Raising Biotech

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
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: [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 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)