Latest / The BioHub - by Avetix / Episode 125 - Rich Daly - CEO of Catalyst Pharma

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Episode 125 - Rich Daly - CEO of Catalyst Pharma · The BioHub - by Avetix

• 0:06
  To welcome back to another episode of the Bio Hub and
• 0:08
  Avetics podcast. Today I'm joined by Rich Daly,
• 0:12
  the CEO of Catalyst Pharmaceuticals, one of the
• 0:14
  stand out rare disease success stories in the industry, and
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  recently named one of America's most successful small cap
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  companies by Forbes. Richard spent more than 25 years
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  leading organisations across biotech and pharma, including
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  AstraZeneca, Beyond Spring, Cars Gen. and others.
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  And now he's steering Catalyst as they expand their portfolio,
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  grow their footprint and continue to deliver life
• 0:36
  changing treatments for patients with rare neuromuscular and
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  neurological diseases. We talk about what drew him to
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  Catalyst, how the company thinks about growth, patient service
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  and rare disease strategy. Also, we talk about how they
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  find the right drugs in a competitive market and how
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  Catalyst continues to outperform despite the volatility across
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  biotech. It's an absolute pleasure to
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  have you Rich, how are you? I'm good Max, thanks for having
• 1:02
  me. Really appreciate it.
• 1:03
  No, it's amazing. I think let's start with the
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  beginning of your Catalyst journey.
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  So you stepped into the CEO role after a long career across big
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  pharma, biotech and board roles as well.
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  What drew you to Catalyst at this point in your career?
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  So my career with Catalyst actually predates joining as the
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  as an employee and the Ceoi was on the board for nine years
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  prior. I joined the board because of my
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  commercial expertise and actually the expertise and
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  experience that I had taking companies from R&D focus to an
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  R&D and commercial focus. So our founder and CEO at the
• 1:42
  time, Pat Mcenany, had decided and told the board he intended
• 1:46
  to step down and we we're going to execute a global search.
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  We initiated that global search. And just at the initiation of
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  that, I, I stepped forward and said I'd like to be considered.
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  And one of the things I love about Pat is he's a very
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  practical person. And he said, yeah, you could be
• 2:05
  considered, but we're going to do this search.
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  And we did a global search and I said, you know, that's exactly
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  what I would want. I would want you to do a search.
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  And if I'm not the best candidate, I'd be happy to
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  continue to serve on the board. And in the end, the board
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  decided to, to hire me as ACEO. So I'm thrilled to be here.
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  It's, it's really great. So because of my history and my
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  experience with with the company, I had a great deal of
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  background with the company and understanding of what the
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  company was doing, had been doing and where it wanted to go.
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  So I felt uniquely well positioned to actually help the
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  company move to the next stage of growth.
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  Amazing. Yeah.
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  It makes that feel so much sweeter, right when you you're
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  considered. And then, yeah, Rich is the best
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  candidate for this. Absolutely.
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  You always want that. Yeah.
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  What, what made you want to step forward?
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  Like what was it about catalysts where you're like, yeah, this is
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  this is what I'd want to do? So this is an incredibly
• 3:01
  successful company continually beating estimates, forecasts
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  etcetera. It one of our products is in a
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  prospecting market and you know in the rare space looking for
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  patients is really, really hard and we consistently grow 15 to
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  20% on a bigger base every year and every quarter.
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  And so I love the success of the company.
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  I love the the execution and the discipline.
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  It's a well run company financially and most of my
• 3:29
  career in emerging biotech and some of it in large has been to
• 3:34
  rescue companies. So you go in and there's a
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  burning platform and you have to make change right away.
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  And I love that. It's almost like emergency room
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  medicine. You, you, you've got a whole
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  bunch of questions and challenges coming at you.
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  This case was different and it was intriguing to me because it
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  with the company was so successful.
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  And one of the things that Pat, the former CEO, said to me was,
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  look, we're handing the keys to A to a Lamborghini, don't crash
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  the car. And I was like, OK, so this is a
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  really big challenge. How do you actually help more
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  patients? How do you accelerate the growth
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  of the company so you can help more patients?
