Raising Biotech

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 2023Intro & 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:

How US pricing policy shifts are reshaping European biotech strategy

China's growing dominance may require Europe to proactively collaborate

What investors are really rewarding right now: proof over promise

Why founders must raise with confidence and plan beyond the next milestone

Exploring investor psychology and the quiet reset in European biotech

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

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)