By engaging Outcome, you gain a trusted and committed partner who intimately understands your company, your sector and your potential investors and acquirers. We will bring our expertise to bare, enhance your value and guide you all the way to a successful transaction.
They understood our technology and business as well as anyone.
I have worked with Outcome Capital on multiple, complex transactions. They bring strategic insights and operational experience to the table like no other investment bankers I have ever worked with.
Every member of the Outcome team, from Managing Directors to Analysts, is passionate about what they do, and provides a unique perspective to strategy development and transactional execution. We believe this is a key aspect of Outcome’s strong record of success.
former CEOs, company founders, institutional investors, bankers, MBAs, and scientists — bringing together a diversity of outlooks, experiences, and knowledge that enable Outcome to develop creative insights and secure the best outcomes for its clients.
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 of life sciences companies: XableCath, a clinical stage medical device innovator developing cost-effective treatment options for peripheral and cardiovascular disease and ELT Sight, a clinical stage ExTra Laser trabeculotomy for the treatment of glaucoma.. 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 London 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.
Since co-founding Outcome Capital, Mike has focused his efforts on providing investment banking services for companies in the information technology and business services segments of the technology market. Mike’s operational and investment experience has enabled him to provide high value assistance to clients in both the public sector and private sector markets. He has led transactions that have been capital raises as well as M&A transactions. He has been the lead on more than 40 middle market M&A transactions ranging in transaction size from $20 million to $250 million.
Mike has extensive experience with both Government and commercial IT services firms as well as application Saas software firms and security software product companies. He has a strong track record of helping companies with a national security focus. He has had operational experience in three companies in these areas. Mike has also been an investor in and served on the Board of 10 Companies in these markets and has made investments in a significant number of additional companies in these sectors. These operational, corporate oversight and investor experiences have enabled Mike to assist his investment banking clients plan and execute their strategic goals with creativity and realism.
Mr. Cromwell received his BA degree from Yale University and his JD from Georgetown University. He has a passion for photography.
Arnie Freedman is a Managing Director with Outcome Capital, and co-lead of its healthcare practice. He also serve on the Board of Director of Transonic Imaging, a clinical stage company developing a novel imaging modality for the screening and diagnosis of breast cancer. Mr. Freedman has extensive experience in private equity financing, mergers and acquisitions and preferred securities. His primary focus is in life sciences offerings, including medical devices, diagnostics and drug development. He assists companies with pre-IPO and early stage financing 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.
Since co-founding Outcome Capital, Jonathan has focused his efforts on investment banking transactions for technology companies in need of M&A advice or a capital raise. He is an expert at designing corporate capital structures with the objective of increasing flexibility and/or lowering financing costs. Companies use his capital structure advice to help them achieve vital strategic objectives such as: financing an acquisition, retirement of a shareholder equity position, or raising developmental capital. He has been the lead investment banker on more than 30 M&A transactions with an aggregate value of well over $1 billion.
He has extensive industry experience in a number of sectors including application software, financial technology, Ad-tech, government services, and commercial IT services. Jonathan has served on the board of directors for eight growth stage technology companies and often applies this experience to help his investment banking clients plan for capital and liquidity events.
During his career as an investment banker, Jonathan was responsible for the placement of over $5 billion of senior debt, lease financing, subordinated debt, and equity. He has financed the capital needs of over 40 Fortune 500 companies as well as many middle market companies.
Jonathan received a BS in Commerce from the University of Virginia’s McIntire School of Commerce and his MBA with honors from the Darden School of Business.
Doug is a Managing Director of Outcome Capital focusing on technology and tech-enabled services sectors including IT, Software, Equipment, Communications and Infrastructure. He has 25+ years of experience serving private and public emerging growth, medium and large enterprise clients, as well as governments, in the areas of M&A, corporate finance, strategy development and capital raising. Prior to Outcome Capital, Doug was a Partner at Scura Partners in New York where he focused on serving technology clients with their M&A and capital raising efforts. Previously, he was Managing Director at OEM Capital, a technology-focused investment bank where he concentrated on Technology- and Communications-Enabled Services and Infrastructure, Software, Managed and IT Services. Operationally, Doug served as Senior Vice President for corporate and strategic development at Cendant Corp., a NYSE-listed global provider of business services in 110 countries across verticals including financial services, technology, real estate, hospitality and travel. At Cendant, he led three operating units including Preferred Alliance, Global Procurement and Global Supplier Services. During his career, Doug has led and completed numerous transactions across a variety of technology sectors ranging in size and complexity from $5mm to $1 billion for clients in the US and Europe in the areas of M&A and capital raising.
