The Biotech Startups Podcast

Latest Episodes:

🧬 Bryan Dechairo - Sherlock Biosciences - Part 3 | Assurex’s Journey From Garage to GeneSight | Keeping a Team Together Through the M&A Process | Building a Diagnostics Company During Covid | What Sherlock & Netflix Have in Common May 08, 2024

Show notes

Part 3 of 3.
My guest for this week’s episode is Bryan Dechairo, President, CEO, and Director at Sherlock Biosciences, an innovative biotech company that is enabling the democratization and decentralization of diagnostic testing to personalize healthcare and make an impact on global health.
Before Sherlock, and most recently, Bryan was Executive VP at Myriad Genetics and CSO and CMO at Assurex Health. His extensive career spans over two decades and also includes prominent positions at Medco Health, Pfizer, Oxagen, Sequana Therapeutics, and Roche. Bryan's vast experience working at both startups and Fortune 500 companies gives him unique insights that any entrepreneur can benefit from.
Join us this week and hear about:

Scaling Assurex Health out of a garage to developing a best-in-class pharmacogenomic test, GeneSight
Working for multiple companies that had gone through the M&A process
Developing Sherlock Biosciences’s home diagnostics test during Covid-19
Tips and advice to other CEOs on how to raise capital in a challenging economic environment
And much more!

Please enjoy my conversation with Bryan Dechairo.
Find Our Guest, Bryan Dechairo, at these links: https://www.linkedin.com/in/bryandechairo/https://sherlock.bio/
Find Our Host, Jon Chee, at these links: https://www.linkedin.com/in/jonchee https://www.excedr.com
Timestamps:00:28 Intro and episode overview01:23 Getting acquired by Express Scripts and dealing with new ownership03:34 Working on a small team that got their start out of a garage and helping them scale06:23 Pitfalls to avoid while scaling your business and other tips for growing companies07:47 Why scientists do not always make the best biotech CEO's and the value of having a diverse knowledge base11:56 Myriad Genetics's acquisition of Assurex and keeping his team together through the M&A process15:60 Leaving Myriad Genetics and figuring out why Sherlock Biosciences was the right move19:26 What the home diagnostics environment was like during Covid22:20 Deciding on what would be the first over-the-counter test Sherlock would focus on25:15 Adapting diagnostic testing to the modern convenience world we live in today27:37 Why did this brilliant idea take so long to get to where it is today?31:12 Comparing the system used to distribute at-home Covid tests with Sherlock's and how they improved on it32:56 Tips for other business owners on how to develop and maintain your company's talent35:59 Advice for raising capital while in lean economic environments from a biotech CEO's point of view40:17 Sherlock Biosciences acquisition of Sense Biodetection and why the move made sense43:45 What on the horizon for Sherlock Biosciences and what Sherlock and Netflix have in common47:18 Shout outs, thank you's, and advice to younger Bryan48:38 Outro
Social & WebsiteLinkedIn: https://www.linkedin.com/company/excedr/ Youtube: https://www.youtube.com/@excedr Instagram: https://www.instagram.com/excedr_inc Twitter: https://twitter.com/ExcedrInc Facebook: https://www.facebook.com/excedr TikTok: https://www.tiktok.com/@excedr Podcast Website: https://www.thebiotechstartupspodcast.com/
Enriched Notes:
Topics Mentioned:Assurex/GeneSight https://genesight.com/ Myriad Genetics https://myriad.com/ Sherlock Biosciences https://sherlock.bio/
Biotech Startup Support https://www.excedr.com/resources-category/biotech-startup-supportBiotech & Big Pharma Partnerships https://www.excedr.com/blog/how-biotech-partnerships-support-researchMarketing and Sales Strategies for Startups https://www.excedr.com/blog/marketing-sales-strategies-for-biotechs Staffing Your Startup https://www.excedr.com/blog/staffing-your-startup How to Get Funding for Lab Research https://www.excedr.com/blog/how-to-get-funding-for-lab-research What is a C-Corp & Why Do Investors Prefer it? https://www.excedr.com/resources/c-corp-investors-preferHow to Write a Business Plan for Your Biotech Startup https://www.excedr.com/resources/how-to-write-a-business-plan-for-biotechs
People Mentioned:Julie Garlikov https://www.linkedin.com/in/juliegarlikov/David Walt https://www.linkedin.com/in/david-walt-29935b8/ Dale Muzzey https://www.linkedin.com/in/dale-muzzey-70512889 Paul Meister https://magnolia-medical.com/leadership/paul-m-meister/ Andrew Marshak https://www.linkedin.com/in/andrew-marshak/ John Taylor https://www.linkedin.com/in/john-taylor-16953115/Jim Burns https://www.linkedin.com/in/james-burns-78360814/ Mark Capone https://www.linkedin.com/in/markcapone/ The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

🧬 Bryan Dechairo - Sherlock Biosciences - Part 2 | Transitioning From a Small Startup to Pfizer | Big Data's Role in Modern Genetics | Building & Leading Dynamic Teams | The Evolution of Personalized Medicine May 01, 2024

Show notes

Bryan’s move from a small startup to Pfizer
The crucial nature of big data in modern genetics
Bryan’s experience at Medco Health (an American Pharmacy Benefits Management company)
The importance of accessible, affordable, and accurate diagnostics resources

