Latest / Making Medicine / Winning the Drug Development Relay Race w/ Johannes Fruehauf
Transcript
- 0:00You need what we call knowledgeable capital. People who are willing and understanding of
- 0:05the risks that goes in, who don't write you a check because they like
- 0:12you, but who write you a check because they believe in you and they
- 0:15understand what you're proposing to do. You're listening to Making Medicine Stories from the
- 0:21Early Stage life sciences Ecosystem, a podcast that explores the people and deals that
- 0:26have led to the medicines, devices and technologies that keep us healthy. Let's
- 0:31get into the show. This is John Stanford. You're a regular host of
- 0:36the Making Medicine podcast, and today I'd like to welcome Johanness fru House,
- 0:40friend of the Incubate Coalition. He's co founder and general partner of Mission BioCapital,
- 0:45CEO of Biolabs, and co founder of lab Central. Simply put,
- 0:50if you're in the sciences early stage ecosystem, you probably know Johanness and the
- 0:55great work that he and his colleagues have done. He's also the author of
- 0:59over thirty your review publications and named inventor on nine patents, and previously was
- 1:03a physician after studying medicine in both Germany and France. So from any angle
- 1:10Johannes, it is great to have you on the show. So thrilled that
- 1:14you were able to join us. You know, you wear a lot of
- 1:17different hats from being a VC Permission, BioCapital, what you've done in terms
- 1:23of incubator spaces with Biolabs and lab Central, you know, welcome everyone with
- 1:29an introduction to each of these and how each organization kind of fits in with
- 1:34the others. Yeah, thank you, John, It's great to be on
- 1:38your show. And I'm glad that you're doing the work that you do,
- 1:41which is to educate people about all the work that goes into coming up with
- 1:46new drugs, because I think we need to do a much better job by
- 1:49telling that fantastic story of innovation. One small correction, While I'm not practicing,
- 1:57and you never stopped being a physician, so I still somehow self identify
- 2:00as a medical doctor. At least I'm treating my kids and my family,
- 2:06so the subject to that. Yeah, so nice to be here. And
- 2:09so in description of my different organizations, like the common theme is really to
- 2:15help scientists and entrepreneurs launch their work and get started with this important work of
- 2:22translating academic findings or innovation into products that ultimately help us and that we can
- 2:29prescribe and that we can take and that will help your patients. We do
- 2:34that through a number of organizations. The first one is Biolabs. Historically,
- 2:42the first one is biolaps. We started that about ten years ago, and
- 2:45that's a that started as a small effort in Kendall Square, Cambridge, when
- 2:50I was building a startup another one. I had launched a few and needed
- 2:55lab space and it was very expensive to have lab space and tedious to run
- 3:00to build and run your own facility. So I realized that I had a
- 3:05bunch of friends who also needed that, and we banded together and shared the
- 3:09lab space and also now shared that capability with other founders NBCs who used us
- 3:16to launch their little things. And that was initially just really a way to
- 3:21offset the cost of our own operation and merged into or evolved into a business
- 3:27that's a pretty good small business now that provides a lot of value to people.
- 3:31That's biolabs. Billabs has since grown too. I think today ten cities.
- 3:37It's a moving target because we're adding more and more labs. We're up
- 3:40and down the East coast, up and down the west coast. We've opened
- 3:45a lab in Dallas, Texas as well, and we have now opened a
- 3:50first location, first two locations in Europe with a lab in Heidelberg and an
- 3:54office and hopefully soon a lab also in Paris. Now that's Biolabs. Biolabs
- 4:00eventually caught the eye of the state of Massachusetts because we had worked he and
- 4:06they helped me set up a separate version of this which is called lab Central.
- 4:12Lab Central is incorporated as a nonprofit. We did that because we were
- 4:15able to access additional state funding by doing it as a nonprofit. So I
- 4:20run these both organizations that really do sort of the same thing. They help
- 4:26entrepreneurs launch their companies. Lab Central itself is today home to about seventy startups.
