Latest / The BioHub - by Avetix / Episode 248- Marshall Fordyce - Founder & CEO of Vera Therapeutics
Transcript
- 0:06So welcome to another episode of the Bio Hub and Avetics podcast.
- 0:11Today, I'm joined by Doctor Marshall Fordice, founder and
- 0:15CEO of Vera Therapeutics. Marshall began his career as a
- 0:18physician before moving into drug development at Gilead,
- 0:21where he contributed to multiple FDA approvals and later founded
- 0:25Vera with the ambition of transforming treatment for
- 0:28serious autoimmune diseases. Today, he's leading the company
- 0:31for a major transition as Vera grows rapidly and prepares to
- 0:35commercialize its own medicines. In this conversation, we discuss
- 0:39his journey from medicine to biotech, building a genuinely
- 0:42patient centric culture, the values that guide Vera, and what
- 0:46it takes to scale a biotech from its next phase.
- 0:49Marshall, it's a pleasure to have you.
- 0:51How are you? Doing great.
- 0:53Thanks Max. I'm looking forward to the
- 0:55conversation with you. Absolutely, absolutely.
- 0:58I I want to start right at the beginning of your career as a
- 1:02physician before moving into drug development at Gilead and
- 1:06then eventually founding Vera. What inspired that journey and
- 1:10when did you realize you wanted to build a company yourself?
- 1:14Well, it all begins with medicine for me.
- 1:18I think it's a fantastic profession.
- 1:22You get to swear the Hippocratic Oath and commit your working
- 1:25life to taking care of patients. And that's a profound calling
- 1:29for anyone in medicine. And that's really what I did
- 1:34before I applied to medical school as an undergraduate.
- 1:38And yeah, that's the root of everything.
- 1:40And, and now, now that we have a new medicine for autoimmune
- 1:46disease that patients are taking and benefiting from, it's, it's
- 1:49an incredible journey, but it all goes back to that, to that
- 1:52route, starting with, you know, committing to patients.
- 1:58I'm, I'm 52 and, and so the world's was a little different
- 2:02when I was making those decisions.
- 2:04And from a, from a, a physician's point of view, the,
- 2:10the interest in doing something about diseases, not just in the
- 2:16United States, but globally with was at a peak.
- 2:19And many of us were inspired and for me as an undergraduate,
- 2:24inspired to do something about major global infectious diseases
- 2:29that includes malaria, tuberculosis, and importantly,
- 2:33HIV. And so I'm one of those
- 2:37physicians inspired to do something about that.
- 2:39And, you know, HIV taught the world a lot about itself and
- 2:47science and medicine and society, and I was interested in
- 2:51all of that. So that kind of defined my
- 2:53career mostly. And why I'm here today is that
- 2:58one of the biggest things that changed the the lives of
- 3:02patients infected with HIV, what were new medicines, medicines
- 3:07that worked, that prevented death and disability death from
- 3:11AIDS, which I saw many times over in my career as a
- 3:15physician. And then it and how how
- 3:20medicines improved from the beginning.
- 3:24So I really as a physician was defined by how a product, a new
- 3:28medicine could change outcomes for patients.
- 3:31So that's kind of the way to think about my journey from,
- 3:36from a physician to being an entrepreneur and now building a
- 3:40company around a new approach to treating autoimmune disease.
- 3:44So it's one way to say that is the power of a product.
- 3:48And in, in HIV, when I moved from my medical life, I went to
- 3:54medical school at Harvard and then trained in internal
- 3:56medicine and infectious disease in New York City at NYU and
- 4:00Columbia, respectively. Was then in the laboratory as a
- 4:03translational scholar at Rockefeller working on acute and
- 4:08early HIV and started to work on, on a, on a drug development
- 4:13program. And I thought this is
- 4:15fascinating. I, I, I want to go work for a
- 4:18company out in California that makes 1 pill once a day for HIV.
- 4:22So it was really that power of a product and, and here we are
- 4:26Vera, and you can hold the product in your hand now.
- 4:30It, it's incredible. I, I, I have so much gratitude
- 4:35and respect for the team that I was able to pull together to, to
- 4:39make this product that was initially A tachycept and now
- 4:43marketed since July 7th of this year as Trutacna.