Doug began his career in the Technology, Telecom and Financial Institutions M&A and corporate finance groups at Citigroup/Salomon Smith Barney, Bank of America, and Prudential Securities. He has served, and serves, on a number of private and public company Boards of Directors. He earned his BA in Economics from Harvard and his MBA from the Tuck School of Business at Dartmouth.
Tom is a Managing Director of Outcome Capital, and focuses his efforts on providing investment banking services in the defense, intelligence, and government sectors, as well as in the commercial technology services sector. His 25+ years of experience at both Stifel, Nicolaus & Company and Legg Mason have given him a long-term and in-depth knowledge of these segments that enables him to provide unique insights of significant value to clients. Tom has assisted clients in both the public and private sector markets. He is best known for his track record in the government outsourcing and technology services market. He has completed over 70 M&A transactions and 30 public offerings raising over $5 billion in proceeds.
Tom was the founder and Group Head of the Aerospace, Defense and Government Services Group at Stifel, Nicolaus and Company (including the former Legg Mason investment banking business) before joining Outcome Capital. He has been a trusted advisor to many successful executives, founders and boards in the market and maintains an extensive network among both the sources of capital for these companies as well as the potential buyers of these businesses. He has a reputation for successfully closing complicated transactions where multiple parties may have varying goals. His clients have included Private Equity firms and their portfolio companies, as well as public companies and entrepreneur-owned businesses, including NCI, Booz Allen, CACI International, Engility/TASC, Veritas Capital, Silver Lake Partners, CM Equity, and LLR Partners, among others. He has represented companies in sales to financial buyers such as Arlington Capital, New Mountain Capital, J.H. Whitney, and Accel KKR, as well as to strategic buyers such as Lockheed Martin, ManTech International, Serco and ICF International. He has also helped buyers complete key acquisitions and assisted many other firms such as Booze Allen, ICF, NCI, SRA, complete their IPOs.
He received his BA from Bates College and his MBA from the Darden School of Business at the University of Virginia. Tom was a senior consultant in Price Waterhouse’s Office of Government Services in Washington, D.C., where he worked with numerous civilian agencies. He was selected as the 2010 “Dealmaker of the Year” by the Washington Chapter of the Association for Corporate Growth. Tom sits on several non-profit boards and is a frequent speaker at various industry conferences.
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.
Parag is a Managing Director at Outcome Capital. His strategic perspective assists entrepreneurs in realizing the full value of their vision through a successful exit or a growth financing transaction. Having scaled several venture-backed companies, Parag
appreciates the peaks and valleys of the entrepreneurial journey. His deep operating and professional venture investment experience enables him to be a trusted advisor to CEOs and companies across the growth spectrum.
Parag’s experience spans multiple sectors and geographies. He has deep knowledge of the SaaS, Tech, Tech-enabled services and Healthcare IT sectors. In addition, Parag has conducted business on multiple continents and is well versed in what it takes to start, operate and exit a business in countries around the globe.
His prior experience includes high-growth companies such as High Street Partners (exit to HG Capital), Hillcrest Labs (exit to CEVA – Nasdaq: CEVA), Vibrant Solutions (exit to TEOCO), Woodwind Communications (exit to VINA Technologies – Nasdaq: VINA), and Data Labs (exit to Yurie Systems). Parag was also the Founder and CEO of Adelie Group.
Parag has a Bachelors in Electrical Engineering from the University at Buffalo and an MBA from the Robert H. Smith School of Business at the University of Maryland. Parag serves on the Board of Directors of Mindshare.
Craig is a Senior 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.
