Next Phase Newsletter

Interview with Sunil Shah, CEO of o2h Ventures | Co-founder @ o2h Group By Claire Jeong, Chief Conference Officer, VP of Investor Research, Asia BD, LSN

Sunil Shah

Claire Jeong

Sunil Shah is a dedicated entrepreneur with over two decades of experience in fostering early-stage biotech innovation. He has focused on building the biotech ecosystem to support fledgling biotech innovations through investment, mentoring, and network building. As Co-founder of the o2h Group and CEO of o2h Ventures, he has led initiatives like the Kickstarter competition and ChaiTime webinars, supporting global biotech startups with integrated drug discovery services and virtual networking. Sunil’s efforts have impacted over ten early-stage companies across five countries and facilitated successful fundraising for o2h Ventures portfolio companies through ChaiTime Portfolio Pitch Day to leverage o2h’s syndicate investor network.

Outside of work, he enjoys biking, running, and competing in Ironman events.

Claire Jeong (CJ): Can you please describe your history in the life science arena?

Sunil Shah (SS): I am a biochemist by training, and I have subsequently spent most of my life in the life sciences arena. Started my career in the life sciences team at PA Consulting gaining early experience working with large Pharma and eventually co-founding a discovery services business that was later sold for a significant multiple. Building on this success we started o2h Discovery to continue to support biotech companies with chemistry and biology, o2h CoWork Labs to provide the biotech companies with the space that they need to start up and o2h Ventures to provide seed capital to biotech companies helping them accelerate their growth journey. I started all these businesses along with my brother Prashant Shah.

I love working with such exciting start-ups and struggle to say ‘no’ when they need support, hence I get involved in every working aspect of a biotech company from finance, business, and strategy and when we are really desperate for science! I am currently either Chair or Non-Executive Director in over ten biotechnology companies at various stages from Preclinical to Phase II and am serving second terms on the Board of Cambridge Angels and the British Biotech Industry Association (BIA).

I am proud to have been recognized by the OBN with a ‘Special Recognition Award’; CEO of the year by the Cambridge Independent Science and Technology Awards and UKBAA Angel of the Year, all in the last five years.

CJ: Can you tell me about how you started your family office, o2h Incubator, o2h CRO, and your o2h venture fund?

SS: Well, I was quite poor after my first start-up (I had a .com and saw the boom-and-bust cycle), I was working as a part-time business development director for a biotech start-up in Cambridge, UK. This was in 2003 and the chemists at CBT were complaining about outsourcing chemistry and we thought there is a market that exists, we just need to do it better. So, we started Oxygen Healthcare in India, with 2 FTEs from Amicus Therapeutics… It was a long slog after that but that was the beginning of the journey. We had already started angel investing in the biotech sector in 2005 with Acacia being one of our first. Through the ‘lens’ of a discovery service provider we were able to speak to big pharma and find out what technologies they were interested in investing in and at the same time connect this to many of the fledgling biotech companies that we were supporting.

The angel investment turned into a Pre-Seed fund ‘o2h Ventures’ and we built our own ‘flywheel’ where we could incubate and mentor start-ups from our own incubator that we bought and developed in Cambridge, UK ‘o2h CoWork Labs’ and we had discovery support on tap as ‘o2h Discovery’ in India/UK continued to flourish. We have made pre-seed investments into 35 biotech companies, mostly over the last 5 years.

CJ: What is your venture funds investment thesis? How many startup investments have you made?  How many exits?  

SS: The UK has an amazing science base, having worked with biotech companies in the UK and USA I would say the industrial and academic talent base is equivalent, and in fact, the UK punches well above its weight bringing in over 40% of all biotech investments across Europe as geography.  Despite these facts, there is a significant and well-understood valuation gap between the UK and the USA. This is largely due to the quanta of seed capital available.

o2h Ventures has built this ‘flywheel’ to incubate and support early-stage companies, despite being a small $10M fund, we have amazing access to new science through our CRO business, o2h Discovery or many of the other organisations (Milner, Start Codon, Wellcome Trust, Cambridge Angels etc..) or Tech Transfer Offices (Cambridge, Nottingham, Oxford, Dundee, Sussex, Manchester, etc..) that we have already spun companies out from.

o2h Ventures invests from two funds, these are not normal fund structures, as they have been set up as tax efficient for UK taxpayers, under what is known as the ‘Enterprise Investment Scheme’. We have now invested in over 35 companies and already, over $400M of capital has been invested into our portfolio that we have developed. Already some of the earlier angel investments have exited such as Acacia and Privitar and now Small Pharma is the first company from our portfolio to be acquired by NYSE-listed company Cybin.