Please enjoy my conversation with Bryan Dechairo.
Find Our Guest, Bryan Dechairo, at these links: https://www.linkedin.com/in/bryandechairo/https://sherlock.bio/
Find Our Host, Jon Chee, at these links: https://www.linkedin.com/in/jonchee https://www.excedr.com
Timestamps00:28 Intro and episode overview01:53 Bryan’s transition from academia and a small startup to Pfizer02:37 The role and impact of big data in Bryan's career05:20 Building a team and fostering the right environment for employees06:56 Supporting team growth, helping individual contributors succeed09:37 Reflections on career development, key learning points from working at startups12:08 Adjusting to Pfizer, finding the right fit, and dealing with anxiety15:07 Discussing strategic decision-making and incorporating new technologies16:23 Managing different teams and the matrix-based organizational structure19:49 Start with the Problem Statement: identify a need, then create a solution24:40 Transitioning from Pfizer to Medco Health and learning about personalized medicine27:17 Evolving role of pharmacy benefit managers in healthcare and diagnostics reimbursement30:38 Closing thoughts on the healthcare industry and advancements in Diagnostics33:10 Outro
Social & WebsiteLinkedIn: https://www.linkedin.com/company/excedr/ Youtube: https://www.youtube.com/@excedr Instagram: https://www.instagram.com/excedr_inc Twitter: https://twitter.com/ExcedrInc Facebook: https://www.facebook.com/excedr TikTok: https://www.tiktok.com/@excedr Podcast Website: https://www.thebiotechstartupspodcast.com/
Enriched Notes:

Topics Mentioned:Oxagen https://www.crunchbase.com/organization/oxagenBiotech Startup Support https://www.excedr.com/resources-category/biotech-startup-supportBig Data in Healthcare https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8733917/Biotech & Big Pharma Partnerships https://www.excedr.com/blog/how-biotech-partnerships-support-researchTherapeutics https://www.nature.com/subjects/therapeuticsPersonalized Medicine https://www.genome.gov/genetics-glossary/Personalized-MedicinePfizer https://www.pfizer.com/Molecular Medicine https://www.sciencedirect.com/topics/biochemistry-genetics-and-molecular-biology/molecular-medicineGenetics, Proteomics, & Metabolomics https://www.isaaa.org/resources/publications/pocketk/15/default.aspMatrix Organization https://asana.com/resources/matrix-organizationPharmacy Benefit Managers https://en.wikipedia.org/wiki/Pharmacy_benefit_management
People Mentioned:Jeff Kindler https://www.linkedin.com/in/jeffrey-b-kindler-a304b136/Rob Epstein https://www.linkedin.com/in/epstein-robert-2937979/Julie Garlikov https://www.linkedin.com/in/juliegarlikov/The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

🧬 Bryan Dechairo - Sherlock Biosciences - Part 1 | A Love of Science Blossoming from a 10-Acre Hobby Farm | Experiencing Great Diversity at UC Berkeley | Growth & Enjoyment of Startups | Unexpected Travels to Pursue a Dream Overseas Apr 24, 2024

Show notes

As a podcast listener, you can redeem exclusive discounts with a growing list of biotech vendors and get $500 off your first equipment lease by using promo code “TBSP” on https://www.excedr.com/rewards.
Part 1 of 3.
My guest for this week’s episode is Bryan Dechairo, President, CEO, and Director at Sherlock Biosciences, an innovative biotech company that is enabling the democratization and decentralization of diagnostic testing to personalize healthcare and make an impact on global health. The Sherlock team and founders include engineering biology pioneers with world-leading expertise in CRISPR and synthetic biology, diagnostic industry veterans, and disease area authorities. Together, they provide an unparalleled set of capabilities that are transforming molecular diagnostics in clinical and non-clinical settings. Before Sherlock, and most recently, Bryan was Executive VP at Myriad Genetics and CSO and CMO at Assurex Health. His extensive career spans over two decades and also includes prominent positions at Medco Health, Pfizer, Oxagen, Sequana Therapeutics, and Roche. Bryan's vast experience working at both startups and Fortune 500 companies gives him unique insights that any entrepreneur can benefit from.
Join us as we sit down with Bryan as he discusses his early years growing up on a 10-acre hobby farm in Valley Center, Southern California, his decision to study integrative biology at UC Berkeley, and his early exposure to clinical diagnostics at Roche. Bryan talks about his transition to a startup, Sequana Therapeutics, and his love for that familial environment all while pursuing his PhD. Lastly, Bryan recounts embracing a new cultural experience in the UK while studying at the University College London. Please enjoy my conversation with Bryan Dechairo.
Find Our Guest, Bryan Dechairo, at these links: https://www.linkedin.com/in/bryandechairo/https://sherlock.bio/
Find Our Host, Jon Chee, at these links: https://www.linkedin.com/in/jonchee https://www.excedr.com
Timestamps:
00:28 Intro
02:20 Episode starts, early days and upbringing, growing up in the 70s on a Southern California hobby farm
04:33 Being raised around science and research, finding business inspiration while being on a farm
08:02 Bryan’s decision to attend Berkeley and study Integrated Biology
11:00 Undergrad lab experience with genetics, mushroom hunting, volunteering for free experiences
15:23 Experiences and opportunities at Roche post-graduation, the opportunity to collaborate with competitors
19:19 Determining what was next after Roche, attended a life-changing career fair that led to working at Sequana Therapeutics
22:21 The enjoyment and family dynamic of working with a startup
26:23 A surprising and exciting move to the UK to work with Oxagen Ltd and receive a PhD at the University College of London
32:08 Outro
Social & WebsiteLinkedIn: https://www.linkedin.com/company/excedr/ Youtube: https://www.youtube.com/@excedr Instagram: https://www.instagram.com/excedr_inc Twitter: https://twitter.com/ExcedrInc Facebook: https://www.facebook.com/excedr TikTok: https://www.tiktok.com/@excedr Podcast Website: https://www.thebiotechstartupspodcast.com/
Enriched Notes:
Topics Mentioned:UC Berkeley https://en.wikipedia.org/wiki/University_of_California,_Berkeley What Is A PCR Machine? https://www.excedr.com/blog/what-is-a-pcr-machinePCR, qPCR, & DNA Amplification https://www.excedr.com/resources-category/pcr?47e8dc57_page=2What Is Polymerase Chain Reaction (PCR)? https://www.excedr.com/resources/what-is-polymerase-chain-reaction-pcrPCR Master Mix: Definition, Types, & More https://www.excedr.com/resources/pcr-master-mix-definition-types-and-moreHow PCR Systems Work & How We Save You Time & Money https://www.excedr.com/biotech-life-sciences/pcr-systemsGenetic Vectors: Overview, Types, & Applications https://www.excedr.com/resources/genetic-vectorsSingle-Cell Epigenomics: Changes to Genomes without DNA Alterations https://www.excedr.com/blog/single-cell-epigenomics
People Mentioned:Richard Brown https://www.legacy.com/us/obituaries/sandiegouniontribune/name/richard-brown-obituary?id=24374150Jamie Oliver https://en.wikipedia.org/wiki/Jamie_Oliver John Taylor https://www.linkedin.com/in/john-taylor-16953115/The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

