Raising Biotech

In this episode, Surani explores the unconventional start-up story of Infinimmune, an antibody discovery company founded in 2022 by five former 10x Genomics scientists. Starting with a scientific hunch that advances in single-cell sequencing were revealing previously overlooked antibody biology, the team went from debating ideas in a tiny California office to raising a $12 million seed round in just three months. Four years later, Infinimmune has raised close to $90 million, built its own pipeline of antibody drugs and signed a multi-target discovery partnership with Merck worth up to $838 million.

Surani speaks with co-founder and CEO Wyatt McDonnell about his journey from academia to 10x Genomics, the scientific observations that led him to question what he'd been taught about antibody biology, and why he ultimately decided there was a company to build around them. Wyatt discusses bringing together five former colleagues, raising capital early in his career, building Infinimmune's discovery platform, and how the team earned the trust of Merck.

Timestamps

00:00 – From a scientific hunch to an $838M Merck deal
02:00 – Infinimmune's human-first approach to antibody discovery
04:00 – Wyatt McDonnell's journey from academia to 10x Genomics
09:00 – How COVID changed the trajectory of Wyatt's research
11:00 – Questioning the textbooks and uncovering overlooked antibody biology
13:00 – Turning a scientific observation into a biotech company
16:00 – Raising a $12M seed round in just three months
17:00 – What investors made of five 10x scientists starting a company together
21:00 – Building the platform much faster than expected
22:00 – How Infinimmune built credibility with Merck
25:00 – Landing a partnership worth up to $838M
26:00 – The $75M Series A and what comes next
27:00 – Partnerships, M&A, IPOs and thinking about an eventual exit

For any comments, questions or feedback you can connect directly with Surani Fernando on LinkedIn or email: [email protected]

Title music composed by: Yurii Semchyshyn (Coma Media)

In this July summer episode, we slow things down again and revisit a conversation from the Raising Biotech archive.

Today's episode is a replay from November 2023, featuring Synchron, a company developing implantable brain-computer interfaces (BCIs) to restore communication and digital independence for people living with severe paralysis.

At the time, brain-computer interfaces sat somewhere between science fiction and early clinical reality. There were only a handful of companies pursuing implantable BCIs, and while the technology showed enormous promise, major questions remained around safety, regulation and commercial adoption.

While there's still a long way to go, this episode is presented as a snapshot in time, a chance to revisit what we thought mattered in late 2023, what we knew and didn't yet know, and how quickly both the technology and the broader landscape have evolved.

This episode is completely unedited, before the replay, Surani shares a short reflection on why it's worth listening back now. At the end of the episode, she briefly recaps some of the key developments since the original recording.

Original recording date: November 2023

Intro & postscript recorded: July 2026

For any comments, questions or feedback you can connect directly with ⁠⁠⁠⁠Surani Fernando⁠⁠⁠⁠ on LinkedIn or email: [email protected]

Title music composed by: Yurii Semchyshyn (Coma Media)

In this special Investor Spotlight edition of Raising Biotech, Surani sits down with Dr. Jakob Dupont, Executive Partner at Sofinnova Investments, to explore one of the most unusual career trajectories in biotech. Before becoming a venture investor, Dupont spent decades as a physician, cancer researcher, biotech executive, and drug developer, helping bring therapies from the laboratory all the way to patients. From Memorial Sloan Kettering to Genentech, Roche, OncoMed, Gossamer Bio and Atara Biotherapeutics, his career spans nearly every corner of the drug development ecosystem.

The conversation explores what investors are really looking for when evaluating biotech companies, why unmet need and clinical strategy matter as much as the science itself, and how Sofinnova approaches investing in clinical-stage therapeutics. Dupont also shares examples from Sofinnova's portfolio, including Avenzo Therapeutics and Capstan Therapeutics, before discussing the future of biotech, the rise of new therapeutic modalities, AI-enabled drug development, and why the industry's next challenge may be developing medicines quickly enough to keep pace with innovation.

Timestamps

00:00 — Introduction: Why this Investor Spotlight is different

02:00 — Growing up in a family of doctors and finding a passion for cancer research

04:00 — Leaving academia for Genentech and the transition into industry

05:00 — A career across Genentech, Roche, OncoMed, Gossamer Bio and Atara

06:00 — Why venture investing felt like a natural next step

10:00 — Sofinnova Investments: strategy, structure, and investing in clinical-stage biotech

15:00 — What investors really look for: unmet need, science, clinical strategy, and teams

19:00 — Avenzo Therapeutics: backing experienced operators and oncology innovation

22:00 — Capstan Therapeutics: betting on in vivo CAR-T before the market caught on

24:00 — The future of biotech, AI, and the challenge of accelerating drug development

For any comments, questions or feedback you can connect directly with Surani Fernando on LinkedIn or email: [email protected]

Title music composed by: Yurii Semchyshyn (Coma Media)

In this episode, Surani explores one of biotech’s most controversial and ambitious frontiers: psychedelic medicine.