Atanas “Nas” Chobanov is a Senior Vice President. Atanas possesses over nine years of experience in the investment banking industry, executing M&A, divestiture, and debt and equity transactions. Prior to joining Outcome Capital, Atanas was a Vice President at HighBank Advisors, a Baltimore-based investment bank specializing in M&A advisory, equity & debt financings and restructuring services. There, he executed sell-side and buy-side M&A engagements across multiple industry groups, including technology and technology-enabled services, outsourced business services, healthcare and life-sciences. Prior to this, he was with Mane Capital and KBC Securities, boutique investment banks in Europe.
Atanas holds an MBA from the Price College of Business (University of Oklahoma) and has specialized at the Stern School of Business and Columbia Business School. He is also a Fulbright Scholar and a FINRA Registered Securities Representative holding Series 63 and Series 79.
Atanas resides with his family in the Washington D.C. Metro Area.
Thomas Busby is a Vice President and has been with Outcome Capital since 2015. He focuses on medical technology, digital health and life science services segments with particular interest in innovative life science companies that deliver patient impact by leveraging novel approaches. Thomas is driven by the desire to identify disruptive technologies and services that require unique strategic thought and assistance to realize their full market potential. Thomas has been published in leading life science journals Life Science Leader and The Pharma Letter, and also serves on the board of HealthTech Build, a Boston-based digital health innovation group.
Prior to his career in life-science investment banking, Thomas 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.
Thomas 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, Thomas is currently the President of the College of Arts & Sciences Alumni Board of Directors. Thomas is a FINRA Registered Securities Representative holding his Series 79 and 63.
Vikki Birkett is Vice President of Operations and Accounting at Outcome Capital, bringing experience from the non-profit as well as for-profit arenas. She comes from an accrediting agency where she performed financial reviews and determined the financial viability of post-secondary schools and universities seeking accreditation. Earlier, as Controller of the Workhouse Arts Center, Vikki administered all things financial on a 55-acre campus offering performing arts, education, and art exhibition and sales. Vikki was formerly the Executive Director of the Maryland State USBC.
Vikki holds a BS in Business Management from the University of Maryland. She and her son Weston reside in Alexandria, Virginia, where she served as Vice Chair of Finance for the Alexandria Chamber of Commerce. She remains active in local political, civic and business associations.
Vincent is an Associate at Outcome Capital with comprehensive financial experience. His expertise includes financial modeling, business valuations, and financial reporting. Prior to joining Outcome Capital, Vincent gained extensive transaction experience at Baker Tilly, LLP, where he led buy-side/sell-side diligence engagements and completed corporate projection models for middle market clients. Prior to Baker Tilly, LLP, he performed attestation services at CohnReznick, LLP, including international experience in Australia.
Vincent holds a Bachelor of Science degree from Duquesne University and Master of Science degree in accounting from St. John’s University. He is also a Certified Public Accountant and has passed CFA Level I.
Thomas is an Associate at Outcome Capital. He brings extensive experience in valuation, life science banking and market research. Prior to Outcome, Thomas spent six years at Silicon Valley Bank where he originated and underwrote complex credit transactions for life science and healthcare companies, performed strategic advisory services with a focus on Dx/Tools mergers and acquisitions and published market insights. Prior to SVB, Thomas was responsible for originating and analyzing private equity transactions at Kamylon Capital, a principal investment firm.
Thomas earned a bachelor’s degree in finance with a minor in economics from Suffolk University’s honors program, graduating summa cum laude and as a member of the Beta Gamma Sigma Honors Society. He is also an MBA candidate at the University of North Carolina, Chapel Hill’s Kenan-Flagler School of business, and has passed level I of the CFA exam. Thomas is a FINRA Registered Securities Representative holding his Series 79 and 63.
Ryan Richard is an Associate at Outcome Capital. He brings extensive experience in the M&A and capital raising space through his experiences as Investment Banking Analyst at Mirus Capital Advisors in the Greater Boston Area and as a Masters Student Intern at Bryant Park Capital in the Greater Philadelphia Area. Ryan has worked on a number of M&A transactions with companies within the technology, healthcare, industrial, consumer, and specialty finance sectors. Prior to his investment banking experience, Ryan worked in investment management as a Valuation Analyst at Eaton Vance Investment Managers in Boston, MA.
