By Matthew Pillar, Editor, Bioprocess Online
This article originally appeared in Life Science Leader magazine
From my perch in the Business of Biotech podcast studio, Ive interviewed quite a few biopharma leaders whose careers were inspired by very personal experiences with disease.
Ray Therapeutics CEO Paul Bresge is one such leader. Until 2010, leading a biotech wasnt on his radar. Hed built a long and successful career as a leader in unrelated industries - industrial tools and a courier service, for example. Then, his 15-year-old daughter was diagnosed with retinitis pigmentosa (RP), a rare genetic disease that causes degradation of retinal cells over time. She was going blind. Ophthalmologists told him there was nothing that could be done to save his daughters vision.
Paul Bresge, CEO, Ray TherapeuticsThats when Bresge threw himself, and his money, behind the work of Drs. Henry Klassen and Jing Yang, helping to form jCyte, a cell therapy company with a late-stage candidate for RP. He served as the companys advisory board chair for five years before becoming its CEO in 2016. In July 2021, on the heels of jCytes licensing and commercialization deal with Santen Pharmaceutical, Bresge made another move in his effort to explore and advance the therapeutic options for RP. He cofounded Ray Therapeutics, a preclinical company pursuing RP with a promising new genotype-agnostic approach called optogenetics that shows promise of restoring vision in RP patients, not just halting the degradation of retinal cells.
FUNDING FOLLOWS SCIENCE, NOT MISSION STATEMENTS
Dmitry Kuzmin, Ph.D., co-founder and managing partner, 4BIO CapitalObviously, a first priority in Bresges new role as CEO of a biopharma startup was raising money. Less obvious is that mission-driven leaders like Bresge, pushed forward by the personal experiences theyve had with the diseases they choose to attack, are subject to a bit more scrutiny from the VC world than scientific founders typically are. Thats a reality Dmitri Dima Kuzmin, Ph.D., managing partner at 4BIO Capital, readily admits on episode 119 of the Business of Biotech podcast.
To me, a CEO with a personal story is always a risk, 100 percent, says Kuzmin. We are not a charity; we are a venture capital firm. That means we have to make a return on investment for partners, and thats what moves these therapies forward. As such, he says vetting the person at the helm is as important as vetting the startups scientific data. We have to be certain he will make the right business decisions to ensure that we get there.
Kuzmin has seen the inspiration-driven stories before. Many of them end poorly for all parties. There are other companies in the biopharma space that have been built by the parents of children carrying the disease. Unfortunately, as we know, not all of them have been successful.
Still, heading into 2021, 4BIO led a $6 million seed round to get Ray Therapeutics on its feet. Kuzmin says his firm pondered two key questions in the due diligence process leading up to that decision.
The first, says Kuzmin, centers on generational improvement in the specific therapeutic modality. How far has the field moved on from the first generation, and what can we count on? he asks.
The second consideration 4BIO dwells on is the companys management team, and that starts with the CEO. We spend a lot of time making sure the leader of the company and the people theyre putting around them are the best people to take the science forward, says Kuzmin.
On the former consideration, Kuzmin leaned into his own academic background, and his experience in the retinal disease space. He earned his Ph.D. in neurochemistry, his MSc in experimental therapeutics, did his doctoral fellowship at Max Planck and his postdoc at UCL, and holds an experimental therapeutics assistant professorship at Yale, among other accolades. Hes adept at discerning winning science, and he says the current generation of optogenetics is capable of solving all the major limitations seen in the first.
On the second, his analysis of Bresges tenure at jCyte and its successful journey to Phase 3 and ensuing deal with Santen played into the decision. Pauls exposure to the patient organizations, his personal story, and the people he attracts to the effort all supported our decision, says Kuzmin.
VC DEALS ARE A TWO-WAY STREET
Of course, theres a lot more due diligence on the VCs part that goes into funding a new company considerations like the feasibility of clinical trials, the work or lack thereof thats gone into the protection of intellectual property, and the vision for an endgame, whether thats acquisition, commercialization, or some creative path to one or the other. Kuzmin thoroughly covers those bases in a refreshingly transparent way on episode 119. Equally important, but far less often discussed, is the new ventures perspective on what makes a good VC partner.
In this case, 4BIO checked several early boxes for Ray Therapeutics. For starters, the firm is explicitly focused on advanced therapy medicinal products. It doesnt fund small molecules. It doesnt fund antibodies. It only funds novel advanced therapeutic endeavors, most of them cell and gene therapies. Bresge says 4BIOs experience in the advanced retinal therapeutics space, and specifically, Kuzmins depth of optogenetics knowledge, solidified the match. It was very important to me upon leaving jCyte that I continue my mission for patients with blinding diseases, says Bresge. I did my own due diligence prior to the launch of Ray Therapeutics, and the questions 4BIO asked of the science and the market mirrored those I asked at the time. For Bresge, that was the first indication that 4BIO had more than financing to offer. Once I had an introduction to Dima, I knew 4BIO was absolutely the right investor for us, he says. The chemistry and alignment were there, and in terms of board composition, Dimas unique expertise in optogenetics made his choice a no-brainer.