We now seek to raise a more traditional growth fund under a typical GP/LP structure to co-invest in 10-15 of our best companies.

CJ: Are you mostly UK-centric in your investments?

SS:  We think the UK represents huge value for investors given both the science and technology base that we have here. We know the UK landscape very well having grown up in the biotech sector in the UK and hence we think it makes a lot of sense to focus on UK biotech investments for our next phase.

CJ: Do you have LPs in your fund from other regions or just the UK?

SS: Our Pre-Seed funds have investors which are all HNWIs from the UK.

CJ: What is your international strategy, and how do the North American and APAC markets play in your worldview?

SS: We see the USA market as being ‘the bridge’ at a certain stage in the company’s growth; we always seek to bring in US directors onto the boards of our companies which can open the door to US growth capital and potential public market exits. The APAC region represents a massive, fast-growing market with immense potential. While we prioritize the US for now, APAC remains on our radar.

CJ: You have attended and participated in many RESI events over the years. What do you see as valuable to you?

SS: I have been attending the RESI Conference since the very early days, I can’t even remember how many but I go back several years. I always thought that it was amazing that I could meet early-stage companies and other investors who were ALL interested in early-stage biotech companies. No one at a RESI Conference is going to tell you that we don’t work with or do early stage! That’s what really appealed to me. The streams, panels and therapeutic focus areas are so tailor-made for people like me, which is why I love going to the conference and am always willing to support Dennis and his team in expanding his presence or appearing on a panel where possible.

Interview with Silvia Raga Founder and CEO of DyCare By Caitlin Dolegowski, Marketing Manager, LSN

This interview features Silvia Raga of DyCare discussing ReHub, their innovative telerehabilitation platform. Raga explains how ReHub uses advanced technology to enable remote physical therapy, making rehabilitation more accessible and efficient. She highlights DyCare’s recent success at RESI Europe’s Innovator’s Pitch Challenge, attributing it to ReHub’s potential to address key issues in digital health. Raga also discusses the unique networking opportunities at RESI Europe, DyCare’s future expansion plans, and offers advice for entrepreneurs attending similar events. The conversation underscores DyCare’s mission to improve lives through technology and their strategic approach to growth and innovation in the digital health sector.

Silvia Raga

Caitlin Dolegowski

Caitlin Dolegowski (CD): DyCare’s mission is to improve lives through science-based technologies. Can you introduce us to ReHub and explain how it’s revolutionizing digital rehabilitation?

Silvia Raga (SR): ReHub is our flagship product, designed as a comprehensive telerehabilitation platform. It leverages advanced camera detection technology to digitize the rehabilitation process, enabling remote therapies. This innovation provides professionals with a powerful tool to monitor patient progress remotely. At the same time, it offers patients the convenience of executing their highly personalized physical therapy from the comfort of their homes. By bridging the gap between clinicians and patients, ReHub is revolutionizing the way rehabilitation is delivered, making it more accessible, efficient, and effective for everyone involved.

CD: Congratulations on your third-place finish at RESI Europe’s Innovator’s Pitch Challenge! What do you think was the key to your success among over 40 competing companies?

SR: We believe the key to our success lies in addressing critical issues within the rapidly growing digital health market. Improving people’s lives is a priority for many, and the rehabilitation market is enormous. We have identified significant pain points such as the burnout of physical therapists and long waiting lists for patients. Our solution, ReHub, directly addresses these challenges by offering an efficient, accessible, and effective way to deliver personalized rehabilitation remotely.

This innovative approach and the high level of adoption to date resonated with the judges, highlighting the impactful potential of our technology.

CD: How did your experience at RESI Europe differ from other conferences you’ve attended? What aspects of the event did you find most valuable?

SR: Our experience at RESI Europe was unique compared to other conferences we’ve attended. The primary difference lies in the event’s focus on investing. Startups attend with the goal of fundraising, and investors are there specifically to scout for promising startups. This clear alignment of objectives made our interactions more targeted and productive. We found the networking opportunities to be incredibly valuable, as they facilitated meaningful connections with potential investors who were genuinely interested in our technology and vision. Additionally, the structured environment of the Innovator’s Pitch Challenge provided us with a platform to showcase our solution directly to a receptive and relevant audience.

