEO of Veradermics, about his unusual path from the clinic to company building. Reid shares the origins of the company, key insights from treating hair loss patients, the scientific and market rationale behind the extended release approach, fundraising milestones, and the company's progress through Phase 2 and Phase 3 trials. Surani also speaks with Julie Hoggatt, Senior Principal at InThought, for an external lens to discuss how dermatologists are viewing the early data and the drug's potential path to an approval, launch and commercial success. Timestamps 00:01 – Introduction: the scale of pattern hair loss, emotional and social impact, and why innovation has stalled 02:30 – Reid’s elevator pitch on Veradermics and the extended release oral minoxidil program 06:30 – Reid’s story: accelerated education, dermatology training, and the clinical insight that sparked the company 09:30 – First funding support and shifting focus toward hair loss 12:30 – Fundraising: Series A to Series B to Series C and how investors evaluated a young founder CEO 15:30 – Why current off-label use of oral minoxidil falls short and the scientific rationale for an optimized extended release version 17:30 – Phase 2 male data: "striking" early hair count signals, patient reported outcomes, and safety observations 20:00 – The blinded retrospective photo analysis shown at EADV and what it suggests about early response 22:45 – Expert analyst Julie Hoggatt from InThought joins: how dermatologists are interpreting the data and what matters heading into Phase 3 26:00 – Female patients and dosing: hypertrichosis, tolerability concerns, and why female data will be important 29:00 – Pricing, access, willingness to pay, and how Veradermics could fit into the aesthetics market 31:00 – Competitive landscape: Pelage, market differentiation, and long-term positioning 34:00 – Veradermics pipeline beyond hair loss and future possibilities of an M&A, IPO or partnerships to grow. For initial press released data and photos, click here For any comments, questions or feedback you can connect directly with ⁠⁠Surani Fernando⁠⁠ on LinkedIn or email: raisingbiotech@gmail.com Title music composed by: Yrii Semchyshyn (Coma Media)

In this episode, we dive into ReproNovo’s “trash to treasure” biotech story. Founded in Switzerland in 2021, the company is reimagining reproductive medicine, one of the most underserved areas in biotech, by reviving overlooked and discarded assets. Earlier this year, ReproNovo raised a $65M Series A from a syndicate of esteemed European investors to advance programs in male infertility, embryo implantation, and adenomyosis. CEO Jean Marie Duval reflects on her unconventional path from patent attorney to biotech CEO, why she and her co-founders put their own capital on the line, and how they convinced investors to back them without fresh data. We also talk about the unique hurdles of drug development in fertility, the challenge of designing and powering clinical trials, and why the next two years will be pivotal for ReproNovo to prove its vision of revival and hopes for a successful exit. Timestamps 00:00 – Introduction 02:00 – Jean Marie’s elevator pitch on ReproNovo 03:00 – Pipeline overview: RPN-001 and RPN-002, from Novartis/Mereo and ObsEva 06:00 – Jean Marie’s career journey: from biomedical engineer to patent attorney to pharma exec and biotech CEO 07:30 – Founding story: bootstrapping, co-founders, and the first in-license 10:00 – The 18-month grind: capital risk, grit, and courage 12:00 – Bringing in M Ventures and building the Series A syndicate 15:00 – Convincing investors in an under-served field 19:00 – Asset history: male infertility data signals, IVF trial failures, and fresh strategies 21:30 – Embryo implantation and adenomyosis: unmet need and opportunity 22:00 – Clinical trial plans: Phase II timelines, endpoints, and design challenges 26:30 – Safety vs efficacy: the importance of balancing risk in women’s health trials 28:30 – Trial recruitment and patient motivation 30:00 – Looking ahead: pivotal studies, Series B or big pharma exit For any comments, questions or feedback you can connect directly with ⁠⁠Surani Fernando⁠⁠ on LinkedIn or email: raisingbiotech@gmail.com Title music composed by: Yrii Semchyshyn (Coma Media)