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  And you just look at it differently because you have a
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  really good team and you come to it with a much more patient
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  approach. And I am generally not a patient
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  person. So this is a great growth
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  opportunity for me in a number of ways.
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  But you know, helping a company that's successful actually
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  accelerate their their success, if you will.
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  And that's what was really the draw for me.
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  That's actually my next question as well.
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  Because you guys are a commercial state stage, how do
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  you then think about growing a business but also staying deeply
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  patient focused, which is obviously a massive priority?
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  So this is a great question. One of my favorite things about
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  working in in more focused companies like this, we have
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  slightly under 200 employees, three products on the market and
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  I've worked for large companies when I was running Astrazeneca's
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  diabetes business in the US you know that's anywhere between
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  2500 and 3000 employees. Great business, great people.
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  Really enjoyed my experience there.
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  One of the great things about being in a more focused company
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  is the goal is to stay as small as you can for as long as you
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  can. So you'd get to know people,
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  they know you. It's easy to to approach
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  anybody, anybody in the team across the organization.
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  So by getting the right products that are truly differentiated
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  and address an unmet medical need, it creates a a passion in
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  the folks that you have. So I think it starts there,
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  right? Can you get the right products
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  and that match with the passion your people have?
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  And we've done a really good job of that so far.
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  And we keep looking for that. But think of the business when I
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  started two years ago as ACEO as having 2 pillars. 1 is execution
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  of the existing portfolio and two is acquiring products that
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  are almost on the market or already on the market.
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  So those two pillars we've actually expanded into 3 pillars
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  if you think maybe even 4 pillars.
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  So obviously execute, you know, find that right, the right
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  opportunities that that fit and that are almost on the market or
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  nearly on the market. But now separate those two
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  pillars into two separate pillars.
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  So your on market products, you're now going to look at life
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  cycle management. How do we help more patients get
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  on the appropriate therapy sooner and stay on longer as
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  long as it's good for them. So that's a life cycle
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  management within your existing portfolio looking at the the
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  business development side and and seeking products that are on
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  the market or nearly on the market.
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  We're now moving back into phase three products that are past
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  proof of concept with a clear regulatory path and had that
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  unmet medical need and are differentiated.
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  So we've expanded and that's how you keep a company growing.
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  You look at those opportunities to grow organically but also
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  grow inorganically and that's those where those 4 pillars fall
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  into into place. Yeah, you guys are doing a
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  fantastic job. It's actually so good to see
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  from from an outsider looking in.
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  Thanks. Thank you.
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  And and look like rare disease obviously brings very different
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  challenges to some of the other therapeutic areas like
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  particularly about around finding, diagnosing and
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  supporting patients. What what has Catalyst done in
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  in that regard? So we look at it in a couple of
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  different ways. Number one, hiring people are
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  really passionate about rare disease.
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  We have people in our organization who have rare
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  disease in their families and we talk to patients all the time.
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  But one of the most important things is helping is really
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  understanding the journey that the patient goes on and what the
• 7:47
  patient needs. And while every the support
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  structure you set up is not truly bespoke for every single
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  disease, you have to think about the diseases in in as they're in
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  what they might have as commonalities.
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  So for a prospecting market where the patient is not
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  identified, they are suffering from the disease, but they've
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  been misdiagnosed over years, you need that, that strong
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  patient advocacy alliance. And sometimes there's not even a
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  patient advocacy organization that exists.
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  So you work with the patients that, that are there to help
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  them understand how they can be more effective with their,
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  within their community. That's really on the Lambert
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  Eaton myasthenic syndrome side. So you know that that's really a
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  bespoke find each patient and it's really finding and digging
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  for each patient. On the Duchenne's muscular
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  dystrophy side, 95% of those patients are, are diagnosed and
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  identified. You're not prospecting for
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  patients. And that's where you truly need
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  a differentiated product that meets an unfilled need.