🧬 Terry Lo - Vizgen - Part 3 | Transitioning to Vizgen From Akoya | What is Spatial Genomics | The Importance of Genetic Mapping | How to Grow Your Company During Turbulent Times Apr 17, 2024

Show notes

As a podcast listener, you can redeem exclusive discounts with a growing list of biotech vendors and get $500 off your first equipment lease by using promo code “TBSP” on https://www.excedr.com/rewards.
Part 3 of 3.
My guest for this week’s episode is Terry Lo, President and CEO of Vizgen. Vizgen is developing and commercializing the next generation of genomics tools to expand on the capabilities of spatially resolved transcriptomics.
Terry is a pioneer in the emerging Spatial Biology market, with a proven track record of driving exceptional growth across global life science organizations, including Bristol-Myers Squibb, Roche, Hologic, and PerkinElmer. In addition to his two decades of experience scaling and building multinational biopharma and diagnostic groups, he is also an expert in developing business strategies for novel, innovative products.
Join us as we conclude our conversation with Terry, where we talk about him working in the revolutionary fields of spatial biology and spatial genomics, the challenges of growing a five person company, and some of the exciting things that Vizgen has on the horizon. We also discuss the importance of genetic mapping, Terry gives some advice for weathering turbulent economic times, and we talk about the important influence his parents had on his development. Please enjoy my conversation with Terry Lo.
Find Our Guest, Terry Lo, at these links:
https://www.linkedin.com/in/terry-lo-034a034/
https://vizgen.com/
Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com
Timestamps:
00:28 Intro
01:25 Revolutionizing spatial biology and scaling up Akoya Bioscience's operations
04:30 Recognizing a new opportunity emerging in spatial genomics and transitioning from Akoya to Vizgen
06:09 How Vizgen came to be and what early development was like on a 5 person team
07:53 What the spatial genomics field was like at that time and what is it like now
09:32 Vizgen's go-to-market strategy and how it is different from others
12:25 How Vizgen communicates the technical aspects behind what makes their product so accurate
14:33 Meaning behind the statement "Every disease has a map, every cure has a path"
18:14 Tips for running a business during turbulent economic times
20:22 Dealing with fundraising while being a private company that isn't profitable yet, managing rapid growth of the company
22:48 Exciting developments for Vizgen in 2024
25:57 Terry shouts out his parents and talks about their influence on him
27:08 Terry's advice to his 21 year old self
28:26 Outro
Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/
Enriched Notes:
Topics Mentioned:
Spatial Genomics https://vizgen.com/what-is-spatial-genomics/
Spatial Biology https://www.akoyabio.com/why-spatial-biology/
Vizgen https://vizgen.com/
Akoya Bioscience https://www.akoyabio.com/
Cell Atlasing https://www.humancellatlas.org/
How to Fund an R&D Startup https://www.excedr.com/resources/rd-startup-funding-first-steps
Unleashing Innovation https://www.excedr.com/resources/rd-tax-credits-incentives
Biotech Partnerships https://www.excedr.com/blog/how-biotech-partnerships-support-research
Pre-Money vs. Post-Money: What's the Difference? https://www.excedr.com/resources/pre-money-vs-post-money
What Is Financial Modeling & How Can It Help with Fundraising? https://www.excedr.com/resources/what-is-financial-modeling
Equipment Leasing vs. Financing: What's the Difference? https://www.excedr.com/blog/equipment-leasing-vs-financing
Finance https://www.excedr.com/category/finance
What Is a C-Corp & Why Do Investors Prefer It? https://www.excedr.com/resources/c-corp-investors-prefer
What Is Due Diligence? How to Prepare For It & Avoid Mistakes https://www.excedr.com/resources/what-is-due-diligence
A Guide to Writing a Small Business Grant Proposal https://www.excedr.com/blog/how-to-write-a-small-business-grant-proposal
How to Write a Business Plan for Your Biotech Startup https://www.excedr.com/resources/how-to-write-a-business-plan-for-biotechs
How to get Funding for Lab Research in 2024 https://www.excedr.com/blog/how-to-get-funding-for-lab-researchThe Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