- 4:48It's an auto injector. Patients can take it at home
- 4:51and, and eight seconds a week. They now get the potential
- 4:57benefit and, and, and from it from a transformative medicine.
- 5:03So that's a bit the the journey there many elements of that Max,
- 5:07many things that inspired me along the way, but that's that's
- 5:12the short of it. I love that you when you talk,
- 5:15you can, you can hear the passion in what you do as well.
- 5:18You know what, where you've come from and what you've got to a
- 5:22big part of that passion. Obviously become, like you said,
- 5:26is, is the patient centric side. But but then obviously passing
- 5:32that on as ACEO to the rest of the team is where the challenge
- 5:35comes, right? Like this is what we're doing it
- 5:37for. This is what matters and and
- 5:39also people say they're patient centric and talk the talk, but
- 5:43don't necessarily walk the walk for you guys.
- 5:45What what is it? What does it mean actually
- 5:47genuinely being patriot centric in practice compared to, you
- 5:52know, just saying it out loud? Yeah.
- 5:57Well, first leaving academic medicine and working at a a
- 6:02larger company, in my case Gilead, I missed teaching.
- 6:06I miss teaching Med students and residents.
- 6:09And the way to replace that is to be a good resource for the
- 6:13the non MD's, the non clinical colleagues that you've got in
- 6:19regulatory project management, all, all across the board and
- 6:23sharing the meaning of the work. So I was passionate about that
- 6:26before starting Vera and being the CEO.
- 6:29I just think it's we all want meaning in our work.
- 6:32So that's kind of been a core drive and, and kind of stitching
- 6:38that into the company over the last 10 years.
- 6:42We've done that in so many ways. And I agree it's, it's, it's
- 6:46important at at least companies say they do it.
- 6:48That's good. But then how do you do it?
- 6:50Is, is, is also pretty important, I'd say in a few
- 6:55ways. One is, is choosing the, the
- 6:59disease, the mechanism, the, the therapeutic approach.
- 7:05You really have to think about the patient if you want to end
- 7:08up where, where we are today, which is we think Trutacna is a
- 7:12huge step forward for patients because we understand their,
- 7:18their situation. So the big idea Vera was that
- 7:22autoimmune diseases are, are a massive problem, like oncology,
- 7:27like like cancer, like like infectious disease, autoimmune
- 7:29disease as a category is huge and the standard of care for
- 7:34patients with autoimmune disease is inadequate.
- 7:38And, and that's a patient centric view.
- 7:42You have to listen to patients if you want to hear that
- 7:45steroids, their side effects immediately and their side
- 7:49effects long term or acute and chronic side effects of steroids
- 7:53are actually a really big issue. And, and, and we need better
- 7:57treatment and we should look to our understanding of immunology
- 8:01to, to come up with better solution.
- 8:04So that in itself is a patient, patient centric, a pursuit.
- 8:10The clinician in me knows for real the side effects of
- 8:15steroids because I've seen it many, many times in my patients
- 8:18and the entrepreneur in me says, I'm sure we can do better.
- 8:22So that, that's kind of the the root of it.
- 8:25More recently we've we've stitched it in even even before
- 8:28we worked on IGA nephropathy, the autoimmune kidney disease
- 8:33where we're first indicated for, for Trutacna.
- 8:37I'd have patients come and speak to the company.
- 8:40We worked on sickle cell disease in the early days and and I had
- 8:44a sickle cell patient or the, the parents of a sickle cell
- 8:48patient come speak with our lab group in the early days of the
- 8:52company. So I think, you know, providing
- 8:54that perspective and that meaning is, is motivating and
- 8:57and clarifying for for the work, whether you're preclinical in a
- 9:01dish and an animals or you're already in clinical trials.
- 9:04More recently, I I've been visiting the we have close
- 9:10relationship with patient advocacy in the IGA nephropathy
- 9:14space. The Igan Foundation holds an
- 9:18annual summer meeting and I go every year.
- 9:21I think I'm the only biotech CEO to show up and and listen to
- 9:26patients and spend time sort of like, you know, is that worth
- 9:29the CE OS time? We believe that's true.