Ryan received a MS in Finance from Villanova University and a BBA in Finance and Economics from the University of Massachusetts, Amherst.
Ryan currently resides in the Washington DC Area.
Dr. Nicholas Frame is an Associate in the life science practice at Outcome Capital bringing a unique combination of scientific, strategic and transactional expertise. A scientist by training with a focus in amyloid and cardiovascular diseases, Dr. Frame has published multiple first-author manuscripts and received pre-doctoral training grants to advance his research. Shifting his focus to life science innovation and development, Nick has advised numerous medical device, biopharma, diagnostics and services companies on their go-to-market strategies as it relates to capital raise, partnering and M&A transactions
Seeking to support others navigating the transition from academia to industry roles, Nick has mentored numerous undergraduate and doctoral students from leading programs including Harvard University, Johns Hopkins University, and Boston University among others.
Nick holds a B.A. from Johns Hopkins University in biophysics and earned his Ph.D. in biophysics from Boston University School of Medicine. Nick has successfully completed the FINRA Securities Industry Essentials (SIE) Exam.
Elena Bonetti is a Research Analyst in Outcome Capital’s life science practice . Within her role at Outcome, Elena facilitates extensive market research across multiple verticals including medical device, biotechnology, digital health, diagnostics and life science services. Drawing from deep knowledge of financial markets, Elena assists Outcome’s clients in market sizing, market share analysis and growth outlooks to inform strategic positioning and align technologies with their respective markets. Elena also directly supports Outcome’s clients in their administrative and process-related needs.
Prior to joining Outcome, Elena was a legislative intern for the Commonwealth of Massachusetts. As an active community member and lifelong North End resident, Elena currently serves as a member and financial secretary to several nonprofit and benefit organizations in the Boston area.
Elena completed her BSBA in Finance with a minor in Business Law at Suffolk University, graduating Summa Cum Laude as a Sawyer Business School Honors Scholar.
Dr. Cohen is an accomplished biologist bringing significant drug discovery and development expertise to Outcome Capital, leveraging her academic, pharmaceutical and biotech experience.
In 2017, Dr. Cohen co-founded The RNA Medicine Company and served as the Company’s Chief Scientific Officer (CSO) until 2019. Currently, she remains the scientific advisor of the company. The RNA Medicine Company focuses on identifying small molecules targeting the biogenesis of oncogenic microRNAs. Between 2006 and 2017, Dr. Cohen served as CSO at Beryllium, a specialized target-based protein structure and characterization CRO (acquired by UCB Pharma), Asterand, a global supplier of human tissue and tissue-based research services and Rosetta Genomics, a microRNA-based diagnostic company. During her tenure at Rosetta, three diagnostic tests based on microRNA for differential diagnostics of tumors were developed.
Dr. Cohen also held several executive positions at Novartis, including Vice President and Global Head of Functional Genomics. While at Novartis, Dr. Cohen initiated the Histone Deacetylase Inhibitor program. One of the inhibitors was approved by the FDA for the treatment of Multiple Myeloma. Prior to Novartis, Dr Cohen was an adjunct professor at the UMDNJ-Robert Wood Johnson Medical School.
Dalia is currently a member of the scientific advisory boards of the Massachusetts Life Sciences Center. She holds a Bachelor of Sciences in biology, a Master’s degree in virology and a Doctorate in cell biology from the Israel Institute of Technology. She completed her postdoctoral training at the Albert Einstein College of Medicine.
Dr. Popper serves as Senior Advisor in Outcome Capital’s molecular diagnostics and biotechnology practices. She brings significant expertise and track record in positioning novel technologies toward successful implementation and commercialization. Dr. Popper is also the Co-Founder and President of Popper and Company, a specialty consulting firm focused in diagnostics, information-generating tools and healthcare analytics, where she and her team leverage their extensive knowledge of the trends and forces shaping the life sciences industry and its participants.