🧬 Terry Lo - Vizgen - Part 2 | Terry’s Move from Big Pharma to Diagnostics | Introduction to Spatial Biology | Navigating Regulatory & Reimbursement Challenges in Diagnostics | Balancing Multiple Roles in M&A Negotiations Apr 10, 2024

Show notes

Part 2 of 3.
As a podcast listener, you can redeem exclusive discounts with a growing list of biotech vendors and get $500 off your first equipment lease by using promo code “TBSP” on https://www.excedr.com/rewards.
My guest for this week’s episode is Terry Lo, President and CEO of Vizgen. Vizgen is developing and commercializing the next generation of genomics tools to expand on the capabilities of spatially resolved transcriptomics.
Terry is a pioneer in the emerging Spatial Biology market, with a proven track record of driving exceptional growth across global life science organizations, including Bristol-Myers Squibb, Roche, Hologic, and PerkinElmer. In addition to his two decades of experience scaling and building multinational biopharma and diagnostic groups, he is also an expert in developing business strategies for novel, innovative products.
Join us for part 2 of our conversation with Terry, where we talk about his transition from Big Pharma to diagnostics, the challenges of moving into the diagnostics industry, and the contrasts between drug and diagnostic development processes. Terry also discusses his experience at Roche, his time with Akoya Biosciences after PerkinElmer, and his involvement in the M&A process while balancing multiple roles. Please enjoy my conversation with Terry Lo.
Find Our Guest, Terry Lo, at these links: https://www.linkedin.com/in/terry-lo-034a034/https://vizgen.com/
Find Our Host, Jon Chee, at these links: https://www.linkedin.com/in/jonchee https://www.excedr.com
Timestamps:00:28 Intro01:35 Leaving Bristol, joining Cytyc, and transitioning into International Strategy role 03:48 The contrasts between Diagnostics and Big Pharma05:28 Drug development vs. diagnostics development processes09:27 Moving to China and adapting to his role change from International Strategy to Managing Director10:43 Adjusting to life in China with his pregnant wife13:25 Moving back to the US and joining Roche Molecular in California15:26 Transitioning to PerkinElmer and Terry’s intro to spatial biology17:28 The challenges and triumphs in this new field20:25 The challenges of regulatory agencies and reimbursement in Diagnostics and getting a product through the FDA24:58 Merging with Akoya Biosciences after PerkinElmer to support Terry’s platform26:51 Terry’s experience with M&A of Akoya by PerkinElmer, balancing multiple roles29:13 Outro
Social & Website:LinkedIn: https://www.linkedin.com/company/excedr/ Youtube: https://www.youtube.com/@excedr Instagram: https://www.instagram.com/excedr_inc Twitter: https://twitter.com/ExcedrInc Facebook: https://www.facebook.com/excedr TikTok: https://www.tiktok.com/@excedr Podcast Website: https://www.thebiotechstartupspodcast.com/
Topics Mentioned:Corporate Business Development https://www.rontar.com/blog/corporate-development-vs-business-development/International Strategy https://phrase.com/blog/posts/international-strategy/Diagnostics vs. Pharmaceuticals https://tarikyildirim.com/blog/2019/1/21/pharma-vs-diagnosticsP&L statement https://www.investopedia.com/terms/p/plstatement.aspDrug development vs. diagnostics development https://www.ncbi.nlm.nih.gov/books/NBK235489/AI/ML in drug development https://www.fda.gov/science-research/science-and-research-special-topics/artificial-intelligence-and-machine-learning-aiml-drug-developmentProtein folding https://en.wikipedia.org/wiki/Protein_foldingProtein therapeutics https://www.nature.com/articles/nrd2399How Biotech & Big Pharma Partner to Support R&D https://www.excedr.com/blog/how-biotech-partnerships-support-researchSpatial Biology https://www.akoyabio.com/why-spatial-biology/Regulatory and reimbursement impacts in Pharma https://www.ncbi.nlm.nih.gov/books/NBK234312/ Drug approval with FDARegulatory and reimbursement impacts in Diagnostics https://www.lighthouselabservices.com/understanding-the-keys-to-diagnostic-reimbursement/Mergers and acquisitions (M&A) https://www.investopedia.com/terms/m/mergersandacquisitions.aspThe Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

🧬 Terry Lo - Vizgen - Part 1 | Leveraging Passion for Science to Succeed in Finance | Sales Excellence as an Introvert Through Competition | Financial Modeling & Creating Proper Deal Structure | How Not To Be A Jack of All Trades Apr 03, 2024