As for Bresges daughter, her name is Tamar. Shes an artist, writer, and MFA candidate at the School of the Museum of Fine Arts at Tufts University, where shell be teaching next year. She recently gave an incredibly introspective and beautiful TED talk. Look it up on YouTube. Her vision is slowly waning, or precarious, as she puts it in her talk. But her dad, supported by Kuzmin and a dedicated team at Ray Therapeutics, is working on that.
Tune in to episode 119 of the Business of Biotech podcast for a much deeper look into the relationship between a brand-new biopharma and its primary investor.
Read the original:
Anatomy Of A Biopharma VC Deal - BioProcess Online
- Anatomy of the Phillips curve - CEPR - June 10th, 2025 [June 10th, 2025]
- Don't Expect Arizona To Return To Grey's Anatomy Anytime Soon After This Exciting Jessica Capshaw Update - Screen Rant - June 10th, 2025 [June 10th, 2025]
- Pacers vs. Thunder NBA Finals: Anatomy of a comeback How the Pacers once again did the unthinkable - Yahoo Sports - June 10th, 2025 [June 10th, 2025]
- Anatomy Of A Debacle: How Mayor Adams Went From Visionary to Bully on E-Bikes - Streetsblog New York City - June 10th, 2025 [June 10th, 2025]
- Anatomy of an At-Bat: How Matt Wallner Conquered Kevin Gausman - Twins Daily - June 10th, 2025 [June 10th, 2025]
- Enhancing anatomy education with virtual reality: integrating three-dimensional models for improved learning efficiency and student satisfaction -... - June 10th, 2025 [June 10th, 2025]
- Greys Anatomy Season 22 Cast Updates: Just Two Actors Confirmed After Shocking Finale, Though 7 More Stars Have Deals to Return - Just Jared - June 10th, 2025 [June 10th, 2025]
- S11E20: 5 Things You Should Know About Tactical Anatomy With Steve Moses - concealedcarry.com - June 10th, 2025 [June 10th, 2025]
- Airport security held Greys Anatomy star for an hour over snack - Yahoo - June 10th, 2025 [June 10th, 2025]
- Wine Walk: The anatomy of a wine bottle, its cork and how it is sealed - The Courier of Montgomery County - June 10th, 2025 [June 10th, 2025]
- MSc grad reflects on learning and legacy in the anatomy lab - Schulich School of Medicine & Dentistry - June 10th, 2025 [June 10th, 2025]
- Greys Anatomy star Ellen Pompeo says TSA detained her over sunflower seeds - Washington Times - June 10th, 2025 [June 10th, 2025]
- Cardiac Anatomy & Orientation of the 3D Heart Part 3 - University of Nebraska Medical Center - June 1st, 2025 [June 1st, 2025]
- Greys Anatomy Star Chris Carmack Teases Link and Jos Season 22 Storyline: Anything Can Happen - Life & Style - June 1st, 2025 [June 1st, 2025]
- Greys Anatomy Star Reveals Her Secret to Flying Under the Radar on Planes - EntertainmentNow - June 1st, 2025 [June 1st, 2025]
- None of her preserved anatomy looked like any other fossil. Scientists Realize That A Fossil Thats Millions Of Years Old Was Fossilized From The... - June 1st, 2025 [June 1st, 2025]
- Greys Anatomy star is fighting to get Denzel Washington on the show: 'Im hoping he does it' - GeekSided - June 1st, 2025 [June 1st, 2025]
- No, Sandra Oh is not watching Greys Anatomy in her free time - GeekSided - June 1st, 2025 [June 1st, 2025]
- Brigitte and Emmanuel Macron the anatomy of a slap - The Spectator World - June 1st, 2025 [June 1st, 2025]
- Sandra Oh Reveals If She Watches Grey's Anatomy Reruns 11 Years Since Cristina Yang Left The Show - Screen Rant - June 1st, 2025 [June 1st, 2025]
- Fan-Favorite Greys Anatomy Star Sandra Oh Reveals Whether She Still Watches the Show or Not - Collider - June 1st, 2025 [June 1st, 2025]
- Greys Anatomy: Why Did Sandra Oh Leave The Show? Revisiting Her Shocking Exit & Remarkable Legacy - Koimoi - June 1st, 2025 [June 1st, 2025]
- Warfare at night, deepfakes by day: The anatomy of a rumour in modern era conflicts - The Indian Express - June 1st, 2025 [June 1st, 2025]
