Business of Biotech Shorts

  1. Ep. 256, Chapter 4: Unique Challenges Of Psychedelic Development With Srinivas Rao 7/18/2025

    While Dr. Srinivas Rao views psychedelics as simply another class of pharmacological compounds, they carry cultural baggage that can complicate drug development. He acknowledges the stigma around substances like psilocybin and MDMA among some physicians and patients, especially those wary of their histories as illicit drugs. To address this, atai focuses on rigorous science, novel compounds with shorter durations to reduce patient anxiety, and physician education to shift perceptions over time.

  2. Ep. 256, Chapter 3: Successes And Failures In The Psychedelic Therapy Space With Srinivas Rao 7/18/2025

    Reflecting on his experience at other drug companies, Dr. Srinivas Rao emphasizes the importance of prioritizing patient-reported outcomes and starting with the end in mind. atai designed its VLS-01 compound to fit existing healthcare infrastructure and gained significant insight from the Spravato® path to market. Rao also discusses the Multidisciplinary Association for Psychedelic Studies’ (MAPS) failed attempt to gain FDA approval for its MDMA-assisted therapy due to non-standardized therapy protocols, unblinded trial designs, and inadequate trial size.

  3. Ep. 256, Chapter 2: The Investment Landscape Of Psychedelic Drug Development With Srinivas Rao 7/18/2025

    Dr. Srinivas Rao discusses the shifting investment landscape for psychedelic therapies. Momentum started to build following the 2019 approval of Spravato®, a form of ketamine used to treat depression. The COVID-19 pandemic brought a surge of biotech investments, fueling rapid growth in the psychedelic space, but that enthusiasm dwindled in late 2021 amid broader biotech downturns. Despite the challenges — regulatory obstacles, market volatility, and a cautious investor pool — promising assets can still attract funding.

  4. Ep. 256, Chapter 1: Introduction To Srinivas Rao And atai Life Sciences 7/18/2025

    Chief Editor of Life Science Leader and Host of The Business of Biotech, Ben Comer, and CEO of atai Life Sciences, Srinivas Rao, M.D., Ph.D., discuss how Rao’s early passion for building and problem-solving led him from electrical engineering to biomedical applications and eventually, to a combined MD/PhD path focused on brain science. In 2018, atai Life Sciences was founded with the intention of delivering psychedelics and other innovative treatments for mental health conditions.

  5. Ep. 255, Chapter 5: Global Dollars And Sense with Yaniv Sneor 7/11/2025

    Sneor clarifies that Mid Atlantic Bio Angels is agnostic to company location, investing across the US and internationally. While European and Asian syndicate partners often seek MAB Angels' investment in their opportunities, they are less inclined to invest in MAB Angels' portfolio companies — a disparity Sneor suggests stems from differences in startup environments, talent, and tolerance for failure across continents. Sneor also discusses his work as CEO of Native State Therapeutics, an early-stage company targeting protein misfolding neurodegenerative diseases like Parkinson's and Alzheimer's. He concludes by commenting upon the shakeup at NIH and FDA, which could influence pharma's R&D focus and ultimately affect MAB Angels' long-term investment strategies.

  6. Ep. 255, Chapter 4: Executable Exits with Yaniv Sneor 7/11/2025

    Sneor points out that that, while Mid Atlantic Bio Angels supports and guides their portfolio companies through liaisons, they do not drive exits; the biotech management teams are expected to possess or acquire that capability. Additionally, Sneor states that opportunities in "buzzy" therapeutic areas like GLP-1s face no less scrutiny. Future market landscape, the biotech’s timeline for acquisition, a robust patent estate and a unique value proposition all must be considered. MAB Angels rarely fills a round alone, but they only refer deals to syndicate partners once they have made an investment decision themselves, which serves as a strong endorsement.

  7. Ep. 255, Chapter 3: Biotech Investors' Pet Peeves with Yaniv Sneor 7/11/2025

    Sneor criticizes "spray and pray" pitches that lack personalization and don't align with the group's specific investment criteria, as well as "scientific pitches" that resemble a poster presentation, rather than a compelling financial story focused on the exit strategy and potential returns. He also cautions that familial relationships can compromise business accountability. Mid Atlantic Bio Angels offers guidance and network access, and they are drawn to opportunities with orphan drug designations that offer potential for expanded indications, or areas so attractive to larger pharma/device companies that early acquisition is likely, providing an efficient path to exit for investors.

  8. Ep. 255, Chapter 2: Hard Questions Investors Ask with Yaniv Sneor 7/11/2025

    Sneor details Mid Atlantic Bio Angels’ considerations when deliberating whether to invest in a biotech startup. The group prioritizes understanding how each biotech plans to monetize its opportunity and achieve a successful exit within five to seven years — looking for a clear path, potential acquirers, and comparable deals — so commercial mindset is as important as scientific prowess. MAB Angels prefers to participate in smaller, syndicated investment rounds of $0.25-$1 million, which allow companies to maintain control and provide consistent progress for investors. Sneor notes that the inherent maturity of biotech companies driven by rigorous data generation and regulatory requirements translates to higher quality investment opportunities.

  9. Ep. 255, Chapter 1: Yaniv Sneor, Mid Atlantic Bio Angels 7/11/2025

    Life Science Leader Chief Editor Ben Comer interviews Yaniv Sneor, co-founder of Mid Atlantic Bio Angels, an angel investor group specializing in life sciences. Sneor and two partners founded the company in 2012 to address the need for specific expertise in diligencing complex life science opportunities. In the past 13 years, the group has attracted an intelligent and engaged membership as well as evolved to an internal fund model. MAB Angels screens more than 100 applications monthly via a diligence process that involves initial gating questions, internal discussions, and a multi-day open voting system with mandatory rationale statements.

  10. Ep. 254, Chapter 4: LNP Progress & Regulation with Michelle Werner 7/11/2025

    Alltrna's lead candidate for genetic diseases utilizes a lipid nanoparticle (LNP) for liver delivery and is currently in IND-enabling studies. LNPs being well-characterized and commercially available allows Alltrna to focus on the novel tRNA payload's safety and efficacy, rather than delivery. Alltrna also is engaging with health authorities to pave the way for its basket trial strategy, which aligns with regulators' stated interest in "many diseases at a time" approaches to address the vast unmet need. Moving forward, Werner says Alltrna's main challenge is transitioning from a research-focused company to one equally weighted in R&D, building clinical capabilities, and securing capital to advance its technology.