- 4:34It's all in and around Cambridge and Boston and has just launched its newest
- 4:42facility. Lab Central is currently working out of four different facilities. We've just
- 4:46launched the newest one that's called lab Central two thirty eight, where the focus
- 4:50on cell and gene therapy companies, specifically based on the observation that we had
- 4:58from many of our is that users that who are working on very innovative new
- 5:02therapies that they couldn't really find the support for process development and for manufacturing of
- 5:11these specific new technologies that are life cell therapies or gene therapies where you have
- 5:15to make vectors and produce them. And so they're central two thirty eight for
- 5:21those of you who are in the Boston areas, on two thirty eight Main
- 5:26Street in Cambridge, right next to the Kendall Square Red Line T stop in
- 5:30an old historic building and we are still finishing the build out there while we
- 5:34are running the first half of the facility. It will be one hundred thousand
- 5:38square foot facility when it's fully done in the summer, focusing on process development
- 5:45and scale up for cell and gene therapy companies. And last not least,
- 5:50I'm co founder with my partners and a general partner of Mission BioCapital, which
- 5:57is a venture capital firm headquartered in Ambridge, but with another office also in
- 6:00San Francisco, and we have partners around the country who invest in the type
- 6:08of companies that we build in the labs. So the labs are really sort
- 6:11of the main place for deal flow for us an interaction with entrepreneurs. We're
- 6:15currently investing out of Fund five that has just closed. It's a fund that
- 6:20invests that has two hundred and seventy five million dollars to manage in this current
- 6:26fund and invest in early stage seed series A series BS innovative startup companies.
- 6:33And so we're just starting, so people should look at us as a fresh
- 6:39source of capital come to us with their ideas. So I have this interesting
- 6:44perspective on things that is granted by being sort of a landlord and a partner
- 6:50to companies when they just launch, being able to connect many places physical geographic
- 7:00places and sort of conceptual places. Because we also have a lot of stakeholders
- 7:06from the pharmaceutical industry that US sponsors for the labs and are interested in these
- 7:12startups. So that's sort of the background on me, and we can go
- 7:15a little bit deep on what we do and how we do things well.
- 7:18And this is why we have to make you a regular on the podcast because
- 7:23you do have all these hats. But like you said, the common theme
- 7:26here is solving the challenges that lay out of entrepreneurs. And to anyone who
- 7:30doesn't see that, the solutions are public private partnerships. You look at Biolabs,
- 7:36a market based solution that is filling out and growing, and I think
- 7:41what you're doing in Europe is so fascinating. We'll talk about that in a
- 7:44bit. But the state also, you know, Massachusetts saw what was working
- 7:48and said we want to get in on that, and lab Central is born.
- 7:51But of course, for every entrepreneur we've ever had on the show,
- 7:56access to capital is what allows them to scale. And so I love that
- 8:00you're sort of solving this from all these different angles, particularly for the early
- 8:05stage ecosystem, and you know, we talk about that ecosystem a lot on
- 8:09this show, and the drug development process. Like you said, my role
- 8:13is really trying to educate those who aren't in the thick of it, those
- 8:18who don't know where two thirty eight is in Cambridge about the drug development process.
- 8:24Now I've stolen from you regularly when we talk to policymakers because you have
- 8:31kind of coined the concept that drug development is a relay race. Can you
- 8:35talk a little bit about that analogy, how you see your organizations fitting in.
- 8:41But big picture, what's that really race analogy that you've talked about.
- 8:45Yeah, thank you, John. Yeah, I think it's hard for people
- 8:48from the outside, but also even for many people on the inside to see
- 8:52the very complexity of the multi stage work that has to go into making a
- 9:00drug. Oftentimes we hear from founders who themselves don't fully understand that, in
- 9:07addition to their discovery of a new biologic phenomenon that happens that they discovered while
- 9:13they were graduate students or postdocs, that doesn't make a drug yet. While
- 9:18it may be a fun, fascinating new biologic concept, and maybe they even
- 9:22have a candidate molecule that could be utilized to exploit that with therapeutic benefit,
- 9:28that doesn't make it a drug yet. And there are many other stages that
- 9:33need to come on top of that, and that is part of that regulated
- 9:39process that ultimately gets us to having safe and effective drugs. We don't want
- 9:43a situation where every quack can create their own medicines, right and even though
- 9:50they might be claiming all kinds of things, that those medicines might not work.