This episode of Raising Biotech takes a different turn — not just the story of a biotech, but of a partnership. Steve Butts, CEO of Arrivo BioVentures, and Dr. Dave Adair, Co‑Founder and Managing Partner of Solas BioVentures, have built ten companies together over nearly two decades. From Steve's first shaky startup pitch to Dave in San Francisco to major exits and a novel company‑building model, Surani explores their individual paths, their serendipitous meeting that kicked it all off, and the lessons they’ve learned along the way right up to their current venture, Arrivo BioVentures, which has raised over $100 million to be the first to tackle female depression. Timestamps: 00:00 – Intro to a different kind of story: a founder–investor partnership 01:21 – The dinner that started it all 02:32 – Steve’s path from Eli Lilly to biotech startups 03:39 – Dave’s journey from OB‑GYN to angel investor 05:04 – Writing that first $750K check 08:48 – First exit: proof of concept for the partnership 09:40 – Scaling the model: 10 companies, 5 exits 10:38 – Aerial Biopharma and its $400M deal 12:07 – Launching Arrivo with capital first, assets second 14:54 – Structuring for flexibility: two subsidiaries, two assets 17:16 – A loyal investor base outside the usual big funds 19:18 – Forvisirvat: a “happy accident” in women’s depression 21:49 – Dave on why this matters for postpartum depression 23:05 – Reframing failure and challenging women’s health blind spots 25:25 – $45M Series B and a 450‑patient trial with cognitive endpoints 27:23 – Strategic options: M&A, IPO, or both 29:39 – Big pharma potential and broad applications 30:39 – The next five years for Steve and Dave For any comments, questions, feedback or suggestions you can connect directly with ⁠⁠Surani Fernando⁠⁠ on LinkedIn or email: raisingbiotech@gmail.com Title music composed by: Yrii Semchyshyn (Coma Media)

In this bonus episode, Surani shares an honest update on what’s been happening behind the scenes at Raising Biotech, why Season 3 took longer than planned, and what to expect going forward. From reflections on building the podcast solo to plans for the future, it’s a candid check-in for listeners who’ve been waiting patiently — and a thank you to everyone who’s supported the journey so far. Support Raising Biotech via the Patreon Page.

In this episode of Raising Biotech, Surani delves into the world of CNS and Parkinson's disease with Cerevance. CEO Craig Thompson joins the podcast to speak about Cerevance's unique mission and use of its NETSseq platform to develop more targeted precision medicines for CNS diseases, particularly targeting the GPR6 receptor in Parkinson's disease. He speaks about the company's origins, its unique financing journey (close to $200 million since inception), what drove him to join during the company's growth phase, plans for upcoming clinical trials as well as a potential near-term IPO. Expert neurologist Dr Karl Kieburtz, the founder of advisory firm Clintrex and Professor in Neurology at the University of Rochester Medical School gives us his take on the general Parkinson's unmet need and Cerevance's unique mission to go beyond targeting the dopaminergic pathway. As a company advisor, Karl has a good understanding of the NETSseq platform and how targeting GPR6 might make a meaningful difference for Parkinsons' patients, but he also illustrates what challenges Cerevance will have to carefully navigate to avoid a crowded Parkinson's graveyard. Timestamps: 00:35 - Partner segment: Mindgram.ai 01:05 - Background on Cerevance's work in Parkinson's disease with its proprietary NETSseq platform 05:48 - Going beyond targeting the dopamine pathway to the GPR6 receptor - releasing the "break" on movement. 07:00 - Cerevance's origin story - Brad Margus and creating NETSeq with scientists from Rockefeller University 08:00 - Initial fundraising journey, CEO transition in growth phase and strategic financing for an eventual IPO 12:50 - Convincing investors on a intriguing yet scary CNS space riddled with failures 16:40 - CNS expert Dr Karl Kieburtz explains why Parkinson's is such a tough disease to treat and the original Levadopa breakthrough 18:50 - Scientific thesis of going beyond the dopaminergic pathway to tackle the GPR6 receptor 21:35 - Cerevance's clinical trial plans for CVN424 as a monotherapy and combination therapy with standard of care 24:13 - Navigating the many challenges associated with conducting a Parkinson's disease clinical trial 26:02 - Pricing considerations and benchmarks for "off-time" and non-motor improvement for successful reimbursement 29:45 - Cerevance's eventual wish to IPO and potential inflection points to pull the trigger 31:20 - Future visions for the company in 5 years time This episode is partnered with Mindgram.ai, a research tool powered by AI to better serve the biopharma community. Listeners of the Raising Biotech podcast are able to get an exclusive free trial of Mindgram via this link, using the code: raisingbiotech24 For any comments, questions, feedback or suggestions you can connect directly with Surani Fernando on LinkedIn or email: raisingbiotech@gmail.com Music composed by: Yrii Semchyshyn (Coma Media)