CD: Your team is described as multidisciplinary. How did this diverse expertise contribute to your pitch and overall performance at RESI Europe?

SR: Our team’s diverse expertise was crucial to our success at RESI Europe. Our team includes developers, QA and regulatory affairs specialists, product specialists, physical therapists, and sales and marketing experts. This broad range of knowledge and dedication has enabled us to deliver top-notch medical software. As CEO, having such a well-rounded team behind me instills confidence when pitching in front of anyone. Each team member’s unique perspective and skills have contributed to creating a robust and innovative product, which undoubtedly resonated with the judges and investors at the event.

CD: Following your success at RESI Europe, what are DyCare’s goals for the rest of 2024 and looking into 2025, particularly in terms of market expansion and fundraising?

SR: RESI has been a spectacular platform for showcasing our product to new investors. Moving forward, our primary goals for the rest of 2024 and into 2025 are focused on market expansion and fundraising. We are particularly excited about entering new markets such as LATAM and Italy. In these regions, ReHub has already demonstrated its potential to improve processes for hospitals and insurance companies, delivering better care to patients. We aim to build on this success by establishing a stronger presence in these markets and continuing to refine our product based on user feedback. We are seeking further investment to support our expansion and enhance our technology to meet the evolving needs of the rehabilitation sector.

CD: ReHub is already trusted by prestigious hospitals and insurance companies. How did your participation in RESI Europe help in furthering these partnerships or opening new opportunities?

SR: Participating in RESI Europe significantly boosted our efforts to further existing partnerships and explore new opportunities. The event provided us with a valuable platform to present ReHub to a wide audience of investors and industry leaders in Europe, and it also gave us exposure in a new market such as the US. This exposure has not only enhanced our credibility but also opened doors to new potential partnerships with hospitals and insurance companies that were previously out of reach. Additionally, the feedback and interest we received at RESI have helped us to better understand the market needs and refine our approach to meet the demands of prestigious institutions more effectively.

CD: Based on your experience, what advice would you give to fellow entrepreneurs about making the most of events like RESI Europe?

SR: When attending events like RESI Europe, it’s crucial to be proactive and strategic. Set clear goals and pursue them with determination.

Start by doing your homework: research the key people attending the event and reach out to them beforehand to schedule meetings. This preparation can significantly increase your chances of making valuable connections.

Leverage social media to inform your network that you will be attending. Posting about your presence not only boosts your visibility but also lets potential partners and investors know that you are open to discussions.

Seek an active role at the event, whether as a speaker, a participant in a pitch competition, or in another capacity. Active involvement not only enhances your visibility and credibility but also helps maximize your return on investment.

Don’t underestimate the importance of practicing your pitch. Take the time to refine and rehearse it thoroughly. Show how your product solves a problem and demonstrate its value in action.

Lastly, embrace networking opportunities fully. Events like these are prime opportunities to connect with industry peers and decision-makers. Don’t be shy—engage actively to make the most of your time there.

Interview with Dennis Ford, Founder and CEO of Life Science Nation (LSN) By Caitlin Dolegowski, Marketing Manager, LSN

Dennis Ford

Caitlin Dolegowski

Life Science Nation (LSN) is elevating RESI JPM 2025 by moving to the San Francisco Marriott Marquis on January 14, 2025. This super-central venue, just minutes from Union Square, offers a spacious area with all activities on one floor. The new location allows for significantly expanded capacity, enhancing networking opportunities for attendees.

As the 50th RESI conference, this milestone event during JP Morgan Healthcare Week promises enhanced networking opportunities, great food, and the unique RESI format of equal representation between early-stage companies and investors/partners. RESI JPM continues its tradition of fostering crucial connections in the life science industry, building on its legacy of helping companies secure substantial funding and partnerships.

In an interview with Dennis Ford, CEO of Life Science Nation, he shared insights about this exciting location update for RESI JPM and its implications for the event’s future.

Caitlin Dolegowski (CD): What motivated the decision to move RESI JPM 2025 to the San Francisco Marriott Marquis?