Dr. Popper has more than 25 years of hands-on biotech/life sciences operating experience. An internist and pathologist, she combines medical and scientific perspective with knowledge gained from managing a wide spectrum of life sciences businesses in diagnostics, devices and drug discovery. Her business management experience in both Fortune 500 and start-up settings – and extensive track record creating strategic and business partnerships in the biotech arena – is key to the insights she provides to her clients.
During a 10-year career at Becton Dickinson (NYSE: BDX), Dr. Popper’s global responsibilities included clinical affairs, marketing, strategy, and business development. She was the founding General Manager of BDGene, a start-up focused, with its partner Millennium Pharmaceuticals, on development of novel cancer diagnostics. Subsequently, she was the Chief Business Officer for MDS Proteomics, a drug discovery company with operations in the U.S., Canada and Europe.
Dr. Popper received her medical degree from the University of the Witwatersrand (South Africa) and her M.P.H. from Johns Hopkins University (Baltimore). She completed her residencies in internal medicine and in pathology at Johns Hopkins. Dr. Popper is and Advisory Board member of the Bloomberg Johns Hopkins School and Public Health and inHealth, the Hopkins Precision Medicine Initiative. She is a board member of Diversigen (a microbiome-based company) and LBT Innovations (an Australian AI-based lab automation company).
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.
Dr. Manning serves as a Senior Advisor with Outcome Capital’s biotechnology practice 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).
Chuck Morrison serves as a Senior Advisor at Outcome Capital’s diagnostics and biotechnology practices. He brings significant expertise and a track record in successfully structuring, negotiating and executing acquisitions, licensing, partnerships, and distribution transactions. Chuck is a business development executive with over thirty years of life science, biotechnology and diagnostic expertise, including 13 years of corporate business development. He is a leader in the life science sector with proven business acumen, international experience, integrity, strategic vision and focus on execution. Known for driving results and overcoming difficult challenges.
Chuck is currently a non-executive Board Member for GenePOC, Inc., a molecular diagnostic company developing point-of-care platforms for the rapid detection of infectious diseases (recently acquired by Meridian Bioscience). He is also Head of Business Development at Proteomics International, Perth, Australia. PI has developed a proprietary mass spectrometry biomarker discovery platform and has recently discovered biomarkers for the diagnosis of diabetic kidney disease. Previously, Chuck held various managerial positions at PerkinElmer, NEN Life Sciences and DuPont Medical Products.
Chuck is currently providing strategic consulting services to early-stage and smaller biotech companies, positioning toward merger & acquisitions, partnerships, licensing and joint ventures, as well as team building, product commercialization and carving out a path to commercialization.
Dr. Petti serves as Senior Advisor to Outcome Capital’s diagnostics and digital health practices. She is a health technology executive and diagnostics expert with a unique combination of clinical, scientific and operational expertise, focusing her efforts in the molecular diagnostics, genomics and digital health verticles. She serves as a strategic, interim Chief Medical Officer providing companies with top-down market perspective and an extensive thought leader network. Dr. Petti supports strategic corporate activities related to technology assessments, clinical trial and regulatory strategies, and pathways to commercialization. She has assisted numerous companies across the value-add chain, successfully facilitating private equity financings, government contracts and merger and acquisition transactions amounting to hundreds of millions of dollars. She serves on the Advisory Boards for Pathogenomix, Life365, and Becton Dickinson. As an entrepreneur supporting innovative early-stage technologies, Dr. Petti founded MoDx.ai, a knowledge domain platform integrating diagnostics, digital health and Arificial Intelligence.
Among her senior executive roles, Dr. Petti served as Global Head at Novartis Diagnostics where she was responsible for expanding global markets for their core products and building R&D teams for three de novo franchises. As Chief Health Officer at Ancestry, Dr. Petti built a direct-to-consumer genetic testing portfolio and served on the executive team that led to private equity investments at enterprise value of $2.6 billion. She also led ARUP Infectious Diseases Laboratory, one of the country’s largest infectious diseases laboratories and pioneered research in DNA sequencing.
