• I don’t know where else you would find an investment bank with such expertise. They could move from financial and strategic discussions to highly scientific, clinical discussions with ease. In the end, they brought all these perspectives to bear, developing an exceptional strategy that created value for our company.

    Herb Stern CEO, Colonary Concepts

  • Outcome Capital has demonstrated an astute and insightful understanding of our value proposal and the major companies in the cardiovascular space. They provided us with invaluable strategic advice and I can’t think of better partners to have guided us through the process.

    Alex Martin President & CEO, Coherex Medical

  • They understood our technology and business as well as anyone.

    Victor Esch President & CEO, DNAe

  • Outcome worked diligently with our executives and board to develop and communicate a strategy that was instrumental in enhancing the value of our company. Their business acumen and knowledge of our market space drove a complex transaction to a very successful close.

    Lisa Dunlea CEO, XableCath

  • Advanced Uro-Solutions engaged the services of Outcome Capital late in the process of being acquired. Outcome Capital took control of all further negotiations and masterfully increased the value of our final offering. The added value Outcome Capital was responsible for was 10 times greater than the value we invested in their services. Our only regret was in not bringing them on sooner. Arnie and Oded brought an amazing team of talented, organized and highly effective individuals. We could NOT have been more satisfied.

    John D Green, MD CEO, Advanced Uro-Solutions

Outcome Capital recognizes that the life sciences marketplace evolves rapidly as revolutionary ideas that once held ‘future promise’ come to fruition.

From advances in personalized medicine and diagnostics to transformations in medical devices and healthcare IT — not only are avenues of patient care changing but also the financial landscape and fluid interplay between life science sectors.

The Outcome Capital Life Sciences team is dedicated to following the most recent scientific advancements as well as understanding their implications on market dynamics. The unmatched combination of scientific backgrounds and business acumen of Outcome professionals ensures they see the value of their clients’ businesses not only in today’s market but also the future potential enabling them to maximize value for their clients.

Outcome Capital is a trusted partner to middle-market companies providing M&A, capital raise and advisory services in life science markets.

  • Pharma
  • Biotech
  • Diagnostics
  • Medical Devices
  • Healthcare Services
  • Life Science Tools and Research

Meet the Outcome Life Science Industry Team

Highly experienced team of professionals

  • Partners and senior staff which have an average of 20+ years in the life sciences
  • Substantial expertise in licensing, M&A, collaborations, strategic partnerships and business development
  • Experience evaluating legal and IP implications

Deep and broad scientific knowledge

  • Multiple Ph.D. and Masters degree holders within a variety of scientific disciplines (biochemistry, neuroscience, cancer biology, radiology)
  • Strong understanding of clinical and regulatory pathways; partners have personally conducted clinical trials and brought products to market

Life Science Team

Oded Ben-Joseph, Ph.D. MBA

Managing Director
Oded Ben-Joseph, Ph.D. MBA

Oded Ben-Joseph, Ph.D. MBA

Managing Director oben-joseph@outcomecapital.com LinkedIn Download vCard

Dr. Ben-Joseph is Managing Director with Outcome Capital, and co-lead of its life sciences and healthcare practice. He brings a unique combination of executive, entrepreneurial, scientific and transactional experience to Outcome Capital and is passionate about assisting cutting-edge life sciences companies in enhancing their strategic value and developing a path to successful liquidity.

Dr. Ben-Joseph also serves on the Board of Directors for life sciences companies: XableCath, a clinical stage medical device innovator developing cost-effective treatment options for peripheral and cardiovascular disease and KidneyCure, a regenerative medicine company developing novel cell-based  therapies for the treatment of chronic renal disease.   Before joining Outcome Capital, Dr. Ben-Joseph was Managing Director at Boston Equity Advisors, a boutique investment banking firm focusing on private equity and merger and acquisition in the therapeutic medical technology sector.  Prior to that, Dr. Ben-Joseph was an Executive-in-Residence at Oxford Bioscience Partners, a life sciences venture capital firm, and CEO and co-founder of Caliber Therapeutics, a company engaged in the development of catheter-based drug delivery products for the intervention of atherosclerotic diseases. His past managerial and entrepreneurial positions also include President and CEO at Deep Vein Medical, an early stage medtech company dedicated to treating deep venous reflux in patients suffering from chronic venous insufficiency, President and CEO of X-Cell Medical, a clinical stage drug/device convergence company engaged in the development of novel stent-based anti-restenotic drugs, President of Ester Neurosciences, a clinical stage biotech company engaged in the development of novel compounds for the treatment of neurological diseases, and co-founder and CEO of Biolight Phototherapy, a company engaged in the development of laser-based medical devices for the treatment of dermatological disorders and allergies.