- 9:31Like sitting down and having an, you know, a sometimes seemingly
- 9:38awkward conversation. Oh, like you're a patient.
- 9:41Great. Who are you?
- 9:41I'm I'm the CEO of a company making new medicine.
- 9:43Oh, how does that help? What, how do I get access?
- 9:47These are these are like uncomfortable sometimes type of
- 9:51confrontation, but I think we should have the courage to to
- 9:56put ourselves right in front of the patient and hold ourselves
- 9:59accountable as as a business another way.
- 10:03And I know I'm going on and on, Max, but I'm passionate about
- 10:07this. Well, we'll meet first.
- 10:08So this was like the one thing you wanted to talk about in the
- 10:11podcast, right? So.
- 10:13So go ahead, let's do it. Dive into it.
- 10:17You know, and this is a little technical, but we're, we're, we
- 10:22are running a large phase three trial.
- 10:26We have 428 patients. They're patient volunteers and
- 10:34they're randomized 1 to one between trutacna and placebo.
- 10:41Placebo also means they're getting standard of care.
- 10:43But turns out standard of care isn't great.
- 10:45And we know from our trial that those patients are losing 5 to
- 10:5010% of their kidney function every year.
- 10:53So a 40 year old over the period of two years could lose 10 to
- 10:5720% of their kidney function. That's a big deal, especially
- 11:00when they start with only half their kidney function.
- 11:03They, that's a, that's a lot of loss.
- 11:06And so we've been really attentive and one thing we did
- 11:08this year is we really advocated to FDA to take an early look and
- 11:13not wait for all the patients on placebo to have a lot of decline
- 11:18in their kidney function. And we got agreement and we just
- 11:22did the analysis and we showed that Trutacna really helps these
- 11:27patients. And we we've switched every one
- 11:29of our patient volunteers from placebo to to true TACNA.
- 11:35So we got the data we wanted. It's it's a fantastic effect
- 11:39size. And we looked after patients by
- 11:42giving them access to something that already the evidence is,
- 11:45is, is pretty strong that this looks like it's going to help.
- 11:49So you know, this is important from a put make yourself
- 11:53accountable to the patients from front of you, inspire your team
- 11:57and also, you know, look after your patient volunteers in
- 12:00trial. So those are are pretty patient
- 12:03centric things that we do. I think you said a really
- 12:06important part in the middle of that answer as well in the fact
- 12:09that you said the entrepreneur in you wanted to make those
- 12:12medicines better for that patient.
- 12:14I think sometimes people think there's a conflict between this
- 12:17entrepreneurial ship and being patient centric when you worded
- 12:20it perfectly like that, that there's not.
- 12:25But then also like during your career, you've seen a bunch of
- 12:28successful drug approvals. You now built Vera from the
- 12:31ground up. Generally, what mentality do you
- 12:35think biotech leaders need to succeed in the space?
- 12:42That's a good broad question. I guess I would just say, you
- 12:46know, you do need to be, need to have the, the, the mission in
- 12:51mind and the right objectives and, and keep your values close.
- 12:56And those are, you know, maybe, maybe really basic, but I, I
- 13:02really believe that excellence comes from doing the, the
- 13:05fundamental things very well. And I think that's how we've
- 13:09gotten here. It hasn't been without its
- 13:12twists and turns. There's certainly been no
- 13:14straight line ups and downs. And but I, I, I do like to break
- 13:19down our industry into pretty simple terms.
- 13:22The problem we're trying to solve is a medical problem.
- 13:25Dissatisfaction with how we treat autoimmune disease,
- 13:29dissatisfaction with patients dying of HIV.
- 13:34Why don't we have a better treatment armamentarium for
- 13:39neurodegenerative diseases like Huntington's, Alzheimer's, ALS.
- 13:44You know, these are that dissatisfaction is incredibly
- 13:47important and frankly, it takes an enormous ecosystem, an
- 13:52international one to invest in basic research, clinical
- 13:56research and and then getting it to patients who who need, I
- 14:00think having that broad mentality of our role within
- 14:05biotech. I think there's some interesting
- 14:06comments to make. One is that, you know, so the
- 14:09medical, the medical part is the problem.