Dr. Petti shares her expertise and leadership with several global non-profit organizations and regulatory agencies, including having chaired committees for the Clinical and Laboratory Standards Institute; served as program lead for Infectious Diseases Society of America; and advised the FDA Microbiology Device Committee. Previously, Dr. Petti was a Governor Appointee and member of the Board of Directors for Utah’s Science, Technology and Research (USTAR) Initiative. Committed to underserved populations, she received the College of American Pathologists’ Humanitarian Award for her work in providing diagnostic testing in sub-Saharan Africa;was awarded the 2015 ASM-IUSSTF Indo-US Professorship in Microbiology; and served as 2019 Visiting Professor to Infectious Diseases Institute, Kampala, Uganda.
As a practicing infectious diseases clinician, Dr. Petti provides a critically relevant understanding of healthcare drivers for adoption of new technologies. She has held academic appointments as Professor of Medicine and Pathology at leading institutions; and is frequently invited to speak on topics in clinical diagnostics, healthtech innovations, global health, and women’s entrepreneurship. Dr. Petti holds an AB from Harvard University and MD from Duke University. She is an internist, and dual board certified in infectious diseases and medical microbiology.
Dr. Torfs serves as a Senior Advisor at Outcome Capital’s diagnostic and medical device practices. He brings signifiant expertise and track record in marketing and business development with over 20 years experience. Dr. Torfs is passionate about propelling innovative products and technologies to drive change through increased access, quality of care and accurate diagnostics where and when it matters most.
Dr. Torfs operational experience spans from early-stage innovative companies to large multi-national strategic players where he launched multiple products in the EMEA region and worldwide. Many of those products resulted in a paradigm shift in diagnostic practices, based on health economic evidence and improved diagnostics for better patient outcomes.
Dr. Torfs is also the Founder and President of DIATOR BVBA, a consulting firm supporting early stage marketing during product development, guiding early market access and devising Go-To-Market strategies. DIATOR also provides interim management and strategic consulting services to early-stage biotech and diagnostic companies.
Herbert holds an MSc in Biology and Ph.D. in Physiology and Molecular Biology, both from the Catholic University of Leuven, Belgium, and an EMBA from Hult-Ashridge Business school London Campus.
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 a Sherlock Bioscience, a molecular diagnostics company. He currently serves on the Board of Directors for three health care companies: MiMecore Therapeutics, Arthrosurface, and Xiros. Prior, he was Chief Business Officer at Histogenics Corporation and 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.
Patrick “Pat” Dewar founded The Trenton Group, LLC after 34 years of experience in the international aerospace, defense and security industry. As an expert in international industrial and government relations, Mr. Dewar advises customers and company boards on global business strategy, technology and product investment, government relations / partnering and counter-trade arrangements that benefit both government and industry. Mr. Dewar and his partners have created and grown business around the globe, worked at the highest levels of government and industry, as well as academia.
Mr. Dewar was the first Executive Vice President of Lockheed Martin International, Chairman of Lockheed Martin Global and a corporate officer from 2010 until his retirement. Lockheed Martin International works with customers worldwide to deliver products, technologies and services – including aircraft, integrated air and missile defense, commercial satellites and cybersecurity – to meet clients’ national security and citizen services needs.
From July 2013, Pat was responsible for Lockheed Martin’s global operations, developing and executing strategies aimed at growing business, investing in and acquiring companies, and strengthening international customer relationships and industrial partnerships in 70 countries. He led key country strategies for seven growth markets and oversaw the highest growth elements within the organization. During his tenure, LM International added more than 1,000 jobs, achieved or surpassed all financial goals and surpassed market growth rates.
Mr. Dewar has been a board member on the US-India Business Council, the US-UAE Business Council, the UAE-based Global Aerospace Summit board, and the British-American Business Advisory Board.
With over three decades of international business experience, Pat served in senior executive roles at Lockheed Martin, including as Senior Vice President of Corporate Strategy and Business Development (which included Corporate Development for M&A activity), where he led the corporation to a record backlog in 2011 and 2012 with more than $80 billion in firm orders. In 2009, as Vice President of Corporate International Business Development, he transformed the leadership of Lockheed Martin U.K., and through acquisitions, he helmed Lockheed Martin Australia Ltd., growing it to more than 600 employees and doubling sales. Pat’s other roles at Lockheed Martin have included Vice President of US Presidential Helicopter Program and Vice President of Business Development for its Electronic Systems division. He also has served as Chairman of Boards of Directors for LM U.K. Holdings Ltd.; LM Australia Pty. Ltd.; and all international subsidiary Boards.