In this episode of Raising Biotech, Surani explores the fascinating world of vision restoration and optogenetics with Ray Therapeutics. The company raised an oversubscribed $100m Series A in May 2023, which was particularly noteworthy during a extremely grim year for fundraising. Surani speaks with CEO and Co-Founder Paul Bresge about how his daughter's retinitis pigmentosa diagnosis drove him to enter the biotech world. He discusses meeting Co-founder Sean Ainsworth and seeing groundbreaking experiments in blind mice from inventor Dr Zhuo-Hua Pan that lead to the formation of Ray. He also talks about what drew investors to Ray's mission, its clear regulatory path forward (first in retinitis pigmentosa patients followed by Stargardt disease and geographic atrophy) and visions for the company's future. Surani is also joined by renowned optogenetics leader Dr José-Alain Sahel, Distinguished Professor, Department of Ophthalmology, University of Pittsburgh School of Medicine, to talk about Ray's scientific foundations, early data, theoretical safety/efficacy profile and potential to make a meaningful impact in late-stage retinal disorder patients with close to no vision. Timestamps: 00:35 - Partner segment: Mindgram.ai 01:05 - Background of Ray Therapeutics and focus on late-stage retinal diseases 04:30 - CEO Paul Bresge's backstory, personal motivations to enter the biotech world 07:30 - Formation of Ray Therapeutics in 2021 with Co-founder and Chairman Sean Ainsworth 09:50 - Leveraging breakthrough science from inventor and optogenetics pioneer Dr Zhuo-Hua Pain 11:00 - How Ray was able to attract investors and secure an oversubscribed $100m Series A 16:40 - Dr José-Alain Sahel gives his take on Ray's early data and scientific potential 19:45 - Ray's plans to get the drug into Retinitis Pigmentosa patients and regulatory pathway 26:50 - Safety benchmarks and meaningful efficacy outcome measures 38:20 - Optogenetics competitive landscape and Ray's potential edge 29:00 - Future financing goals and the company's longer term vision This episode is partnered with Mindgram.ai, a research tool powered by AI to better serve the biopharma community. Listeners of the Raising Biotech podcast are able to get an exclusive free trial of Mindgram via this link, using the code: raisingbiotech24 For any comments, questions, feedback or suggestions you can connect directly with Surani Fernando on LinkedIn or email: raisingbiotech@gmail.com Music composed by: Yrii Semchyshyn (Coma Media) Hosted on Acast. See acast.com/privacy for more information.