- 14:12The solution is science and you really need to believe and and
- 14:17not you know, you need to use the power of science and it and
- 14:22it's evidence to direct to direct that solution.
- 14:27So you need a disease with a really well characterized
- 14:31understanding. How does this disease happen?
- 14:33We're lucky in IGA nephropathy because we have a good sense of
- 14:37the path of Physiology. There's a four hit hypothesis.
- 14:41We relied on it and we targeted the source of that, of that
- 14:46cascade and everything downstream resolved.
- 14:49And we haven't been so lucky in another challenging diseases.
- 14:53So relying on the science, the basic understanding of what
- 14:56drives the disease, but that's just the beginning.
- 14:59There's so much to science. What does the molecule look
- 15:02like? What is the, what is the PK look
- 15:04like? And how do you get the right
- 15:05therapeutic window? Are you going to run a phase two
- 15:08trial that that tries to determine that that, that
- 15:11therapeutic window? All of those things are, are
- 15:14driven by science. And I think in, in this
- 15:18industry, sometimes we get really excited about cool
- 15:21cartoons of, of molecules and, and then we add money and hope
- 15:24it all works. And I think that's sometimes an
- 15:28important thing to, to pause and look at and say, well, actually,
- 15:32you know, science is applied across the spectrum from what is
- 15:36what, what disease are you are, are you targeting?
- 15:39What's our understanding? What mechanism do you think you
- 15:42can hit? You know, what is, what does
- 15:45that data look like? What does it look like in a dish
- 15:48versus in animals versus healthy volunteers versus patients with
- 15:52the disease? It there actually some pretty
- 15:54big differences across that spectrum.
- 15:56What do you trust? And then, and then all the
- 16:00science that goes into making a product and, and the clinical
- 16:04science, all of those things have been important.
- 16:07So problem medical solution scientific.
- 16:11And then and and then really how do you do that as business?
- 16:14And, and I, and I think, look, I'm a, I'm, I'm a founder and
- 16:18CEO. We've, you know, had some
- 16:20success over 10 years. I don't have an MBA, thank
- 16:24goodness. I've got good business trained
- 16:26people around me who, who've been enabling that.
- 16:29But I will say that, you know, business is about people first,
- 16:34and it's also about money. And you have to understand both
- 16:37of those things, organizing resources, people and money and
- 16:42time and space to enable the translation of of science to
- 16:46serve medicine. I mean, that's how I would
- 16:47formulate this. And you have to take all of that
- 16:51seriously. You, you can't be a biotech CEO
- 16:55and, and not recognize that no cash, no company, you know, like
- 16:59without cash, you don't operate. And they're, they're only a few
- 17:03ways to bring cash in. And the major one for biotech is
- 17:07your stock price. If you're a public company or,
- 17:10you know, major one is equity, whether you're private or
- 17:12public. So, you know, thinking through
- 17:14that is, is really important as well.
- 17:16And, and, and you got to be disciplined on on that journey.
- 17:20Yeah, it's like no other industry, right?
- 17:23You know, I tried to explain it to to people who aren't in it
- 17:27and it's like, how do I explain it?
- 17:30It's like, OK, at the top side of cutting edge science, like
- 17:34being super innovative, but this is entrepreneurial side to it as
- 17:38well. And it's like you meet both
- 17:40those things and it's one of the most fascinating industries in
- 17:42the market. But also, it's just like being
- 17:45sat on a roller coaster the whole time, right?
- 17:47You know? I got to tell you it's the best
- 17:50industry in the world and, and it is because our mission is so
- 17:55important. They're easier ways to make
- 17:58money. If that's what you want to do,
- 17:59do it another way. So, so 2 great things.
- 18:03The mission is amazing to improve medicine is amazing.
- 18:07People used to die of HIV, they used to die of, you know, liver
- 18:10failure and Hep C. These kids used to die of, you
- 18:13know, leukemias. Children like those things don't
- 18:17happen anymore because of what we do.
- 18:20Not just industry, but, but invest in, in biomedical
- 18:23research mostly through federal funding.
- 18:26And I really think you, you can't lose sight of that.