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  And so continuing to go back to our our foundational principles
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  of what kinds of products we want, the kinds of people,
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  that's where the greatness comes together.
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  And then around that, you set up infrastructure, specialty
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  pharmacy, a patient hub and, and distribution so that the
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  patients can get the drug they need when they need it and
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  helping them get to the optimal therapy for them.
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  So outreach programs from the pharmacist to a healthcare
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  practitioner who's diagnosing the patient or actually to the
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  patient to be sure they're titrating their drugs
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  appropriately. And it's all looks at each
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  disease state uniquely. And then we try and figure out
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  how to actually fit that in or modify our structure to support
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  the patient. It's all about patient support.
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  Yeah. And we we met for the first time
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  in at Jeffrey's in London. That's correct.
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  And, and we talked about this patient focus and why it's so
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  important, especially for, for rare disease.
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  And, and you, you told this incredible story about, you
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  know, catalyst and, and, and distributing to the people who
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  need it most. Right.
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  I don't know if you would like you, you want to share that or
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  you know what I'm talking about. Sure.
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  So there's a couple of, you know, there are hallmarks or or
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  touchstones in every company I've worked in where you say,
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  but that's a defining moment for us as a company.
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  We had a patient, so we have a distribution center, our
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  specialty pharmacy is located in Memphis.
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  And because of weather and I think everybody in the US this
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  week can relate to weather challenges, the patient needs
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  the drug. So for lambertine myesthetic
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  syndrome or LEMS, if the patient stops taking the drug sometimes
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  within a matter of days, their ability to walk or have great
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  dexterity can be diminished significantly.
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  So the patients are very diligent taking the drug when
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  they need to take it during the day and then making sure they
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  persist in their prescriptions. We had a patient in Arizona who
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  wasn't able to get their prescription approved quick
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  enough. We had a sales representative
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  drive that drug from Kansas City, MO to a pharmacy and
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  deliver, I'm sorry, from Kansas City to Phoenix and drive it and
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  drive it there and deliver it to a pharmacy for the patients.
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  So the patient could pick it up because there were no flights
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  and the, the Memphis was socked in and so they couldn't get the
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  drug out. We now have two distribution
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  centers, one in Arizona and one in Memphis to actually counter
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  that. And another story that really is
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  a touchstone is more recent was there was a cybersecurity hack
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  in first quarter of 2024. And because of our specialty
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  pharmacy and the patient support hub that we have, we saw this
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  right away. This hack was so large that a
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  third of all patient interactions, whether it be
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  prescription doctor office, nothing was getting approved,
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  nothing. I mean, it's everything just
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  shut down South in a third of all interactions you talk about,
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  you know, potentially billions of transactions and a third of
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  them were shut down. We saw this right away on day
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  one when it happened and our head of commercial came in and
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  said the pharmacy is shut down. They're not getting drugs
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  approved. They're not the insurance
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  companies can't approve the drugs.
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  What should we do? And I said, what's your
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  recommendation? He said, I think we should ship
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  drug to patients without regard for their ability to get their,
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  their, their insurance approved. And I was like, done, make sure
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  it happens. So these are kinds of
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  touchstones that, you know, are really important to us and, you
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  know, speak to the amount of commitment we have to the
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  patient community. I love the idea.
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  And when I was on the board, we were talking about launching a
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  rare drug. And we have this philosophy that
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  no patient should go without the drug for the if they if they
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  can't pay for it. So if you're on our drug, once
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  you start, you stay on. If you're on a drug and you lose
• 12:31
  insurance, you get the drug for free.
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  Now, of course there are parameters around that that the
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  federal government imposes on us that we can't violate.
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  But we work with those patients who are covered by those
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  programs to help them get the money that they need through
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  donations for 3rd party group from third party groups.
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  So we look at this as a as a fully integrated approach to
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  supporting the patient that once they get on drug, they need to
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  stay on drug for the rest of their life or as long as they
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  need it and that's their choice. I mean, I, I think it's amazing.