In this episode of Raising Biotech, Surani explores the multi-layered start-up story of Israeli lipid nanoparticle biotech Mana.bio. This is a tech meets biotech story, where AI and machine learning is being leveraged to develop novel lipid nanoparticle formulations to get nucleic-acid based therapies (DNA, RNA, CRISPR) to hard to reach organs. The company announced a $19.5 million seed financing in October 2023, and its exciting new chapter was heavily impacted by the October 7 Hamas attacks in Israel. CEO Yogev Debbi gives his tech backstory, decision to move into life-sciences, fundraising journey, what it was like to suddenly navigate a company launch as a wartime CEO and future visions to grow Mana through partnerships and a pipeline. Dr Barry Ticho, a veteran big pharma executive and chief medical officer at Stoke Therapeutics, also joins the podcast to give his expert take on Mana's scientific thesis, competitive edge, challenges ahead and future potential to advance the world of gene therapy. Timestamps: 00:35 - Partner segment: Mindgram.ai 01:05 - Background of Mana.bio and lipid nanoparticle thesis 05:30 - CEO Yogev Debbi's tech origins, backstory and Mana.bio formation 08:15 - Mana's initial work and "reverse due-diligence" fundraising journey 11:15 - Launching the company during an unexpected outbreak of war 19:25 - Industry expert perspective (Barry Ticho) on Mana's scientific and business thesis 21:55 - Competitive advantage of using AI to optimize the lipid nanoparticle design 23:40 - Which organs can these lipid nanoparticles reach in mouse models and non-human primates? 27:15 - De-risking events, challenges ahead and safety assurances 29:15 - Advantages of tackling new-age biotech with a tech background 30:24 - Mana's future business plans: comprehensive partnerships and building a pipeline This episode is partnered with Mindgram.ai, a research tool powered by AI to better serve the biopharma community. Listeners of the Raising Biotech podcast are able to get an exclusive free trial of Mindgram via this link, using the code: raisingbiotech24 For any comments, questions, feedback or suggestions you can connect directly with Surani Fernando on LinkedIn or email: raisingbiotech@gmail.com Music composed by: Yrii Semchyshyn (Coma Media) Hosted on Acast. See acast.com/privacy for more information.

In this episode of Raising Biotech, Surani delves into Arialys and its mission to revive an autoimmune encephalitis drug from the grave after big pharma no longer wanted it. The company founders are a bunch of venture capitalists (Avalon Ventures, MPM Capital & Catalys Pacific) who saw potential in pursuing the preclinical drug candidate -- raising a $58 million seed financing in September 2023 to take it into human testing. Surani speaks to CEO Jay Lichter (Avalon) about his background, success stories, how he stumbled across Astellas' drug (now ART5803) and why he was so impressed with preclinical data in non-human primate marmoset models. Marty Jefson, CEO of Pinteon Therapeutics, a veteran neuropsychiatry drug development executive, talks about the drug's potential to fit in the treatment paradigm and what convinced him to join the company's clinical advisory board. Also joining the podcast to give medical context on the drug's potential is Dr Leon Henderson MacLennan, medical advisor and co-founder, InThought. The experts discuss the drug's safety and efficacy considerations, clinical trial hurdles and potential for the drug to expand to other autoimmune psychosis conditions including schizophrenia. Jay talks about clinical trial plans ahead, his preferences when it comes to a future IPO vs M&A and what he thinks will be the key value driver for a company exit. Timestamps: 01:56 - Jay's background & history investing in novel technologies 03:30 - Astellas looks to sell CNS assets 04:00 - What exactly is anti-NDMA-receptor encephalitis (ANRE)? 05:15 - Avalon Ventures team up with MPM Capital and Catalys Pacific for asset sale 07:10 - Preclinical trials and impressive data in marmoset models 09:15 - Marty (Pinteon) discusses ANRE burden and ART5803's clinical potential 12:10 - Leon (InThought) discusses unmet need for targeted approach 13:55 - Marty and Leon talk about first impressions of preclinical data 15:05 - Experts discuss human trial considerations and Jay talks clinical trial plans 19:15 - Safety considerations and historical challenges developing CNS drugs 22:00 - Market opportunity of ANRE and other autoimmune indications like schizophrenia 26:10 - Arialys' financing plans, long-term visions and potential future exit For any comments, questions, feedback or suggestions you can connect directly with Surani Fernando on LinkedIn or email: raisingbiotech@gmail.com Music composed by: Yrii Semchyshyn (Coma Media) Hosted on Acast. See acast.com/privacy for more information.