He began his career in 1982 as a Missile Guidance Engineer on the Trident II FBM Program for GE. From 1984 to 1987, he served as Project Engineer in the Micro Tel Division of Adams Russell, where he designed electronics and software in support of advanced surveillance receivers for U.S. intelligence agencies. In 1988, he worked as Chief Engineer of the Hypervelocity Interceptor Program at GE Aerospace before being promoted to Program Manager of Interceptor Programs in 1992.
Pat is a fellow of the Royal Aeronautical Society and has published papers with the Institute of Electrical and Electronic Engineering, the American Institute for Aeronautics and Astronautics and the Precision Strike Weapon Symposium. He holds a B.S. in Engineering from Swarthmore College and an M.S. in Electrical Engineering from Drexel University. He currently lives in Potomac Falls, Virginia.
Chris has a proven track record leading companies in the information technology industry, including SaaS application, cybersecurity, content management and compliance software companies. These companies served a variety of markets including government, financial services, healthcare, consumer goods, manufacturing, and energy. He’s demonstrated strong general management capabilities with a focus on growth. His experience includes running global operations for software companies headquartered in the United States and the United Kingdom where he lived in 2004 and 2005.
Since 1991, Chris has worked exclusively for private-equity and venture capital backed companies. Over his 20+ years in C-level management, he’s led efforts to raise capital and completed several successful exits, generating strong shareholder returns. During this same period, he’s served on seven boards – three of which were as an independent director.
Chris graduated cum laude from the University of Michigan with a B.S. degree in Industrial & Operations Engineering.
Scott is CEO of Zephyr. Zephyr is the industry’s fastest growing software provider of real-time test management software used by over 17,000 companies. Zephyr is experiencing strong yoy growth (35%+ since 2014). Zephyr was acquired by Frontier Capital in 2016. The acquisition has allowed Scott to invest in Zephyr’s team and product as well as complete an add-on acquisition. Zephyr has offices in King of Prussia, San Jose, London and Bangalore.
Prior to Zephyr, Scott was the President and CEO of Social Solutions Global. The mission of SSG is to help transform lives. SSG’s Efforts to Outcomes (ETO®) and Apricot software are used by over 10,000 NPO’s and public sector agencies helping to transform the lives of 27m people! SSG is the recognized market leader in providing case management and outcomes management tools for organizations working with those most at risk in society. SSG’s growth (35% yoy since 2012) and mission focus were recognized by the leading SaaS private equity firm, Vista Equity Partners, and as a result, Vista acquired Social Solutions in June 2014. The partnership has allowed SSG to accelerate its growth, invest in new products, invest in employees and move into international markets.
Scott has a deep understanding of the NPO and Public Sector markets from his experience at Social Solutions, Oracle, Curam Software as well as running his own NPO. He was instrumental in creating go to market strategies and executing on PE based metrics to create enterprise value and successful exits. Haley was acquired by Oracle and Curam was acquired by IBM.
Scott and his family have a mission to transform lives and make a positive impact in the world. They have adopted a son from Ethiopia, two sons and daughter from Ghana. Scott established Jehovah-Jireh, an NPO that has opened its first orphanage in 2014 QwaQwa, South Africa and in 2016 opened a bible college in Orissa, India. Scott is also the varsity basketball coach for West-Mont Christian Academy. Scott, his wife Michelle, and their 7 children live in Boyertown, PA.
Karl Hess serves as Senior Advisor to Outcome Capital’s digital health and healthcare information technology practices. Having interacted extensively with hundreds of digital health companies over the years, as well as with dozens of their healthcare and life sciences investors, customers and partners, Karl has become known as a leading subject matter expert on the topics of successful digital health business models, commercialization, investment and technologies. From pharmaceuticals to medical devices and software (SaMD), digital health tools and therapeutics and health optimization and population health management platform technologies to entire care delivery ecosystems, Karl has helped design, develop and commercialize dozens of innovative products and services across the healthcare and life sciences industries, representing hundreds of millions of dollars in incremental revenues and more than $20B in value-unlocking transactions.