Show notes

Part 1 of 3.
As a podcast listener, you can redeem exclusive discounts with a growing list of biotech vendors and get $500 off your first equipment lease by using promo code “TBSP” at https://www.excedr.com/rewards.
My guest for this week’s episode is Terry Lo, President and CEO of Vizgen. Vizgen is developing and commercializing the next generation of genomics tools to expand on the capabilities of spatially resolved transcriptomics. Vizgen’s technology will aid the acceleration of biological research and discovery to advance human health. Terry is a pioneer in the emerging Spatial Biology market and has a proven track record of driving exceptional growth across global life science organizations, including Bristol-Myers Squibb, Hologic, Roche, PerkinElmer, and Akoya Biosciences. In addition to over two decades of experience scaling and building multinational biopharma and diagnostic groups, he is also an expert in developing business strategies for novel, innovative products.
Join us as we sit down with Terry as he talks about his early years, studying psychology and molecular genetics as an undergraduate at Ohio State and his later decision to pursue a master's in microbiology at Virginia Tech and then finance at the University of Chicago. Terry also discusses his transition from investment banking to corporate development and marketing roles at Bristol Myers Squibb, and highlights the importance of understanding customer needs and financial modeling in business development. Please enjoy my conversation with Terry Lo.
Find Our Guest, Terry Lo, at these links:
https://www.linkedin.com/in/terry-lo-034a034/
https://vizgen.com/
Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com
Timestamps:
00:28 Intro
02:10 Episode start, early experiences at Ohio State and Terry’s decision to pursue science
05:09 Terry's unique undergraduate lab experience in psychology and molecular biology
07:01 Terry's time at Virginia Tech as a molecular microbiology grad student running experiments
10:08 Terry mapping out his decision to go towards business after graduating from Virginia Tech
13:00 Terry's experience in sales after being in the lab
16:02 MBA at the University of Chicago and the decision that led Terry there
17:44 Key lessons and takeaways from being at the University of Chicago
19:28 Terry's experience in investment banking and financing, key takeaways, and learning financial modeling
25:28 Terry's time at Bristol-Myers Squibb in corporate development and experience in the marketing department
29:45 Terry's experience and transition to international business
31:50 Advice on business development
37:16 Outro
Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/
Topics Mentioned:
An Equipment Leasing Program for Scientists https://www.excedr.com/leasing
How to Fund an R&D Startup https://www.excedr.com/resources/rd-startup-funding-first-steps
Unleashing Innovation https://www.excedr.com/resources/rd-tax-credits-incentives
Biotech Partnerships https://www.excedr.com/blog/how-biotech-partnerships-support-research
Pre-Money vs. Post-Money: What's the Difference? https://www.excedr.com/resources/pre-money-vs-post-money
What Is Financial Modeling & How Can It Help with Fundraising? https://www.excedr.com/resources/what-is-financial-modeling
Equipment Leasing vs. Financing: What's the Difference? https://www.excedr.com/blog/equipment-leasing-vs-financing
Finance https://www.excedr.com/category/finance
What Is a C-Corp & Why Do Investors Prefer It? https://www.excedr.com/resources/c-corp-investors-prefer
What Is Due Diligence? How to Prepare For It & Avoid Mistakes https://www.excedr.com/resources/what-is-due-diligence
A Guide to Writing a Small Business Grant Proposal https://www.excedr.com/blog/how-to-write-a-small-business-grant-proposal
How to Write a Business Plan for Your Biotech Startup
https://www.excedr.com/resources/how-to-write-a-business-plan-for-biotechs The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

🧬 Mike Stadnisky - Thielsen Capital - Part 3 | Don’t Fake it ‘Til you Make It | Cleaning Your Corporate “Underwear” | Thielsen’s Investment Philosophy | The Critical Importance of Alignment Mar 27, 2024