- Greys Anatomy Hunk, 59, Turns Heads in Rare Monaco Outing With Wife - parade.com - June 1st, 2025 [June 1st, 2025]
- Grey's Anatomy season 22 confirmed to premiere in fall 2025 - GeekSided - May 21st, 2025 [May 21st, 2025]
- Greys Anatomy season 21 finale: Where to watch for free tonight - MassLive - May 21st, 2025 [May 21st, 2025]
- Greys Anatomy Showrunner Meg Marinis Confirms Your Fears After That Explosive Cliffhanger Finale - The Hollywood Reporter - May 21st, 2025 [May 21st, 2025]
- 'Grey's Anatomy' Recap: Did Firebomb Just Kill Off Lucas Adams, Teddy Altman, or Miranda Bailey? - TV Insider - May 21st, 2025 [May 21st, 2025]
- Grey's Anatomy season 22 will not introduce any major new additions: 'I have a big enough cast as it is' - GeekSided - May 21st, 2025 [May 21st, 2025]
- 8 Biggest Unanswered Questions & Mysteries After The Grey's Anatomy Season 21 Finale - Screen Rant - May 21st, 2025 [May 21st, 2025]
- Only 2 Grey's Anatomy characters are confirmed to be safe in season 22 - GeekSided - May 21st, 2025 [May 21st, 2025]
- 'Grey's Anatomy': Meredith Puts Herself in Harm's Way Once Again as a Hostage Situation Leaves Grey Sloan Reeling - People.com - May 21st, 2025 [May 21st, 2025]
- This Greys Anatomy character death still remains the shows most gut-wrenching - GeekSided - May 21st, 2025 [May 21st, 2025]
- Anatomy Of A Perfect Trip Cybercaf Across The Algarve - Quartersnacks - May 21st, 2025 [May 21st, 2025]
- Why the Greys Anatomy Hospital Is Facing Another Bomb Threat in Season 21 Finale - E! Online - May 21st, 2025 [May 21st, 2025]
- Streaming Set Another Record In April, But Greys Anatomy And The White Lotus Prove Linears Reach, Nielsen Says - Deadline - May 21st, 2025 [May 21st, 2025]
- 'Grey's Anatomy' Boss Answers the Biggest Questions From That Explosive Season Finale (Exclusive) - parade.com - May 21st, 2025 [May 21st, 2025]
- Greys Anatomy Season-Finale Recap: Explosions in the Sky - Vulture - May 21st, 2025 [May 21st, 2025]
- Greys Anatomy Boss Breaks Down That Explosive Season 21 Finale Cliffhanger, Merediths Surprising Decision - TheWrap - May 21st, 2025 [May 21st, 2025]
- Grey's Anatomy boss confirms one new star will return in season 22 - GeekSided - May 21st, 2025 [May 21st, 2025]
- Greys Anatomy Season 21 Finale Review: I Cant Believe The Show Pulled Off This Cliffhanger Reminiscent Of Its Glory Days - Screen Rant - May 21st, 2025 [May 21st, 2025]
- Grey's Anatomy Finale Preview: Chris Carmack Teases 'Be Afraid' - Us Weekly - May 21st, 2025 [May 21st, 2025]
- ABC NEWS STUDIOS ANNOUNCES HEY BEAUTIFUL: ANATOMY OF A ROMANCE SCAM BEGINS STREAMING MAY 20, ONLY ON HULU - dgepress.com - May 21st, 2025 [May 21st, 2025]
- 5 Grey's Anatomy characters who might not return for season 22 after that fiery cliffhanger - GeekSided - May 21st, 2025 [May 21st, 2025]
- Greys Anatomy Explosion & Possible Character Deaths: Showrunner Explains Why Shes Doing This to Link & Jo - Just Jared - May 21st, 2025 [May 21st, 2025]
- 'Grey's Anatomy' season 21 ending explained: Is Meredith returning to Grey Sloan for good? - Entertainment Weekly - May 21st, 2025 [May 21st, 2025]
- Grey's Anatomy Season 21 Finally Resolved Its Most Frustrating Plot In Limbo - Screen Rant - May 21st, 2025 [May 21st, 2025]
- Grey's Anatomy Season 21 Ending Explained: Amelia Survives A Near-Death Experience While Tragedy Strikes A Fan-Favorite - Screen Rant - May 21st, 2025 [May 21st, 2025]
- James Pickens Jr. Says Every Day Is an Adventure on 'Greys Anatomy' (Exclusive) - People.com - May 21st, 2025 [May 21st, 2025]
- The Doctor Is Out: Greys Anatomy Ends Season 21 With a Devastating Death - Yahoo - May 21st, 2025 [May 21st, 2025]
- Greys Anatomy Season 22 Cast: Only 2 Characters Confirmed Alive After Finale, Though 7 More Actors Have Deals to Return - Just Jared - May 21st, 2025 [May 21st, 2025]
- 'Grey's Anatomy' Interview: James Pickens Jr. Reflects on Pilot and Reveals Season 22 Hopes (Exclusive) - TV Insider - May 21st, 2025 [May 21st, 2025]