Karl also serves as Managing Director of OnDigitalHealth Consulting, LLC, a specialized strategy consulting firm which he founded to serve the burgeoning and rapidly diversifying digital health industry, serving clients across the healthcare and life sciences spectrum. Karl was formerly CEO of Kalico Partners, LLC, a technology-enabled provider and population health management organization (PHMO), and Chief Digital Health Officer of Collain Healthcare, a former subsidiary of LG CNS. Prior to Collain, Karl held the role of Vice President, Corporate Development at Welltok, Inc., a digital health and wellness company revolutionizing the way population health managers align consumer actions and behaviors with the right incentives and rewards. In one of his earliest digital health endeavors, Karl was a key member of the commercial team at Welldoc, Inc., helping to bring Welldoc’s BlueStar platform to market, one of the world’s first, and most successful, digital therapeutics. Earlier in his career, Karl worked for several start-up and Fortune 500 molecular diagnostics, biopharmaceutical, medical technology companies and consulting firms including Genentech, Becton Dickinson and PRTM, principally across product development and management, and market, business and corporate development, licensing and M&A.
Over the years Karl has had the opportunity to participate in two successful exits as an entrepreneur and work on and lead projects for 9 of the Top 20 pharmaceutical companies, 11 of the Top 20 medical device firms and 4 of the Top 25 PE firms, and has had global management responsibilities of leading extended teams of up to 500 and ~$300MM P&L.
Karl began his career as a life sciences researcher, conducting pre-clinical cancer and human genetics research at The University of Texas Southwestern Medical Center, and biotechnology R&D for what are now several subsidiaries of Thermo Fisher Scientific, Inc.
Karl received a B.A. in Biology and an M.B.A. both from The University of Texas at Austin.
Steven Wardell serves as Senior Advisor to Outcome Capital’s digital health and healthcare information technology practices, bringing hands-on operating and entrepreneurial expertise stemming, among others, from his role as a leading research analyst covering the digital health sector for Wall Street investors
Steven also serves as Managing Partner of Wardell Advisors, a consulting firm to digital health companies on growth, corporate development, partnerships, and strategic alternatives. He is the author of The Future of Digital Health, and he hosts the DigitalHealth InvestorTalk show. which explores industry topics of interest to investors. He is the founder of the Boston chapter of Health 2.0 and has been a board member of the Harvard Business School Healthcare Alumni Association and led its Roundtable program.
On Wall Street, at Chardan Capital Markets and SVB Leerink, Mr. Wardell was the first sell-side analyst to focus exclusively on digital health. He achieved prominence in the industry by publishing the first investor white paper on the digital health sector in 2014 and creating its first digital health stock index. He made important stock calls for investors on Teladoc, Fitbit, Livongo, WebMD, HealthEquity, and Nuance, among others. He was named a Rising Star by Institutional Investor magazine and is routinely quoted in the Wall Street Journal, STAT, Bloomberg, and more. In 2018, he became the first sell-side research analyst to initiate coverage on the digital therapeutics sector.
Mr. Wardell has built an extensive network in the digital health sector of investors, company leaders, product purchasers, key opinion leaders, and corporate development executives and is known for convening the marketplace of investors and company leaders through his investor events. For example, he created the first sell-side investor conference focused exclusively on digital health in 2015, and his digital health investor reception at the Annual JP Morgan Healthcare Conference became among the largest at the event.
Prior to Wall Street, Mr. Wardell worked as a marketing, business development, and finance executive at digital health companies including as a member of the founding management team and head of marketing at Activate Networks, a data analytics company with a novel data product focused on physicians for the pharma commercial market that was sold to Decision Resources Group, and as head of business development at PatientKeeper, a mobile electronic medical record company that was sold to Hospital Corporation of America.
Mr. Wardell holds a BA from Harvard College, MPhil from University of Cambridge and MBA from Harvard Business School.