Show notes

Part 3 of 3.
My guest for this week’s episode is Mike Stadnisky, Managing Director of Thielsen Capital. Thielsen Capital is a seed-stage financing syndicate network bringing together life science investors, operators, and innovators to drive exceptional outcomes for founding teams, investors, and science. Before Thielsen, Mike was the CEO of Phitonex, which Thermo Fisher acquired. He was also VP & GM of Informatics at BD Life Sciences and was the CEO of FlowJo before its acquisition by BD. He has also taught at MIT Sloan, authored 10 patents, and won the 2019 International Society for the Advancement of Cytometry Innovation Award.
Join us as we conclude our conversation with Mike Stadnisky as he discusses the important lessons that he learned from going through the M&A process, and how knowing about them early can benefit founders. We also discuss why it is essential for you to have the mentality that someone will see your corporate “underwear,” and why proper documentation is tedious yet vital to your company’s success. Finally, we conclude our interview with Mike by reviewing Thielsen Capital’s unique investment philosophy and the exciting things that are on the horizon for them. Please enjoy my conversation with Mike Stadnisky.
Find Our Guest, Mike Stadnisky, at these links:
https://www.linkedin.com/in/mikestadnisky/
https://www.thielsencapital.com/
Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com
Timestamps:
00:55 “Wouldn’t it be nice,” approach to calling in a favor
02:52 Be boldly innovative, but do not fake it till you make it
05:27 Learning the pitfalls of overpromising, being honest about what can and cannot be done
07:35 The importance of having loyalty and real excitement from your customer base
09:16 How social media is underutilized in the life sciences and what founders can learn from going through the M&A process
11:50 The importance of strategic optionality and other lessons learned from FlowJo’s acquisition
13:26 Decoding banker-speak and why you should always have the mentality that someone will see your corporate “underwear”
15:31 Lawyers, proper documentation, and other vital, yet unsexy, company hygiene practices
16:59 Write your own business case because you can never assume that another company understands it
19:48 Advice to startups about defining how your business will succeed and scale
22:13 Why a robust finance team and proper financial reporting are critical, even in the life sciences
24:40 Another of Mike’s financial modeling sins and being honest about how much capital your company really needs
27:01 How the M&A process inspired Mike to get into investing and start Thielsen Capital
29:57 Thielsen Capital’s objectives, mission, and what sets them apart from other VCs
31:44 Why Mike fundamentally disagrees with the 1:10 success rate model
34:02 How to maintain that founder magic and convincing people to operate in their own best interest
36:33 Paths other than the power law distribution VC route and why having optionality is important
39:55 Dangers of being in an over-capitalized environment and what getting on the venture treadmill means
42:29 Alignment and other important things founders must consider when they use alternatives fundraising sources
44:55 Finding the right people to match where your company is and why Thielsen’s focused investment philosophy is not for everyone
47:16 What's on the horizon for Thielsen Capital and the unique communal aspect of the life sciences industry
50:06 Why the work life science companies do is amazing despite their struggles to explain it to the public clearly
51:46 Mike shouts out his wife, mentors, and exceptional teams that he has worked with
54:05 Advice and perspective Mike would share with his younger self
55:47 Outro
Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/
Enriched Notes:
Topics Mentioned:
Thielsen Capital https://www.thielsencapital.com/
FlowJo Inc. https://www.flowjo.com/
Phitonex https://www.linkedin.com/company/thermospectralcytometry/
Levi’s https://www.levistrauss.com/levis-history/
How Do Core Labs Support Life Science Research? https://www.excedr.com/blog/core-labs/
Top Cities for Biotech https://www.excedr.com/blog/top-cities-for-biotech/
What Should Investors & Founders Expect From Each Other? https://www.excedr.com/resources/investor-founder-expectations/
What is Financial Modeling https://www.excedr.com/resources/what-is-financial-modeling
Software Tools for Keeping Startup Costs in Check https://www.excedr.com/blog/tools-for-keeping-startup-costs-in-check
Guide to Reducing Startup Costs & Expenses https://www.excedr.com/blog/startup-costs-and-expenses
What Is Equity Crowdfunding https://www.excedr.com/resources/equity-crowdfunding-in-biotech
How to get Funding for Lab Research https://www.excedr.com/blog/how-to-get-funding-for-lab-research
Guide to Grant Funding for Biotech Startups https://www.excedr.com/resources/grants-public-funding-biotech-startups
Biotech Startup Funding Options https://www.excedr.com/resources/biotech-startup-funding-options
VC Term Sheets: What They Include & Why They Matter https://www.excedr.com/resources/venture-capital-term-sheets/
Multi-Omics https://en.wikipedia.org/wiki/Multiomics
Ultrarunning https://en.wikipedia.org/wiki/Ultramarathon
Term sheets https://www.investopedia.com/terms/t/termsheet.asp
Mergers and Acquisitions (M&A) https://www.investopedia.com/terms/m/mergersandacquisitions.asp
Business Development https://www.investopedia.com/articles/personal-finance/090815/basics-business-development.asp
Decision-Makers vs. Technical Champions https://www.linkedin.com/pulse/champion-vs-decision-maker-whom-target-b2b-customer-frederik-vosberg/
What are KOLs
https://www.linkedin.com/pulse/what-kol-marketing-key-opinion-leaders-retailboss/
Go-to-Market Strategy https://www.cognism.com/blog/what-is-a-go-to-market-strategy
People Mentioned:
Mario Roederer https://www.flowjo.com/about/company/founders
Alex Roederer https://www.linkedin.com/in/alex-roederer-8562051b9/
Alvin Phitonex https://www.linkedin.com/in/alvin-lebeck-b626842/
Craig LaBonda https://www.linkedin.com/in/craiglaboda/The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

🧬 Mike Stadnisky - Thielsen Capital - Part 2 | Transitioning from Academia to Business | Breaking Into Business Development | Finding Decision Makers & Champions | Navigating Partnerships & Strategy Mar 20, 2024

Show notes

Part 2 of 3.
My guest for this week’s episode is Mike Stadnisky, Managing Director of Thielsen Capital. Thielsen Capital is a seed-stage financing syndicate network bringing together life science investors, operators, and innovators to drive exceptional outcomes for founding teams, investors, and science. Before Thielsen, Mike was the CEO of Phitonex, which Thermo Fisher acquired. He was also VP & GM of Informatics at BD Life Sciences and was the CEO of FlowJo before its acquisition by BD. He has also taught at MIT Sloan, authored 10 patents, and won the 2019 International Society for the Advancement of Cytometry Innovation Award.
Join us as we sit down with Mike Stadnisky as he discusses his transition from academia to business and how he learned about business development. He also discusses the importance of your peer group, and how thoroughly you should do your research before meeting potential business partners. Lastly, Mike discusses the complexity of finding decision makers, and the importance of differentiating between decision makers and champions in business partnerships. Please enjoy my conversation with Mike Stadnisky.
Find Our Guest, Mike Stadnisky, at these links:
https://www.linkedin.com/in/mikestadnisky/
https://www.thielsencapital.com/
Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com
Timestamps:
00:28 Intro
01:10 Transitioning from academia to FlowJo and the importance of networking
03:25 The usefulness of informational interviews, being pushy and following up
06:04 Interviewing with FlowJo, checking out Ashland, and meeting the team
08:43 How a significant others can provide the support and advice entrepreneurs need
10:40 Business partners, first-hires, mentors, and investors who create value will help you succeed
11:30 The importance of your peer group and who you surround yourself with
13:21 Joining FlowJo and wearing many hats on a small team
16:05 Defining business development and Mike’s advice for grad students interested in BD
22:04 Do your homework before you meet with potential business partners
25:05 The complexity of finding a decision-maker and the differences between technical champions
29:17 Bringing decision-makers and technical champions together
31:10 Mike’s additions to the recipe for successful business development
33:13 Outro
Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/
Enriched Notes:
Topics Mentioned:
What Is Patent Licensing & How Does It Work? https://www.excedr.com/resources/how-patent-licensing-works/
How Do Core Labs Support Life Science Research? https://www.excedr.com/blog/core-labs/
Multi-Omics https://en.wikipedia.org/wiki/Multiomics
Ultrarunning https://en.wikipedia.org/wiki/Ultramarathon
Top Cities for Biotech https://www.excedr.com/blog/top-cities-for-biotech/
What Should Investors & Founders Expect From Each Other? https://www.excedr.com/resources/investor-founder-expectations/
Biotech Partnerships: Partnering with Big Pharma To Support R&D https://www.excedr.com/blog/how-biotech-partnerships-support-research/
Business Development https://www.investopedia.com/articles/personal-finance/090815/basics-business-development.asp
Go-to-Market Strategy https://www.cognism.com/blog/what-is-a-go-to-market-strategy
Decision-Makers vs. Technical Champions https://www.linkedin.com/pulse/champion-vs-decision-maker-whom-target-b2b-customer-frederik-vosberg/
Term sheets https://www.investopedia.com/terms/t/termsheet.asp
VC Term Sheets: What They Include & Why They Matter https://www.excedr.com/resources/venture-capital-term-sheets/ The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