His academic appointments include Assistant Professor at the Departments of Radiology and Neuroscience at the University of Michigan, a Visiting Associate Professor at Tokushima University in Japan and a Visiting Scientist at Parke-Davis (Pfizer). Dr. Ben-Joseph has published numerous peer-review scientific papers as well as industry publications and has received numerous awards and scholarships.

Dr. Ben-Joseph graduated with Honors from Imperial College of Science, Technology and Medicine and received his Ph.D. from the University of Cambridge. He completed his post-doctoral training at the University of Michigan and received an MBA magna cum laude from the University of Bradford. He is a FINRA Registered Securities Representative holding  Series 7, 63 and 79 and a Registered Securities Principal holding a Series 24.

Arnie E. Freedman

Managing Director
Arnie E. Freedman

Arnie E. Freedman

Managing Director afreedman@outcomecapital.com LinkedIn Download vCard

Arnie Freedman is a Managing Director with Outcome Capital, and co-lead of its healthcare practice.  Arnie has extensive experience in private equity financings, mergers and acquisitions and preferred securities. His primary focus is in life sciences offerings, including medical devices, diagnostics and drug development. Mr. Freedman assists companies with pre-IPO and early stage financings and prepares companies for the rigor required for merger and acquisition activity.

Mr. Freedman has been involved in the management of entrepreneurial businesses for over 25 years, previously as a co-founder and principal in Boston Equity Advisors, LLC, a registered broker-dealer and boutique investment-banking firm. In this company, Mr. Freedman focused on M&A transactions, private placements of debt and equity with institutional investors from the venture capital, private equity, family-foundation and hedge fund community. He uses his knowledge of the private placement process to help clients prepare for the scrutiny of potential investors by conducting a pre-financing review of client operations and corporate structure, recommending changes, assisting management in implementing those changes and preparing documentation investors require including business plans, marketing and insurance reimbursement strategies and financial models. Arnie brings his operating expertise to bear on the advice and counsel he provides to his clients.

Prior to Boston Equity Advisors, Mr. Freedman was the founder and CEO of Rustel, a Russian/American satellite telecommunications company, where he developed an extensive connection to the European investment community. He worked closely and collaborated with investment banking advisors Deutsche Morgan Grenfell, Salomon Brothers, and Creditanstalt International Advisors.

Mr. Freedman is a graduate with honors from the University of Massachusetts. He is a FINRA Registered Securities Representative holding a Series 7, 63 and 79 and a Registered Securities Principal, Series 24.

Arnie resides in Sharon, Massachusetts with his wife.

Shawn Manning, Ph.D.

Senior Advisor
Shawn Manning, Ph.D.

Shawn Manning, Ph.D.

Senior Advisor smanning@outcomecapital.com LinkedIn Download vCard

Dr. Manning is a Managing Director with Outcome Capital and manages its UK operations. He brings significant experience of the UK and European Capital markets, strong relationships within the European Life Science industry, entrepreneurial flair and a strong academic background to Outcome Capital. He is committed to enhancing the corporate and shareholder value of innovative life science companies.

Before joining Outcome Capital, Dr. Manning accrued over 25 years of international Life Sciences experience, including over 3 years as Founder and Managing Director of strategic and financial advisory firm, Akesios Associates. Shawn also spent over 12 years as a rated Equity Analyst with Dresdner Kleinwort Benson, SG-Cowen, Société Generale, and Singer Capital Markets, covering ‘Big Pharma’, speciality and emerging pharmaceutical, and biotechnology. Since 2005 Manning’s research supported over £500 million in new funding for Life Science companies. Before entering the City of London, Manning spent 5 years consulting to the pharmaceutical industry, and managing Datamonitor’s Healthcare practice. In this capacity he also worked alongside European, US and Japanese pharmaceutical companies, leading consultancy projects focusing primarily on strategic product positioning, including portfolio, opportunity and pricing analysis.