- 18:29And that's true even with my hardest core investors, They
- 18:34would, they would share that every once in a while people
- 18:36belly ache and say, oh man, it's such a tough industry, But you
- 18:39know, mission's important. The second is science.
- 18:42You know, the benefit of science and, and you can use that to
- 18:45varying degrees. And I think relying on science
- 18:48and thank goodness, you know, other industries that don't rely
- 18:51on science are much more vulnerable to the vagaries of
- 18:56people playing with the truth. Now people play with the truth
- 18:59and every everywhere, it turns out.
- 19:02But but I think, you know, having science as a tool
- 19:05internally, externally, driving business decisions, getting, you
- 19:10know, navigating through little knotholes, threading the needle.
- 19:13We've done that over and over and over again.
- 19:16And thank God for science. I really don't think we should
- 19:19take a step back on that. And then the tough part my, my
- 19:23way of describing this Max to, to other people is imagine
- 19:27you're, you're, you're starting a business selling brownies, but
- 19:31you know, you got to buy all the ingredients and make your
- 19:34brownie. But, but in biotech, before you
- 19:39sell your first brownie, you have to, you know, it's going to
- 19:43take 10 years and $2 billion. Yeah, yeah, right.
- 19:47Like before you sell your first brownie.
- 19:50So that's a, that's a tough one to, to help help people wrap
- 19:54their minds around. So it's, yeah, it's high risk.
- 19:56It's definitely high risk, but there are a lot of ways that you
- 19:59can minimize it. And look, you know, there there
- 20:02been. What 4050 drugs approved this
- 20:05year? Some of them are incremental,
- 20:08some of them are a huge step forward for patients and
- 20:11patients lives are improved and you got to love that to to get
- 20:15into the business. Yeah, I think it's an amazing
- 20:18industry. There's also the part where, you
- 20:20know, you in other industries, you talk about competitors and
- 20:23yes, you sort of have competitors, but if they have
- 20:26good data, that's ultimately good news for you and like
- 20:29ultimately good news for patients.
- 20:31And like you're all working as one team as an industry, right?
- 20:37Yeah, I mean, it's amazing in so many ways.
- 20:39I, I could talk about this mindset and, and your mentality
- 20:43all day, but I also want to give you the chance to talk about
- 20:45fairer, like what's going on with you guys, what's exciting,
- 20:51all of that. Yeah, so there is in San
- 20:57Francisco we're about 400 employees, but half of us are
- 21:03distributed across the United States.
- 21:06We got our first product True Tacna approved in July.
- 21:10So we're, we're just about 1/4 in about 3 months into our
- 21:16commercial launch in the United States.
- 21:19We have an awesome commercial team that's been out there.
- 21:22So what's happening here is we're going through a, you know,
- 21:25important transition from a mostly development focused
- 21:29biotech company to one that's commercializing in the US and
- 21:34that's where the majority of the value is.
- 21:36We've been able to retain that value for for Vera for all of
- 21:40its stakeholders and shareholders and that's been
- 21:45that's been exciting. So preparing for that moment of
- 21:48feeling ready in July of being ready, seeing early success,
- 21:54that's what's happening here. And and then expanding that
- 21:59opportunity, what what happens next?
- 22:02Where is, you know, how does the pipeline, how's the opportunity
- 22:06expand? That's where we're focused.
- 22:09But already, you know, having a drug approved minimizes a lot of
- 22:15of the risk that occurs in this business.
- 22:18We're we're now launching Trutacna and and offering that
- 22:24to patients with IG nephropathy. And we've got final data is
- 22:30something that doesn't happen often, but we got approved on a
- 22:32surrogate endpoint of protein area reduction at nine months.
- 22:36But the team as I mentioned already agreed with FDA to to
- 22:40look at the final data. We're going to be able to show
- 22:43that data at the major kidney meeting of the year, which comes
- 22:47later this month in Denver, Co called ASN American Side
- 22:51Nephrology. And we hope to share that data
- 22:54both in presentation and hopefully publication form at
- 22:57the same time. That's a big kind of, that's
- 22:59sort of the Super Bowl for us as we get into the annual cycle of,
- 23:03of our of the physicians we hope to, to serve and give them a new
- 23:07tool. I think we talked about
- 23:09patients, but especially as a doc myself, I think giving
- 23:13physicians a tool that really can help their patients is one
- 23:17of the great satisfactions that we're all feeling in the company
- 23:20right now. And so that's a big deal.