At the center of the story is Compass Pathways, the London-based biotech attempting to bring synthetic psilocybin through the modern drug approval system for treatment-resistant depression. What began as a deeply personal mission for founders George and Katya Goldsmith has evolved into one of the most closely watched companies in mental health biotech, surviving both the psychedelic hype cycle and the broader biotech market crash.

Surani speaks with CEO Kabir Nath to explore Compass’s unusual financing journey, the rise of institutional interest from investors like Otsuka Pharmaceutical, and the company’s pivotal Phase II and Phase III studies that may ultimately lead to the first FDA-approved psychedelic medicine. She is also joined by renowned neuropsychopharmacologist Professor David Nutt from Imperial College London to unpack the science, investor skepticism, regulatory concerns and implementation complexities surrounding psychedelics.

Timestamps

00:01 — Introduction

02.00 — The Compass origin story: George and Katya Goldsmith, psilocybin, and building a biotech

07:00 — Early financing struggles, Peter Thiel, and why traditional biotech investors stayed away

08:30 — Otsuka, and the moment psychedelics entered the mainstream

11:00 — Compass IPOs into the biotech boom — then the market crashes

13:00 — The controversial Phase IIb results: remission rates, safety concerns, and investor backlash

21:00 — Kabir Nath joins Compass as CEO to launch the Phase III program

22:00 — Breaking down the Phase III data, durability questions, and FDA approval odds

26:00 — Lykos' FDA fiasco, psychotherapy, blinding debates, and the regulatory challenge for psychedelics

31:00 — Real-world rollout: J&Js Spravato, scalability, pricing, reimbursement, and Compass’s future vision

Founders' Story:

Business Insider Article

After On podcast:

For any comments, questions or feedback you can connect directly with Surani Fernando on LinkedIn or email: [email protected]

Title music composed by: Yrii Semchyshyn (Coma Media)

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: [email protected]

Title music composed by: Yrii Semchyshyn (Coma Media)

In this episode, Surani speaks with George Magrath, CEO of Opus Genetics, about the realities of leading a public biotech company through a major strategic pivot and intense market scrutiny. Opus Genetics emerged from a 2024 reverse merger between Nasdaq-listed Ocuphire Pharma and a private gene therapy company focused on inherited retinal diseases. What followed was a turbulent stretch for the company, including investor skepticism, a proxy fight led by Ocuphire’s original founder, and a stock price that fell below $1.

George discusses his background as an ophthalmologist turned biotech executive, how he first encountered Opus while overseeing ophthalmology trials at Lexitas, and why he ultimately pursued the merger. The conversation also explores the company’s gene therapy pipeline targeting LCA5 and bestrophinopathies, the role of patient advocacy in ultra-rare disease development, and what it takes to advance clinical programs while navigating the pressures of the public markets.

The company has a current market cap of $306 million, share price $4.45 (4 March 2026).

Timestamps

00:00 — Introduction

For any comments, questions or feedback you can connect directly with ⁠⁠Surani Fernando⁠⁠ on LinkedIn or email: [email protected]

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: [email protected]

Title music composed by: Yrii Semchyshyn (Coma Media)

In this early-January episode, we slow things down, and reflect...

Today’s episode is a replay from the Raising Biotech archive — a conversation originally recorded in November 2023 with eGenesis, a company working at the frontier of xenotransplantation, or transplanting genetically modified animal organs into humans.

At the time, xenotransplantation sat somewhere between science fiction and early clinical reality. Advances in gene editing had made once-implausible biology feel suddenly within reach. But major questions around rejection, durability, ethics, and clinical scalability remained.

This episode is presented as a time capsule — a chance to revisit what we thought mattered in late 2023, what we knew and didn’t yet know, and how slowly and incrementally frontier biotech stories tend to unfold.

Before the replay, Surani shares a short reflection on why it’s worth listening back now. And at the end of the episode, Surani briefly outlines key milestones that have occurred since the original recording, including clinical progress and financing updates.

Original recording date: November 2023
Intro & postscript recorded: January 2026

For any comments, questions or feedback you can connect directly with ⁠⁠⁠Surani Fernando⁠⁠⁠ on LinkedIn or email: [email protected]

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: [email protected]

Title music composed by: Yrii Semchyshyn (Coma Media)

In this special on-the-ground episode of Raising Biotech, Surani takes you inside BIO-Europe 2025 in Vienna — the dealmaking, the caffeine, and the cautious optimism shaping Europe’s biotech landscape right now.

Over three packed days, 6,000+ attendees from more than 60 countries gathered to broker partnerships, court investors, and debate what’s next for the industry. Surani attended panels, spoke with companies, investors and experts on the ground, and gives her observations and analysis.

This episode includes a special conversation with Patrik Frei, CEO and Founder of Venture Valuation AG — who shares insights on valuations, investor behaviour, and why Europe might quietly be regaining its strategic importance.

In this episode:

Music featured in this episode: Wolfgang Amadeus Mozart — “Eine kleine Nachtmusik” (I. Allegro) and “Rondo alla Turca” (Turkish March).

Both recordings are in the public domain, courtesy of GregorQuendel