Manning holds a Doctorate degree from the University of Oxford (Hertford College), specialising in infectious disease and a BSc (Hons) and ARCS from Imperial College, London. He is a Fellow of the Royal Society of Medicine, a member of the Advisory Board for OBN, the UK’s largest Life Sciences industry network, and Chairman of OBN’s investment and tax Special Interest Group (itSIG).

Craig A. Steger

Vice President of Life Science
Craig A. Steger

Craig A. Steger

Vice President of Life Science csteger@outcomecapital.com LinkedIn Download vCard

Craig is the Vice President of Life Sciences at Outcome Capital and brings corporate and commercial expertise in the diagnostic and life science space.  A business leader with extensive global experience in the life sciences and healthcare industries, Craig has held various executive positions from start-up companies through large, well-established international corporations.  His success building commercially viable and sustainable enterprises has lead to the completion of several successful acquisitions over the past several years including Caliper Life Sciences, HandyLab and BioHelix. In addition to his role as Vice President of Life Sciences at Outcome Capital, Craig also volunteers with mentoring activities for Women in Biotech and as an Advisor to Springboard Enterprises.

Craig’s scientific background and business experience spans sales, marketing, business development, licensing, strategic partnerships and operations.  His key successes include developing and launching new businesses at Fisher Healthcare, HandyLab, Becton Dickinson and Caliper Life Sciences within the diagnostic market space.  Craig’s knowledge of the diagnostic and life science tools markets has allowed him to develop markets across the globe and leverage strategic partnerships to further market expansion for many of his clients.

Craig holds a Bachelor of Science from the University of Wisconsin – Madison and a Master of Science from Yale University.  He is a FINRA Registered Securities Representative holding  Series 79 and 63.

Thomas F. Busby, III

Senior Associate
Thomas F. Busby, III

Thomas F. Busby, III

Senior Associate tbusby@outcomecapital.com LinkedIn Download vCard

Thom has been with Outcome Capital since 2015 with his primary interests in the medical technology and life science services segments. He is particularly interested in innovative life science companies that deliver patient impact by leveraging novel technologies. Thom has been published in leading life science journals Life Science Leader and The Pharma Letter. He is driven by the desire to identify disruptive technologies and services that require unique strategic thought and assistance to realize their full market potential.

Prior to his career in life-science investment banking, Thom pursued his passion for the public service and non-profit sectors working in a variety of leadership and management positions, and at one time held a Massachusetts teaching license.

Thom completed his MBA at Suffolk University’s Sawyer Business School on full academic scholarship where he was President of the school’s Graduate Business Association and class speaker at graduation. Prior, he completed a BS in Philosophy with Honors from Suffolk’s College of Arts & Sciences. Committed to giving back, Thom is currently the President of the College of Arts & Sciences Alumni Board of Directors.

Thom is a FINRA Registered Securities Representative holding his Series 79 and 63.

Echoe Bouta, Ph.D.

Echoe Bouta, Ph.D.

Echoe Bouta, Ph.D.

Associate EBouta@outcomecapital.com LinkedIn Download vCard

Dr. Echoe Bouta joined Outcome Capital in October 2017 as a Senior Analyst. Echoe completed her PhD at the University of Rochester in biomedical engineering, followed by a Research Fellow position at Massachusetts General Hospital and Harvard Medical School. Her research focused on understanding the role of the lymphatic system in multiple disease states, and determining the therapeutic potential of targeting lymphatics. She has authored numerous peer-reviewed publications, and received multiple fellowships in support of her prior research. While at Mass General, she served as Vice Chair of the Mass General Post-doc Association, and Chair of the Industry Career Exposure Club, organizations which she continues to support as an alumni.

Dr.  Bouta is a FINRA Registered Securities Representative holding her Series 79. She resides in Cambridge, MA.

Ellen S. Baron, Ph.D.

Managing Director
Ellen S. Baron, Ph.D.

