Raising Biotech

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: [email protected]

Title music composed by: Yrii Semchyshyn (Coma Media)

In this episode, we look at AltruBio’s Cinderella story. While the company officially launched in 2020, its roots go back more than 20 years with a rich immunology pipeline stuck in “academic-style experiments.” On the brink of bankruptcy, a team of executives — including Dr. Judy Chou — stepped in to reboot the company, which has since raised nearly $300M.

Judy reflects on her journey from med school in Taiwan to Ivy League colleges and senior roles at AbbVie and Bayer before taking the leap into biotech leadership. We talk about AltruBio’s bold pivot into autoimmune disease, how Judy successfully convinced investors to save a sinking ship, her IPO visions for the company, and her mission to keep patients the priority. With Phase IIa ulcerative colitis data expected later this year, the question remains: will this Cinderella story endure?

Timestamps:

00:00 – Introduction
02:00 – Judy’s journey: From to Ivy League and Big pharma all the way to biotech CEO
08:00 – Rebooting AltruBio: AB Genomics, rebrand, and pivot
13:00 – Near-bankruptcy and the $63M Series A lifeline
18:00 – Tough pipeline decisions: cutting staff, keeping one trial alive
19:00 – GVHD data: survival benefit from 28 days to 180+ days
20:00 – Building mode: second-generation antibody ALTB-268
22:00 – Fundraising in tough markets and the $225M Series B
25:00 – The unmet need in UC and promise of ALTB-268
28:00 – Expansion potential beyond UC: dermatology, rheumatology, GVHD
30:00 – Future outlook: IPO, partnerships, and Judy’s patient-first philosophy

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:

Title music composed by: Yrii Semchyshyn (Coma Media)

In this episode, we go inside the creation of Xaira Therapeutics — the biotech startup that raised over a billion dollars at launch without a product or clinical data.

Speaking with Vik Bajaj, CEO and co-founder of Foresite Labs (and one of the people behind Xaira’s creation), Surani explores how Xaira’s approach could redefine biotech company building, why it’s different from typical AI hype, and what makes it such a bold bet.

We follow Vik’s journey from academia to Google to Grail, and then into biotech investing with Foresite Labs, uncovering how a unique incubator model led to Xaira’s launch. From the big idea to the billion-dollar financing, we unpack what’s really happening behind the headlines.

Timestamps:

00:00 – Introduction: Why Xaira’s billion-dollar launch matters

01:00 – Vik Bajaj’s journey from academia to Google and Grail

04:00 – Moving from big tech to biotech: lessons and perspective

06:00 – Founding Foresite Labs and its unique model for biotech incubation

08:00 – Why data generation is key in biotech AI

09:00 – Foresite’s approach: building data, tools, and teams from scratch

11:00 – The origins of Xaira: ideation, science, and assembling the team

13:00 – Bringing in David Baker’s advanced protein design technology

16:00 – Early team building and leveraging Grail and Illumina networks

17:00 – Xaira’s $1B+ fundraising: why it happened and what it means

20:00 – Why Xaira needed so much capital up front

21:30 – What separates Xaira from other AI drug discovery companies

22:30 – The ambition to build a foundation model of the cell (GPT for biology)

23:00 – De novo design: creating antibodies from scratch

24:30 – Building products and platforms in parallel — not sequentially

26:00 – Where Xaira is today and Foresite’s ongoing role

27:00 – Vik’s vision for success: timelines and goals for Xaira

28:00 – Reflections: Can Xaira’s model really change how biotech is built?

29:00 – Outro: What to watch next, and how to support the podcast

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

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 finally delves into the scary zone of cancer with German biotech iOmx. The company has raised a total of EUR 115 million (Series A and B) since its inception in 2016 and is hoping to take immuno-oncology drug development to new heights. CEO Apollon Papadimitriou joins the podcast to speak about iOmx's unique mission with its iOTarg platform at the front and center, while scientific founder Professor Phillip Beckhove from the Regensburg Center of Interventional Immunology (RCI), also joins the conversation to take us back to iOmx's origins in the lab and what led his team to produce some groundbreaking research -- tackling tumor immune evasion -- which attracted heavy-hitter investors before the company was born. Apollon gives us details on ongoing clinical trials, detailed insight into some early and surprising efficacy signals coming out of the Phase I, and plans to initiate proof of concept (PoC) studies in various cancer indications. He also sheds more insight into imminent fundraising plans and potentially pulling the IPO trigger within the next two years. Jared Holz, Healthcare Equity Strategist at Mizuho also joins the podcast to give an outsider's take on iOmx's mission from a unique investor community lens. He discusses current gaps in the market, the potential attractiveness of iOmx pipeline and likely investor appetite should iOmx deliver compelling PoC datasets.