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  I think so many companies out there say that they're patient
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  focused, but for you guys, you look at it and you go, yeah,
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  there's, there's absolutely zero doubt in that.
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  You know, you've been there, done it and proved it and
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  continuing to do so, which which is just amazing.
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  Yes, we're we're really proud of it and that's the passion that
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  that was talking about before. People love the fact that we do
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  that. People inside the company,
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  obviously the patients love it. And quite honestly, when we
• 13:28
  launch in a new market, just to be totally transparent, nobody
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  believes us and then we go about and prove it.
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  So we just look for opportunities to prove it.
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  That's, I love that, I love that.
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  And then we, we, we've been in a tough market.
• 13:42
  This biotech market's been, yes, not great past two to three
• 13:46
  years really, but you, you guys have performed really strongly.
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  What do you think has allowed the company to stay resilient
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  when so many others have really struggled?
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  Well, I think it starts with the two elements, obviously
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  selecting the right products and the right people, but those are
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  the things and then unleashing the the creativity of our team
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  and obviously staying compliant at all times.
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  So for instance, in a prospecting market, when you're
• 14:12
  looking at a disease like Lambert Eat myasthenic syndrome,
• 14:15
  trying to find those patients, our field teams look for
• 14:20
  patients who are on the diagnostic journey.
• 14:22
  So the number one misdiagnosis for Lyme's is myasthenia gravis
• 14:26
  because it looks so similar there.
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  There's some different, there's a differential diagnosis that
• 14:30
  makes it really clear in a blood test that makes it really clear
• 14:32
  as well. Together those two things can
• 14:34
  actually help us diagnose a patient.
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  But the the default is almost always to myasthenia gravis and
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  the patient will get on drug, do well for a little while but then
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  fail. So we have data and access in a
• 14:46
  totally compliant manner. We don't see patient names, we
• 14:48
  don't see any of the the personal information, but we can
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  track these things through de identified databases and we can
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  see where a patient is in their journey.
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  So we have a pool of about 500 patients that are going through
• 15:03
  a diagnostic journey and limbs at any point in time.
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  And that targeting and that focused effort keeps our team
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  motivated because they're working with physicians who on
• 15:13
  average a physician physician will see one LEMS patient in
• 15:17
  their entire career. So they see the patient, it's
• 15:21
  obvious they're going to default to myasthenia gravis.
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  But as the patient fails, our, our representatives are in there
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  talking to them about what is LEMS, what's happening with the
• 15:29
  LEMS patient and helping them to better understand it.
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  And half of all of our new patients every quarter and every
• 15:36
  year come from this pool of patients.
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  And so we've grown 15 to 20% quarter on quarter pretty
• 15:42
  consistently for the last three years.
• 15:44
  That's on a bigger base. When you think about that, you
• 15:47
  know you should have decreasing increases over time, but we've
• 15:50
  had consistent growth and a consistent growth rate, which is
• 15:54
  truly amazing. So that's an example of of what
• 15:57
  we do to help the physician and help the patients get the
• 16:01
  therapies that they need. Yeah.
• 16:04
  I yeah, I think it's just testament to what you guys are
• 16:07
  doing, you know, the struggling market doing all the right
• 16:10
  things and then and then you talked about in license, in
• 16:13
  licensing the right products as well, how competitive is, is the
• 16:18
  current environment for high quality rare disease assets.
• 16:21
  Yeah. So this is a great, great
• 16:23
  question. When the capital markets are
• 16:25
  very, very tight, like they've been for the last 12 to 18
• 16:28
  months, some of the younger companies have a difficulty
• 16:32
  accessing capital. So when we think about the ideal
• 16:37
  partner for us or license or who would license the drug to us, we
• 16:41
  think about a company that doesn't have a presence in the
• 16:44
  US, can't afford to build 1 because the infrastructure
• 16:46
  that's behind the field team is so large.
• 16:48
  The specialty pharmacy, the hub, those things are intensive
• 16:54
  engagements and you have to be ready to invest in those things.