- Grey's Anatomy tells fans to "brace yourself" for season finale that's as dramatic as this iconic episode - Digital Spy - May 21st, 2025 [May 21st, 2025]
- I Can't Believe Grey's Anatomy Still Hasn't Told Us Who Adams' Mother Is - Cinemablend - May 21st, 2025 [May 21st, 2025]
- Katherine Heigl Shares Why She's Grateful Her Daughters Aren't Interested in Grey's Anatomy (Exclusive) - parade.com - May 12th, 2025 [May 12th, 2025]
- 'Grey's Anatomy' Fans Are Just Realizing This Fun Fact About the Series That Affects All but 1 Episode - People.com - May 12th, 2025 [May 12th, 2025]
- In a Nutshell: Turning anatomy education into online sensation - Ohio University - May 12th, 2025 [May 12th, 2025]
- 'Grey's Anatomy' Gets Musical Again: Link Serenades Jo With Song at the Wedding Altar - TV Insider - May 12th, 2025 [May 12th, 2025]
- Greys Anatomy Boss Unpacks Jo and Links Momentous Wedding Song, Teases Bonkers Season 21 Finale - TheWrap - May 12th, 2025 [May 12th, 2025]
- Generating cervical anatomy labels using a deep ensemble multi-class segmentation model applied to transvaginal ultrasound images - Nature - May 12th, 2025 [May 12th, 2025]
- Greys Anatomy creator Shonda Rhimes reveals the hardest death she had to write - Yahoo - May 12th, 2025 [May 12th, 2025]
- Katherine Heigl Reveals What 1 Medical Trick She Thinks She Could Still Do After Grey's Anatomy (Exclusive) - parade.com - May 12th, 2025 [May 12th, 2025]
- Greys Anatomy Season 21, Episode 17 Review: As A Long-Time Fan, I Loved This Romantic & Poignant Episode That Felt Like Classic Greys - Screen... - May 12th, 2025 [May 12th, 2025]
- As One Greys Anatomy Couple Weds, Another Breaks Up and a Third Relationship Lands on Life Support - TVLine - May 12th, 2025 [May 12th, 2025]
- Every Wedding on Greys Anatomy , Ranked - Vulture - May 12th, 2025 [May 12th, 2025]
- 'Greys Anatomy': Link Surprises Jo at Their Wedding, Owen Holds onto the Past and 1 Couple Calls It Quits - People.com - May 12th, 2025 [May 12th, 2025]
- Here comes the bride: Where to stream Greys Anatomy for FREE - PennLive.com - May 12th, 2025 [May 12th, 2025]
- Greys Anatomy Preview: Will Link and Jo I Do It Right On Their Wedding Day? Plus, [Spoiler]s Back - TVLine - May 12th, 2025 [May 12th, 2025]
- Greys Anatomy boss reveals the disappointing reason Meredith missed Jo and Links wedding - GeekSided - May 12th, 2025 [May 12th, 2025]
- Anatomy Of Startup Governance Issues, Funding Zooms & More - StartupNews.fyi - May 12th, 2025 [May 12th, 2025]
- Greys Anatomy Shock: Lucas and Simone Split Will Fans Even Miss Them? - Decatur Metro - May 12th, 2025 [May 12th, 2025]
- 9 Secrets of the Greys Anatomy Sets Superfans Need to Know - Architectural Digest - May 12th, 2025 [May 12th, 2025]
- Greys Anatomy Continues to Ignore a Key Character's Storyline (& It's Frustrating Fans) - Comic Book Resources - May 12th, 2025 [May 12th, 2025]
- Jo & Link's Unique Wedding Set-Up Is Exactly Why Their Romance Works In Grey's Anatomy - Screen Rant - May 12th, 2025 [May 12th, 2025]
- Greys Anatomy creator Shonda Rhimes reveals the hardest death she had to write - The Independent - May 12th, 2025 [May 12th, 2025]
- Grey's Anatomy fans are just realizing clever aspect of 'every episode' after 20 years - The Mirror US - May 12th, 2025 [May 12th, 2025]
- Did the Success of The Substance and Anatomy of a Fall Finally Teach Cannes a Lesson? - IndieWire - May 12th, 2025 [May 12th, 2025]
- Grey's Anatomy fans floored after spotting 'hidden message' in every episode - Irish Star - May 12th, 2025 [May 12th, 2025]
- Anatomy of an apprehension: Where are you taking the baby? - Maple Ridge-Pitt Meadows News - May 12th, 2025 [May 12th, 2025]
- Isaiah Washington Says Sandra Oh Brought Him Back on Greys Anatomy Years After Firing - E! Online - April 27th, 2025 [April 27th, 2025]