In this episode of Raising Biotech, Surani Fernando speaks with eGenesis CEO Mike Curtis on its mission to create pig donor organs for humans waiting for a transplant. The company has raised $263 million over the last 6 years and is now raising further funds to start human clinical trials. Surani speaks to Mike about the company's history overcoming past Xenotransplantation challenges and using CRISPR Cas9 to finalize their platform -- which conducts 69 edits in the pig genome for optimal compatibility and safety in humans. After recent data (Nature) showed a maximum survival of a monkey surviving with a pig kidney for over 2 years, the company is talking to regulators to enter clinical trials and in parallel is talking to investors and potential partners to take its programs forward. As the company enters unchartered territory, all future strategic business options are on the table. Dr Adam Griesemer, associate professor of surgery at Grossman School of Medicine, NYU Langone Health, gives his take on the unmet need and progress of Xenotransplanation and eGenesis' scientific thesis of 69 gene edits. He also discusses the academic debate around the number of genetic edits needed and logistical considerations for implementing and scaling the availability of pig donor organs for human transplantation. Timestamps: 02:00 - CEO Mike Curtis describes organ shortage issue 02:57 - The history of xenotransplantation 04:57 - Creating the perfect pig donor organ: 69 gene edits & using CRISPR Cas9 06:40 - Founding of eGenesis with Harvard scientists George Church and Luhan Yang 07:30 - Financing so far, raising $263 million in three financing rounds 09:02 - Nature paper showing two-year survival of monkey with pig kidney 10:46 - Dr Adam Griesemer (NYU) paints unmet need and eGenesis' scientific thesis 15:07 - Thoughts on recent results and academic debate on number of genetic edits 16:45 - Talks with regulators for clinical path forward in kidney transplant 18:07 - Target patient population for first US human trials and Japanese opportunity 20:45 - Logistical and implementation considerations if finally approved 21:45 - Choosing pigs as ideal donors and upscaling considerations 25:05 - Societal impacts: patient advocacy and animal welfare sentiment 27:00 - Future financing plans and potential partnerships with global players 29:30 - eGenesis' 10 year vision of donor organs without immunosuppression For any comments, questions, feedback or suggestions you can connect directly with Surani Fernando on LinkedIn or email: raisingbiotech@gmail.com Music composed by: Yrii Semchyshyn (Coma Media) Hosted on Acast. See acast.com/privacy for more information.

In the first episode of Raising Biotech, Surani speaks with CEO and co-founder Jason Park of Empress Therapeutics, a Flagship Pioneering company that was unveiled in June 2023 with a $50 million financing. Surani speaks to Jason about his journey to co-founding Empress and the ideas behind Empress' scientific thesis of looking for small molecule drug leads "within the human body." He also talks about how the company is deciding which of its 15 drugs candidates to take into the clinic while it also talks to potential development partners. Jim Collins, Termeer Professor of Medical Engineering & Science and Professor of Biological Engineering at MIT, gives his take on Empress' unique technology, its use of AI in a different way to competitors, and its advantageous position to discover drugs "faster, better and cheaper." Dr Leon Henderson-MacLennan, medical advisor and co-founder of consultancy firm, InThought also gives his views on the various targets that Empress' compounds are hitting and where the company could add value amidst the current treatment paradigm of small molecules and biologics. Jason and expert guests also weigh-in on questions around the platform's potential to treat Alzheimer's disease and other neurological indications given current problems penetrating the blood brain barrier with biologics. All three guests also discuss the potential impact of the US Inflation Reduction Act (IRA) on incentives for small molecule development. Timestamps: 00:55 - Jason gives Empress' elevator pitch on the Chemilogics platform 03:20 - Rewinding the clock to Jason's back story 04:28 - The business model of VC firm Flagship Pioneering 05:33 - What sparked the idea for Empress' scientific thesis 08:05 - 2017 up to present - datasets to 15 drug leads 09:35 - Jim (MIT) gives his take on Empress' platform 11:50 - Can Empress' thesis impact the clinical trial path and timelines? 14:03 - Which indications and therapeutic areas are on the table? 15:55 - Leon (InThought) speaks on drug targets enzymes, cytokines, GCPR and ion channels 21:06 - Potential for Alzheimer's disease with blood brain barrier penetration 22:53 - Impact of Inflation Reduction Act (IRA) on small molecule developers 25:44 - Empress' future steps to prioritize drug candidates and partnership talks 28:11 - Future visions for the company For any comments, questions, feedback or suggestions you can connect directly with Surani Fernando on LinkedIn or email: raisingbiotech@gmail.com Music composed by: Yrii Semchyshyn (Coma Media) Hosted on Acast. See acast.com/privacy for more information.