Dennis Ford (DF): Forgive me, but let’s dial in the time machine and go back a decade to the third RESI event LSN had in 2014 at the iconic Baseball venue of Fenway Park, Kenmore Square, Boston. We had just launched Life Science Nation (LSN) and the Redefining Early Stage Investments (RESI) conference series and were two years in. My son Patrick worked at Fenway as a chef and introduced LSN to the catering folks who agreed to let RESI take over two of their big restaurant venues and stage an investor event complete with beer, hot dogs, and Boston clam chowder. At the RESI Fenway Park event, I met Ray Briscuso of AdvaMed, and we immediately hit it off. Ray is a well-known change agent in the life science arena and has created one of the world’s most dynamic MedTech partnering events. Ray loved what we were doing, connecting investors with startups, and he suggested bringing RESI to the JP Morgan event in San Francisco in January 2015.

With Ray’s encouragement, off I went to San Franciso, and I found one venue, the Marine Memorial Hotel, a few blocks away from Union Square. This is a small hotel, but it did have enough space to scatter a RESI event around the different floors with all the various nooks and crannies that this venerable older hotel offered us. RESI took over two floors connected by a stairway and launched the first RESI JPM, which we promptly sold out. At the inaugural RESI JPM event in that crowded hotel, the “collision factor” at RESI was born.

Our first RESI JPM was a packed house. The tight quarters had an exciting effect in that half the attendees were startups, and the other half were investors, and licensing partners kept literally bumping into each other as they traversed the hallways and staircases from scheduled meetings to panels and workshops. As the day went on, this collision prompted on-the-spot ad hoc meetings, which many reported were the best meetings of the day.

Typically, a partnering event has scheduled one-on-one meetings throughout the day. Still, at this event, the ad hoc meetings were equal to the number of scheduled meetings, which created a very different vibe because of the crowded facility. People were more open, friendly, and willing to chat and, if not a direct fit, make some referrals, and that aspect has carried over to every RESI event to this day.

Anyway, to make a long story short, we continued at the Marine Memorial for ten years, unable to find anything with more capacity, and stuck with our friends at the Marine Memorial, eventually taking over the entire hotel for the RESI event year after year. RESI JPM was limited in capacity to 1200 attendees, and most years, we were sold out because of a lack of capacity. RESI JPM developed a reputation as the place to find a capital investor and licensing partners; investors bump into other investors and find syndicate partners, and the relaxed community atmosphere came to define the community that supports our RESI events to this day. Fast forward a few weeks ago, and the Marriott Marquis had an opening this year with a 20,000 sq ft venue, and LSN felt we had to make a move and expand the RESI JPM partnering event. As it turns out, this RESI JPM will mark our 50th RESI event, and I still vividly recall an animated conversation with Ray overlooking the Fenway Park ball field telling me to get my ass to SF, CA, and find a hotel!

CD: How do you think the new Marriott Marquis location will enhance networking opportunities for attendees?

DF: JP Morgan Healthcare week has morphed into the most significant global partnering event in the world. The main reason many people travel to San Francisco in January is to participate in the numerous meetings and parallel events across the city’s downtown. These meetings start before the main JPM events and run throughout the week, offering diverse discussions and presentations from various organizations. LSN’s RESI JPM is one of the parallel events and is considered one of the go-to events of the week. The JPM gathering is still one of the premier global industry events and still fosters collaboration and innovation.

CD: Can you discuss the advantages of hosting the conference during JP Morgan Healthcare Week?

DF: Everyone who is anyone is at the JP Morgan week, and if you want to play in the life science arena, it is an opportunity to meet and network with the -players you need to be connected with.

CD: How do you anticipate the new venue will impact attendance numbers, particularly in terms of early-stage investors?

DF: LSN is about helping early-stage seed, 250k-2M, series A, 2M to 10M, and Series B 10-50M. RESI events cater to the buyers and sellers in this part of the life science landscape and is the place to be if you are an early-stage company seeking capital or licensing opportunities. At RESI JPM, attendees are equally divided between buyers and sellers. So we expect around 1500-2000 participants, equally divided between early-stage companies and investors and licensing partners seeking technology assets for their portfolios and product lines.

RESI conferences are unique because they are equally divided between early-stage life science companies across drugs, devices, diagnostics, and digital health and the investors and licensing partner entities.

CD: As RESI JPM 2025 marks the 50th RESI conference, how do you see this milestone event reflecting the growth and evolution of RESI over the years?

DF: RESI has helped over 400 companies raise over 5 billion dollars over the years. If any of these company’s technologies make it to a patient’s bedside and improve a patient’s outcome, then we will have done what we set out to do—make a difference.