• 16:56
  So we when we talked to folks that are maybe in Europe or Asia
• 17:00
  saying, hey, we have an opportunity, we can pretty much
• 17:02
  plug and play as the capital markets open up, those companies
• 17:08
  have access to capital and they they can get bolder.
• 17:10
  There's a lot of organizations that actually have enough money
• 17:13
  to launch a product, but not enough money to sustain a
• 17:15
  product, sustain a launch. And so we look for those
• 17:18
  companies where we can help out and truly partner with them.
• 17:21
  So this has been a really good market for us in the last, you
• 17:24
  know, three or four years, about a year ago, we anticipated that
• 17:28
  the capital markets would begin to open up, companies would have
• 17:31
  more access to capital. And that's one of the reasons
• 17:33
  why we actually, when we look at the business development
• 17:35
  targeting, we look to go back into the pipeline phase three
• 17:39
  product post proof of concept with a clear regulatory path
• 17:43
  because we believe we can help those organizations
• 17:45
  commercialize their products as well without actually developing
• 17:48
  our own development organization.
• 17:50
  So we, we, we love our strategy and we think it makes sense for
• 17:53
  the times we're in and the times we're headed to.
• 17:56
  So, so looking ahead, what what's then the big picture
• 17:59
  direction for Catalyst over the next few years?
• 18:03
  So we want to stay in rare. We love the rare work that we do
• 18:06
  and we love interacting with rare communities.
• 18:09
  There's just something special about I've been involved in rare
• 18:12
  diseases since the middle 90s, very early on in it, and so I
• 18:16
  have a real passion for it. So we wanted to stay in that
• 18:19
  space. We're a neuro, A neuro company
• 18:21
  right now, as you mentioned in the intro, we are a
• 18:24
  therapeutically area agnostic. We believe that the
• 18:26
  infrastructure that we have behind the field organization.
• 18:30
  So again, going back to this hub, the specialty pharmacy and
• 18:33
  the distribution creates incredible value for patients
• 18:37
  and we like that. And so we want to stay in that
• 18:39
  space. But we are broadening the
• 18:41
  aperture not only as we talked about its development, but also
• 18:46
  beyond neurology because we believe that we can stand up
• 18:50
  teams that would be dedicated and our our experience shows
• 18:53
  that dedicated teams are the most effective teams.
• 18:57
  We can stand up these dedicated teams and acquire talent from
• 19:02
  the entire market. A company like ours with the
• 19:04
  reputation that we have draws in a significant number of people.
• 19:08
  We have a great flexible culture.
• 19:10
  So we're located in Miami or just outside of Miami, but we
• 19:13
  have been a virtual company since 2017.
• 19:19
  It wasn't caused by COVID. It just works for us.
• 19:23
  And so for instance, our head of commercial is lives in Chicago,
• 19:27
  Our head of BD lives in New in New Jersey.
• 19:29
  Our head of our Chief Scientific Officer lives in LA.
• 19:32
  But we all, we all get together on a regular basis here.
• 19:35
  And we believe that kind of flexible culture can really
• 19:38
  attract talent as a differentiator for attracting
• 19:40
  talent along with the passion, along with the portfolio along
• 19:43
  with all these other things. So we see it as a real
• 19:45
  incredible mix. I love that and that's actually
• 19:48
  the first time through the the podcast that you've mentioned
• 19:51
  the team, but like such an important part of what what you
• 19:55
  guys are doing and looking to to be.
• 19:58
  Right, Yeah, we love our team. We think the team's outstanding.
• 20:01
  And, you know, we want to really prepare for future success,
• 20:03
  continue what we're doing and, and prepare for, for the future.
• 20:06
  When you're when you're looking at building a team like what,
• 20:09
  what kind of qualities like culture fit do you do you look
• 20:12
  for? So they, they have to have the
• 20:16
  passion for the rare disease community, you know, somebody
• 20:19
  willing to drive, you know, 1000 miles to make sure a patient
• 20:24
  gets drug. I mean, that says a lot.
