Raising Biotech

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: raisingbiotech@gmail.com

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: raisingbiotech@gmail.com

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: raisingbiotech@gmail.com

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: raisingbiotech@gmail.com

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
03:00 — George Magrath’s unusual path from surgeon to biotech CEO
05:15 — First exposure to Opus during clinical trials at Lexitas
06:40 — The reverse merger with Ocuphire and strategic shift into gene therapy
09:40 — The March 2025 financing and investor skepticism
11:20 — The proxy fight led by Ocuphire founder Mina Sooch
12:40 — Gene therapy hype cycles and investor sentiment
16:00 — Patient advocacy, ultra-rare disease, and the Lindsey Rambo story
26:30 — What comes next for Opus: pipeline expansion and future vision

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)