🧬 Mike Stadnisky - Thielsen Capital - Part 1 | Familial Exposure to Business & Science at a Young Age | The Importance of “Care Before You Share” | Actively Managing Your Time | A PhD is a 10,000 Hour Degree Mar 13, 2024

Show notes

Part 1 of 3.
My guest for this week’s episode is Mike Stadnisky, Managing Director of Thielsen Capital. Thielsen Capital is a seed-stage financing syndicate network bringing together life science investors, operators, and innovators to drive exceptional outcomes for founding teams, investors, and science. Before Thielsen, Mike was the CEO of Phitonex, which Thermo Fisher acquired. He was also VP & GM of Informatics at BD Life Sciences and was the CEO of FlowJo before its acquisition by BD. He has also taught at MIT Sloan, authored 10 patents, and won the 2019 International Society for the Advancement of Cytometry Innovation Award.
Join us as we sit down with Mike Stadnisky as he discusses his early exposure to leadership in business and the obsession that drew him to science. How he acquired critical and transformative skills as a student brand manager at Red Bull, his experience in Michael Brown’s lab at UVA, and his thoughts on the importance of lab culture and team dynamics in research environments. Please enjoy my conversation with Mike Stadnisky.
Find Our Guest, Mike Stadnisky, at these links: https://www.linkedin.com/in/mikestadnisky/https://www.thielsencapital.com/
Find Our Host, Jon Chee, at these links: https://www.linkedin.com/in/jonchee https://www.excedr.com
Timestamps:00:28 Intro02:03 Episode starts, Mike’s upbringing and early exposure to private enterprises and leadership skills07:46 How Mike’s early exposure to science sparked his obsession with it over business10:10 Mike attending Clemson for Biochem and his lab experience as an undergraduate15:14 Mike’s transformative experience working with Red Bull, learning the ability to interact with passionate people25:28 Mike’s realization that his time at Red Bull was ending and how he knew it was time to go back to the lab to finish his PhD31:07 Grad school at UVA and experiences in Michael Brown’s lab39:09 Mike’s decision to not go down the academic path42:28 Mike's advice on how to be successful in graduate school49:52 Outro
Social & WebsiteLinkedIn: https://www.linkedin.com/company/excedr/ Youtube: https://www.youtube.com/@excedr Instagram: https://www.instagram.com/excedr_inc Twitter: https://twitter.com/ExcedrInc Facebook: https://www.facebook.com/excedr TikTok: https://www.tiktok.com/@excedr Podcast Website: https://www.thebiotechstartupspodcast.com/
Enriched Notes:

Topics Mentioned:What Type of Equipment Is Used in Chemistry Research? https://www.excedr.com/blog/what-type-of-equipment-is-used-in-chemistry-researchLab Equipment https://www.excedr.com/category/lab-equipment?662a3058_page=2What Is Molecular Biology? https://www.excedr.com/blog/what-is-molecular-biologyLab Equipment List for Synthetic Biology Research https://www.excedr.com/blog/lab-equipment-list-for-synthetic-biology-researchBiology Lab Equipment List To Open Your New Lab in 2024 https://www.excedr.com/blog/biology-lab-equipment-listScience https://www.excedr.com/category/scienceWhat Is Flow Cytometry & How Do Flow Cytometers Work? https://www.excedr.com/blog/what-is-flow-cytometry-how-do-flow-cytometers-workHow Flow Cytometers Work & How We Save You Time & Money https://www.excedr.com/biotech-life-sciences/flow-cytometer17 Incubators for US-Based Biotech Startups in 2024 https://www.excedr.com/resources/biotech-incubatorsBiotech Startup Support https://www.excedr.com/resources-category/biotech-startup-supportA Guide to Grant Funding for Biotech Startups https://www.excedr.com/resources/grants-public-funding-biotech-startups
People Mentioned:Michael Brown https://www.linkedin.com/in/michael-brown-68843a10/The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

🧬 Martin Brenner - iBio - Part 3 | Transitioning from Big Pharma to Biotech Startups | Lessons in Flexibility, Resilience, & Adaptability | Challenging Long-Held Beliefs in Drug Discovery | The Evolution & Future of iBio Mar 06, 2024