- 23:22That's where we're focused and show them, you know that, you
- 23:26know, at the end of this study, we've now shown that there is
- 23:31not just a reduction proteinuria, but we can stop
- 23:35kidney function decline. And there's even some evidence
- 23:38that that patients might avoid dialysis on trutacna versus
- 23:43standard of care. And that's, that's a big, big
- 23:46idea that the data seem to support, will present that to
- 23:50FDA and will be aiming to get that into the label the middle
- 23:57of next year. And, and really continue to
- 23:59build the evidence of the benefits and, and continue to
- 24:03update the potential risks in, in, in how we're presenting this
- 24:08product to the market. So pretty amazing, amazing
- 24:12moment for us. A lot to, to look back on and be
- 24:15proud of and, and be grateful for.
- 24:17But also, you know the, the mantra within the within the
- 24:21company now is get Trutacna to the patients who who could
- 24:25benefit. That's, that's the rallying
- 24:28call. And that's true for the
- 24:30Salesforce, it's true for our medical science liaisons, true
- 24:34for all of us to communicate. When you have an opportunity to
- 24:38create a category of medicine, a new category that's truly
- 24:41differentiated from standard of care, we all feel responsibility
- 24:46to do that well. So that's what commercialization
- 24:51means to us. It's a continuation of the
- 24:53mission. We do that in close conjunction
- 24:57with regulators. We think that's really important
- 24:59to get right and in a compliant way.
- 25:03But you know there's and as you, as you mentioned by not being
- 25:08alone, by having others who are creating this category with us,
- 25:12we have a much better shot at changing standard of care.
- 25:15So we're excited about all of that right now.
- 25:18Yeah, I'm super excited for you guys.
- 25:20Like you said earlier as well, sort of 10 years in the making
- 25:24to get to this point, So love that.
- 25:27And still standing on the shoulders of giants, you know,
- 25:30like, and I do, I'd love to come back to this concept that we
- 25:34have the benefit of, of having a good understanding of how IGA
- 25:39nephropathy works, the pathophysiology.
- 25:41And we can't take that for granted, particularly in today's
- 25:45environment where, you know, biomedical research as, as
- 25:50supported by the US, the federal government is, you know, looking
- 25:54shakier than it used to. It has to be stronger so that we
- 25:58can make this kind of progress in other disease areas.
- 26:02Yeah, yeah, definitely. And look, that brings me to my
- 26:07final question, Marshall, which I ask every one of my guests.
- 26:11If you could have dinner with any scientist or innovator, past
- 26:14or present, who would it be and why?
- 26:16I love that question. Yeah, it sounds like a common
- 26:22question, but you got to do some thinking about it For, for, for
- 26:26me, especially the way you ask it.
- 26:29Scientist, innovator, dinner. It's got to be a good time.
- 26:33So it's Ben Franklin for sure. So, you know, Benjamin Franklin,
- 26:37what an amazing mind. What an innovator, a scientific
- 26:41mind, but also someone you actually want to have dinner
- 26:44with. Yeah, he's a funny guy.
- 26:48So I think that that would be fun.
- 26:51You know, I might have one. You know more than one glass of
- 26:53wine at that dinner and have a laugh.
- 26:56Yeah, I like it when people take that question really literally.
- 27:00It's like, well, I'm having dinner with them, right?
- 27:02I wanna have a good time. Yeah.
- 27:05Thank you so much for coming on, Marshall.
- 27:07It's been an absolute pleasure. Awesome.
- 27:10Thanks so much for your interest, Max, and thanks for,
- 27:12you know, elevating the voice of of the industry and we're doing
- 27:16something really important here and I appreciate your work.
- 27:18No, absolutely. Thank you so much and please
- 27:21everyone like and subscribe to the Bio Hub and and thank you so
- 27:24much again, Marshall. Thanks Max.