- 9:52So instead, the process starts with a discovery, hopefully a non mechanism
- 9:58of it, then can go to develop what we call a lead candidate or
- 10:03a development candidate. These are different maturity stages of molecules or biologic concepts.
- 10:11As we validate them first in cell models and then in in vivo models of
- 10:18varying complexity, and then eventually one important transition in the maturation of these concepts
- 10:24is your first in man trial, when you either go into healthy volunteers in
- 10:30some cases or in some other indications, such as in oncology, some of
- 10:35these drugs immediately get tested in ill patients and you can potentially see a disease
- 10:43benefit right away. There are so many different components that need to go in
- 10:48in addition to the original scientific discovery. They have to do with manufacturing.
- 10:52As we already spoke about, the manufacturing of drugs is held to very very
- 10:56high quality standards and requires its very own skill set to work under these conditions.
- 11:03And oftentimes the basic discovery scientists, who maybe geniuses in their one pathway
- 11:09or the one area of biology, don't have the skills, don't have the
- 11:16equipment, don't even have the mindset for the very regulated and regulamented work that
- 11:22is the manufacturing or the regulatory side of drug development. Then we need clinical
- 11:28experts who can design effective and save clinical trials where we slowly escalate the doses
- 11:35to make sure that we don't expose patients or healthy volunteer participants to undo risk
- 11:41during these trials. And then there's the whole process of ultimately getting to approval
- 11:48and working with the regulatory agencies, in our case with the FDA or the
- 11:52EMA, to get them to review the files of the many pieces of data
- 11:58that we put in front of them and ultimately approve these drugs to be prescribed
- 12:03in the market. Also, there are business considerations that have to go in.
- 12:09As we describe this, there are dozens of people, hundreds of people
- 12:13involved in the making of one drug. That means you need to pay them.
- 12:16That means you need a lot of money. That money needs to be
- 12:20raised. There are experts in raising that money. They're experts in providing that
- 12:24money telling the story. So that's why I describe it as a relay raise.
- 12:28And so it means that one person cannot make a drug. It always
- 12:35needs a team, and in many cases it needs a team of subsequent talents
- 12:39so that it also sets the expectation. And that's sometimes a painful realization for
- 12:46the founders of the companies that the initial founders, the geniuses who have invented
- 12:52the new biology, might not be the right people to take it all the
- 12:56way we of course, one of my philosophy is to try and be as
- 13:01empowering as I can of scientists entrepreneurs. I've been one myself, and I
- 13:05had mentors who helped me along the way and taught me many things. But
- 13:09I also realize that there are still areas that I don't cover and I shouldn't
- 13:13and they're experts that we should bring into these teams. And so that's again
- 13:20the allegory of the relay races, that you passed the button onto the next
- 13:26runner who will take it to the next level, and you're still proud ultimately
- 13:31as a team to have won the race or to have made it onto the
- 13:35stairs the end. Because your drug is becoming useful in the market, the
- 13:41time it takes and the cost it takes is often underestimated by not just by
- 13:48the lay public, but also by ourselves and by other founders. We are
- 13:54all notoriously optimistic about, Yeah, we can solve this quickly. Reality has
- 14:00this nasty habit of interfering with the best lay plans. Well, I think
- 14:05a couple of things that stood out to me there. I think the time
- 14:09and money underestimated that you closed with is so right I love the way you
- 14:13put a team of subsequent talents, and I know that you've been in the
- 14:18room to possibly tell scientists that we're moving away from your brilliant discovery to a
- 14:26place where we've got to replicate this. You talked about two thirty eight and
- 14:30the focus on selling gene therapies, and that's one where manufacturing is going to
- 14:35be a whole nother skill than the concept of biology and treatment and therapy.