Show notes

Part 3 of 3.
My guest for this week’s episode is Martin Brenner, CEO and CSO of iBio. iBio uses its AI drug discovery platform to tackle complex and challenging drug targets to develop safer and more effective immunotherapies for difficult-to-treat cancers. Rather than leaving drug discovery to chance, iBio guides the process using artificial intelligence, making therapeutic development smarter, faster, and more precise.
Martin is a seasoned executive and drug hunter with a unique journey spanning electrical engineering to veterinary medicine to scientific leadership roles. He has led drug discovery teams at several top global pharma companies, including Eli Lilly, Pfizer, AstraZeneca, and Merck. Prior to his current role at iBio, Martin was VP and head of R&D at Stoke Therapeutics, CSO at Recursion, and CSO at Phoenix, which was eventually acquired by Ligon Pharmaceuticals.
In part 3 of our conversation with Martin, we chat about his journey from working at large pharmaceutical companies to joining biotech startups. He discusses the importance of mental flexibility, adaptability, and resilience in the biotech industry and reflects on his experiences at Stoke Therapeutics, Recursion, and Pfenex Inc., highlighting the challenges and triumphs of building innovative biotech solutions. He also talks about the significance and importance of strong team dynamics, runway management, and the need to challenge long-held beliefs in the ever-evolving biotech landscape. Please enjoy my conversation with Martin Brenner.
Find Our Guest, Martin Brenner, at these links: https://www.linkedin.com/in/martinbrenner/https://ibioinc.com/
Find Our Host, Jon Chee, at these links: https://www.linkedin.com/in/jonchee https://www.excedr.com
Timestamps:00:00:29 Intro00:01:13 Transitioning from Big Pharma to the startup world; startup needs00:02:43 Joining the team at Stoke Therapeutics00:03:35 Resilience & adaptability playing a key role in startups00:04:34 Martin’s time working with Art Levin00:07:10 Asking for help & leveraging AppleTree’s family of companies00:10:45 Transitioning from Stoke Therapeutics to Recursion00:12:17 The challenges at Recursion & starting fresh00:13:33 Building a line-of-sight program00:15:52 The challenge of questioning established processes00:16:48 The idea & pitch behind Enveda Biosciences00:18:55 The differences & similarities between entrepreneurs00:20:16 Reflecting on processes & continuously learning00:24:04 Martins’ move from Recursion to Pfenex Inc. & building the team00:28:40 The importance of understanding personnel00:30:17 Martin’s team at Pfenex & the Merger with Ligand00:31:54 Going through the ups & downs of the M&A process00:33:47 Post-acquisition integration & cultural resonance00:35:05 Martin’s opportunity at iBio00:37:17 The challenges at iBio & their strategy shift00:41:17 iBio’s current technology & development of antibodies00:51:46 iBio’s new direction & search for strategic partnerships00:59:57 Martin’s experience running a publicly traded company01:03:35 The importance of development & succession plans01:05:56 Martin’s experience as CEO & learning how to speak finance01:09:46 Hitting major milestones on iBio’s horizon01:14:24 Martin thanks those who have supported him01:17:02 The things Martin would tell his younger self: get into biotech sooner01:19:02 Outro
Social & WebsiteLinkedIn: https://www.linkedin.com/company/excedr/ Youtube: https://www.youtube.com/@excedr Instagram: https://www.instagram.com/excedr_inc Twitter: https://twitter.com/ExcedrInc Facebook: https://www.facebook.com/excedr TikTok: https://www.tiktok.com/@excedr Podcast Website: https://www.thebiotechstartupspodcast.com/
Enriched Notes:
Topics Mentioned:SCN1A on Dravet syndrome: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8739186/In Vitro screening: https://www.sciencedirect.com/topics/chemistry/in-vitro-screeningUnderstanding IND applications: https://www.excedr.com/blog/ind-application-processBiotech Funding Options: https://www.excedr.com/resources/biotech-startup-funding-optionsUnderstanding Debt & Equity Options for Your Funding: https://www.excedr.com/resources/debt-equity-options-funding-startupGuide to CMOs & CDMOs: https://www.excedr.com/blog/contract-manufacturing-organizationsGuide to Cash Runway: https://www.excedr.com/blog/what-is-cash-runwayMonoclonal Antibodies: https://www.excedr.com/blog/monoclonal-antibody-research-and-productionPrimary Antibody Overview: https://www.excedr.com/resources/primary-antibodySecondary Antibody Overview: https://www.excedr.com/resources/secondary-antibodyAntibody Drug Conjugates: https://www.nature.com/articles/s41392-022-00947-7Phage Display Overview: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3656071/Licensing in Biotech: https://www.excedr.com/blog/life-sciences-licensing-agreements-guide
People Mentioned:Isabel Aznares: https://www.linkedin.com/in/isabel-aznarez-aaa21417/Art Levin: https://www.linkedin.com/in/art-levin-5889034/Paul DaSilva-Jardine: https://www.linkedin.com/in/paul-dasilva-jardine-9a791b65/Viswa Colluru: https://www.linkedin.com/in/viswacolluru/Eef Schimmelpennink: https://www.linkedin.com/in/eef-schimmelpennink-03b4a45/Shawn Scranton: https://www.linkedin.com/in/shawn-scranton-pharmd-15046ab3/Diane Retallack: https://www.linkedin.com/in/diane-retallack-b311392/Jeff Allen: https://www.linkedin.com/in/jeff-allen-8128585/Matt Foehr: https://www.linkedin.com/in/matt-foehr-3a47312/Rob Lutz: https://www.linkedin.com/in/rob-lutz-bb587414/Lisa Middlebrook: https://www.linkedin.com/in/lisamiddleb/Matt Greving: https://www.linkedin.com/in/matthewgreving/Saswata Talukdar: https://www.linkedin.com/in/saswata-talukdar-3b20942a/The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

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