Ellen S. Baron, Ph.D.

Managing Director EBaron@outcomecapital.com LinkedIn Download vCard

Dr. Ellen Baron brings extensive experience in the private placement of securities for life science companies with deep domain expertise across multiple disciplines in pharmaceutical and biotechnology industries.  Ellen is committed to the success of emerging growth companies bringing nearly 30 years of industry experience with proven deal execution and a unique access to the people, resources and markets that are vital for success. She has been involved in the raise of more than $150M of investment capital and has $2B in deals to her credit from her days in pharma and biotech.

Dr. Baron currently serves on the Board of Directors of Tetragenetics Inc., a Boston-based biotech pioneering antibodies to ion channels, Sixth Element Capital, a UK-based oncology focused venture capital fund and SFH, a Maine-based nutraceutical company.

Dr. Baron was most recently a Managing Director at Healthios Capital Markets, LLC, leading their firm’s biopharmaceutical practice. Prior to that she spent 9 years as Partner at Oxford Bioscience Partners, a Boston-based life science venture capital firm where she led numerous therapeutic and diagnostic investments within the $1 billion portfolio of 149 companies.

Ellen previously served as Senior Vice President, Business Development at Human Genome Sciences, a publically traded biopharmaceutical company where she was responsible for all business functions of the Company including corporate partnering, licensing and investor interface.

Ellen previously had spent 20 years at Schering-Plough Corporation in both Research and Development and Business Development. She has over 30 years of operating and investment expertise across the spectrum of the pharmaceutical and biotechnology industries, with particular emphasis in oncology, neurology, and infectious disease. Ellen holds a Ph.D. in Microbiology from Georgetown University School of Medicine and a post-doctorate at the Public Health Research Institute in New York.

Steve Lauterbach, MD

Senior Advisor
Steve Lauterbach, MD

Steve Lauterbach, MD

Senior Advisor slauterbach@outcomecapital.com LinkedIn

Dr. Lauterbach serves as a Senior Advisor within the life sciences team at Outcome Capital.  He has practiced vascular and endovascular surgery since completing his fellowship training at Massachusetts General Hospital and Harvard Medical School in 2001, including in-depth experience with many of the minimally invasive technologies available in the peripheral vascular space.


Dr. Lauterbach is currently the Medical Director for Xablecath, Inc., a device company in Salt Lake City, Utah.  He has facilitated the companies receipt of FDA clearance for their devices and heads the clinical evaluation phase of their products in the EU and USA.  The potential for Xablecath to facilitate lower extremity revascularization and limb salvage in a simple, safe, and effective manner is exciting and resonates with Lauterbach’s commitment to limb salvage as a vascular surgeon.  He has been able to engage in the industrial side of his specialty and is comfortable discussing medical technology and clinical outcomes with regulators, businesspeople, engineers, and other clinicians in a cogent manner.


Dr. Lauterbach has a robust scientific background and participated in independent basic science research beginning as an undergraduate at Middlebury College continuing through his clinical practice at Cedars-Sinai Hospital in Los Angeles in which he was the primary investigator for a phase III multi-center national trial of a genetic modification treatment for vein grafts used for lower extremity arterial bypass.


Dr. Lauterbach’s scientific interests, familiarity with novel technology, and desire for improved patient outcomes drives his desire to engage with Outcome Capital.  He enjoys being a member of multidisciplinary teams who share the common goal of driving innovation to the patient.

Don Haut, Ph.D.

Senior Advisor
Don Haut, Ph.D.

Don Haut, Ph.D.

Senior Advisor dhaut@outcomecapital.com LinkedIn

Dr. Don Haut brings a broad life-science business perspective to Outcome Capital from senior executive and Board positions in Strategy, M&A, and General Management, with deep domain expertise across multiple disciplines in pharmaceutical, biotech, and medical device industries.  Don is an experienced transaction professional with over $4B in deals to his credit.