Timestamps:

00:35 - Partner segment: Mindgram.ai

01:05 - CEO Apollon outlines iOmx's mission to level-up the field of immuno-oncology with its iOTarg platform

05:24 - Going back to iOTarg's origins with Professor Phillip Beckhove and tackling tumor resistance

08:55 - Presentation at AACR 2015 drew investor and pharma interest and led to €40 million Series A

11:04 - Early days of iOmx, Apollon's background and decision to join the company

13:47 - Animal data and biomarker drive investor interest

18:40 - Progress with lead product OMX407 in Phase I trials and surprising early efficacy signals

24:12 - Jared Holz gives his outside take on iOmx's potential amidst crowded and challenged IO landscape

26:50 - iOmx's near-term plans for Series C and potential IPO within 2 years

28:00 - Future strategic predictions and company visions for the future

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: [email protected]

Title music composed by: Yrii Semchyshyn (Coma Media)

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: [email protected]

Music composed by: Yrii Semchyshyn (Coma Media)

In this episode of Raising Biotech, Surani learns that it's never too late to launch a biotech as Sparrow Pharmaceuticals was born when its founder, Dr David Katz, was ready to retire. During his long career within big pharma, David had always had his eye on solving the 75-year old puzzle of steroid side-effects. The company raised $50 million in its Series A in 2020, and now has three clinical trial programs ongoing for its HSD1-inhibitor in Cushing's Syndrome, Autonomous Cortisol Secretion (ACS) and polymyalgia rheumatica (as a gateway to a broad range of inflammatory diseases) in combination with common steroid prednisolone. David discusses his decision to pursue this endeavor when he "should" have been retiring, challenges in getting drug licenses and investor interest, as well as plans to release Phase II data in 2024. Surani also speaks with Dr Peter Merkel, Chief of Rheumatology at the University of Pennsylvania as well as Dr Leon Henderson-MacLennan, Co-founder at InThought Research and former medical internist, to get more context on the drug's potential in each indication and nuanced considerations for positioning the drug in the current treatment paradigm.

Timestamps:

00:35 - Partner segment: Mindgram.ai

01:05 - Background of Sparrow Therapeutics and tackling cortisol imbalances in Cushing's Syndrome and ACS

05:34 - Sparrows mission to tackle the side-effects of common synthetic steroids for inflammatory diseases

07:50 - David's big pharma background and his light bulb moment around HSD-1 inhibitors for glucocorticoid excess

10:30 - The decision to start a new biotech venture at a time when David was "technically" ready to retire

12:05 - Negotiating an out-licensing deal with big pharma and pitching to investors to secure $50 million in 2020

16:40 - Dr Peter Merkel talks about the HSD-1 inhibitor potential in broad and common inflammatory diseases

22:00 - Dr Leon Henderson-MacLennan gives his outside view tackling the common and significant steroid issue

23:15 - Fitting into the existing treatment paradigm of inflammatory diseases and tricky commercial considerations

25:45 - Deciding to pursue Cushing's Syndrome to nab investor attention with a "buzz word"

27:35 - Where the drug fits in the Cushing's paradigm and driving awareness around under-diagnosed ACS

29:15 - Tackling the tough question of pricing in three distinct indications with an existing treatment paradigm

31:20 - Ongoing Phase II clinical trials, plans for readouts later in 2024

32:00 - Sparrows plans to raise more funds and future visions for the company - M&A or IPO

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: [email protected]

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 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: [email protected]

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 truly unique story of Fauna Bio -- a female trio founding team that is studying evolution and the intersection of animal and human genomics to unlock powerful new therapeutics to treat complex human diseases. The company has raised a total of $19 million in financing since its inception (2018), but most recently made headlines for its $494 million collaboration with Eli Lilly to study obesity drugs. Ashley Zehnder, CEO and co-founder talks about her academic beginnings as a veterinarian and serendipitously meeting her fellow co-founders in her post-doctoral group at Stanford. She talks about their fundraising journey, getting through investor doors and how the company hopes to take its novel thesis into the clinic. Surani is also joined by Professor Elinor Karlsson, Director of the Vertebrate Genomics Group at the Broad Institute of MIT and Harvard to give more context on how studying different mammalian species and evolution can give scientists clues to treating common human diseases. She also discusses the significance of artificial intelligence and machine learning in allowing this thesis to shine.

Timestamps:

00:35 - Partner segment: Mindgram.ai

01:05 - Background of Fauna Bio and animal biology thesis

04:01 - CEO Ashley Zehnder's backstory and company formation with Linda Goodman (CSO) and Katie Grabeck (COO)

07:45 - Fauna's first kick-start with the Longevity fund accelerator

09:01 - Fauna's seed financing journey and attracting investors with curiosity

15:10 - Professor Elinor Karlsson (MIT/Harvard) gives some context on Fauna's unique scientific thesis

18:50 - The era of AI/ML making this prime time for exploring Fauna's thesis

22:30 - Partnerships and pipeline: initial focus on cardiopulmonary and obesity assets

29:00 - Challenges ahead for the company to navigate

31:25 - Future mission and visions for the company

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: [email protected]

Music composed by: Yrii Semchyshyn (Coma Media)

Hosted on Acast. See acast.com/privacy for more information.