• 20:27
  Somebody, a commercial person who walks in your office and
• 20:29
  says, I think we should give away the drug with no hope of
• 20:33
  no, no guarantee, I should say, of, of getting reimbursed for
• 20:35
  it. That's the, those are the kinds
• 20:37
  of people I want to work with, people who really focus on
• 20:41
  execution, you know, and making sure we can deliver, but also
• 20:45
  have a forward-looking bent to their mind like this is the
• 20:49
  company kind of company I want to be.
• 20:53
  So we have three products right now.
• 20:55
  And one of the things I say consistently is if you can't see
• 20:57
  a catalyst with five or six or seven or eight products doing
• 21:01
  this incredibly well, you might be at the wrong company because
• 21:05
  that's the vision we have. We're looking right down the
• 21:07
  road and saying we're going to keep acquiring products, we're
• 21:09
  going to keep building and we're going to serve more patients.
• 21:12
  And that's what we that's our mission.
• 21:15
  Yeah, I when I often think about culture and it's one of those
• 21:18
  things that that ultimately is behaviours, right?
• 21:20
  And those behaviours come from the top on the leadership.
• 21:23
  I don't think I've come across many people who distill that
• 21:27
  mission driven, LED, you know, focus better, better than how
• 21:31
  you talk about it and you know, how you actually act on it.
• 21:34
  I think it's it's incredible. You know, there's a, there's an
• 21:38
  old saw that every time somebody brings it up, really, really, I
• 21:45
  actually come out of my skin on it.
• 21:46
  They say, you know, the old saw that culture beats strategy
• 21:49
  every day. And my response is, why do you
• 21:52
  have to choose? Why can't you have a great
• 21:55
  culture and a great strategy? It's not an either or, it's
• 21:59
  both. It's an end.
• 22:01
  You need a great culture and a great strategy, and I think we
• 22:04
  have both here. And so we're really excited
• 22:06
  about what we're doing today, but we're also really excited
• 22:08
  about the future. Yeah, So good hearing about what
• 22:11
  you guys are doing. Now we're moving on to my final
• 22:15
  question, which is a question I asked every one of our podcast
• 22:17
  guests. And it's if you could have
• 22:20
  dinner with any scientist or innovator, past or present, who
• 22:24
  would it be and why? So I mentioned that I've been
• 22:27
  involved in in the rare space since the middle 90s, there's a
• 22:32
  hyper focused or ultra orphan condition that affected
• 22:36
  children. And it really, really got to me.
• 22:39
  I mean, it was like this is a mission.
• 22:42
  This is something you can really get a hold of and make a
• 22:45
  difference. And you can because the patients
• 22:48
  allow you to know them. They want to know the company.
• 22:51
  It's different than any other large thing.
• 22:54
  So when I think about this question, and unfortunately, you
• 23:00
  know, I missed my window, but it would be Henry Tremere.
• 23:04
  So at the time of Henry's death, I understand he was coaching
• 23:12
  something like 20 CE OS and he wasn't doing it for money.
• 23:15
  He was doing it for love, you know, and Henry was just a
• 23:18
  phenomenal, phenomenal force in rare.
• 23:22
  And I never got the chance. And so if I had the opportunity
• 23:25
  to sit down with Henry and talk about talk to him about his
• 23:28
  philosophy and how he went about thinking about the business,
• 23:33
  that's, that's the person I would want to talk to.
• 23:35
  And that would be a long dinner. It would be a really, really
• 23:38
  long dinner. So thanks for asking the
• 23:40
  question. I think that's a great answer
• 23:42
  and it's not one we've had before for, yeah, obvious
• 23:45
  reasons. But look, it's been a pleasure
• 23:48
  having you on Rich. I think what you guys are doing
• 23:51
  are fascinating and you know is is amazing and also your your
• 23:56
  insight into the markets like incredible.
• 23:58
  Thanks, Max. I appreciate the opportunity,
• 24:01
  really do. Thank you so much.
• 24:03
  Thanks, Rich and everyone please like and subscribe to the Buyer
• 24:06
  Hub and thanks again, Rich.