Dr. Haut is the Chief Business Officer at Histogenics Corporation and currently serves on the Board of Directors for three health care companies: MiMecore Therapeutics, Arthrosurface, and Xiros. Prior, he was Vice President for New Business Ventures at The Medicines Company, where he was responsible for leading that company’s deal to license Alnylam’s PCSK9 inhibitor. Previously, he was the Senior Vice President for Strategy and Business Development at Smith and Nephew’s Advanced Surgical Devices Division, where he was responsible for all strategy development, M&A and licensing activities, and also built and ran Smith & Nephew’s Women’s Health business. Dr. Haut also previously held similar roles at 3M, JSB Partners and McKinsey and Company.

Don obtained his MBA at Washington University’s Olin School of Business, his PhD in Molecular Biology at the University of Missouri-Columbia, and his undergraduate degree at the College of Wooster.

Sean J. Na

Senior Advisor
Sean J. Na

Sean J. Na

Senior Advisor

Sean brings to Outcome Capital a broad life science entrepreneurial and operational experience and extends Outcome’s reach into the South Korean market. His focus is on cross border transactions including global financing, M&A, licensing and corporate strategic alliance in life sciences and information technology.

Sean is a result-oriented business executive with a strong corporate track record spanning many organizational levels and is a nationally recognized business leader in Korea. He has made unique achievements in 25 M&A transactions and has diversified experiences in founding and managing Medical Device, Semi-Conductor, Tungsten Tooling, Chemical Industry and Financial Business including venture capital and investment banking in Korea with a total size of $8.2 billion assets.

In 2003, he founded “N Spine Inc”, a medical device company later sold to Synthes, Inc (now DePuySynthes-Johnson & Johnson) for over $100 M. In 2014 he established BPA, a Bio angel group, DigitalSalus, LLC, a Korean investment firm in Med-tech, and Torrey Partners. He is currently a venture entrepreneur in Silicon Valley and is actively engaged in consulting, incubating, investing and accelerating biotechnology and medical device companies including Emergent Partners LP and Life Science Angel.


Previously he was an adjunct professor at Dongguk University and continues to advise leading Korean medical schools. He graduated from Yonsei University, earned an M.E at Hanyang University, and was a visiting scholar at Stanford University.  Additionally, he earned an LL.M degree (Intellectual Property Law) from Santa Clara law school and is an active member of the NY Bar Association.

Featured Transactions

Has Sold Its Business To

Exclusive Financial Advisor to Beryllium

Has Sold Its Business To

Exclusive Financial Advisor to ColonaryConcepts

Has Sold Its Business To

Exclusive Financial Advisor to Advanced Uro-Solutions

Has Issued 5,000,000 Shares of Series A Preferred Stock

Exclusive Financial Advisor to Predictive Therapeutics

Has Sold Its Business To

Exclusive Financial Advisor to Coherex Medical

Completed Its Debt & Equity Financing & Distribution Agreement With

Exclusive Financial Advisor to Ember Therapeutics

Has Sold Its Business To

Exclusive Financial Advisor to nanoMR

Has Completed an Option Deal and Financing Led By

Exclusive Financial Advisor to IRX Therapeutics

Has Sold Its Business To

Exclusive Financial Advisor to angiolink

$60,000,000 Series C Financing By a Group Led By

Exclusive Financial Advisor to Dicerna Pharmaceuticals


Exclusive Financial Advisor to Pure Life Renal

$13,100,000 Series A1 Preferred Investment From a Group Led by

Exclusive Placement Agent for Histogenics

Has Sold Its Business To

Exclusive Financial Advisor to Bioscan

$49,000,000 Histogenics Series A Preferred Investment From a Group Co-led by

Exclusive Placement Agent for Histogenics

$5,900,000 Spirus Medical Series A Preferred Investment From a Group Co-led by

Exclusive Placement Agent for Spirus Medical

Has Sold Its Business To

Exclusive Financial Advisor to Prochon Biotech

$5,300,000 Series A Preferred Investment From

Exclusive Placement Agent for arthosurface

$13,600,000 Series B Convertible Preferred Investment From a Group Led by

Exclusive Placement Agent for angiolink

$9,000,000 Series B Preferred Investment From a Group Led by

Exclusive Placement Agent for Histogenics

Has Sold Its Business To

Exclusive Financial Advisor to Claros Diagnostics

Outcome Capital is a proud member of the Massachusetts Biotechnology Council

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