- 14:41And it is many different experts that have to come together, and it does
- 14:46take a lot of capital. You know, there's been some conversation about what
- 14:52players should be in the space, particularly at the end, sort of pitting
- 14:56this sense of small entrepreneurs large manufacturers, but I know that you haven't necessarily
- 15:03seen it that way In terms of the capital side. Does it make sense
- 15:09for the capital to be locked in or do you see sort of the merger
- 15:13and acquisition process as an opportunity for early capital to exit and be redeployed,
- 15:20or do we need to be thinking about tying up that money for the twenty
- 15:22years from innovation to drug deployment. That is a very interesting question, and
- 15:30I think it changes with the markets. We are seeing a period in which
- 15:33we are coming. We are just now exiting a period of a bulliance right
- 15:39and where the public markets were open and companies could raise a lot of money
- 15:43with a promise. In many cases, my view has been and continues to
- 15:48be prematurely. We saw a lot of companies go public this past a year
- 15:54and a half that frankly shouldn't have been public, and the private funders should
- 16:00have continued the work to bring it further. I also describe a drug development
- 16:07as a relay race, because in many cases there's a handover that happens between
- 16:12the entrepreneurial team that starts the company, we started with venture capital money and
- 16:18supported with nimble, quick, smart teams, and ultimately hands over that drug,
- 16:25or that concept, or the whole company to a larger pharmaceutical company that
- 16:30the for the VC you were touching upon. That that could describe an exit
- 16:34scenario in which they sell the asset for the founding team. That could be
- 16:38a very nice financial reward if they sell it, But more importantly, it's
- 16:44a reward of the effort of getting a drug advanced, right, because in
- 16:48many cases the big pharmaceutical companies are much better equipped to handle the later stages
- 16:53of the drug development process that have to do with you know, large clinical
- 16:59trials which hundreds of millions of dollars, regulatory access in various countries, so
- 17:04you have to negotiate differently with the EMA and the Chinese authorities and the Japanese
- 17:10authorities, then you have with the FDA, and so for a startup team
- 17:14to handle all of that is daunting, and so in many cases I actually
- 17:18do believe that should be and there is a very productive relationship between innovative founder
- 17:26teams and big pharmaceutical companies who, through a process caused external innovation, partner
- 17:33with those teams and can be very productive for both sides. In rare cases,
- 17:38do we see successful startups grow to mid sized companies and to big companies.
- 17:44We've seen that all recently in the case of Moderna, right like when
- 17:47Moderna is now undisputably a big pharmaceutical unity. If you look at their valuation
- 17:52and as at the impact that they've all basically helped to save the world,
- 17:59that's a big but a rare achievement. And in most cases these get handed
- 18:03over at various stages of development to the pharmaceutical side. That's not a bad
- 18:10thing at all. What we have to keep in mind is that the incentive
- 18:15for venture to support this very risky endeavor is they're investing because they're hoping for
- 18:25a return. Right. They're investing in highly risky concepts, teams and new
- 18:30candidate molecules with the hope to make it big and to make a decent return
- 18:37for themselves and for their investors. And we need to understand that interfering with
- 18:42the careful balance that has evolved in the market over decades is a big risk,
- 18:48right, Like you know that I've been vocal expressing my own concerns about
- 18:53how price controls would affect the flaw of innovation, and I I sit at
- 19:00the very point where a strong desire by venture capital to invest in these new
- 19:06concepts is needed, right else no new startups can get funding. So I
- 19:11do have strong concerns about that, and I understand that we need to not
- 19:17have drug prices explode, but at the same time, we need to put
- 19:19the right incentives or keep the right incentives, and so that venture capital can
- 19:26flow into this very innovative sector of our economy. Well, I think you
- 19:32sit right there, and I commend you that you took that advocacy helm to
- 19:37weigh in in some of these conversations because it's undisputed that you sit at the
- 19:41central point of innovation, and so I know, I again commend you on
- 19:47getting your voice out there leading others to get their voices out there, to
- 19:51say. It is a delicate balance that we have right now and one that
- 19:55is working working quite well. Another question I often get from policymakers, you
- 20:00know, with a little envy in their eyes, is how does my hometown,
- 20:04how does my city latch on to this hub of innovation? You know,
- 20:10you recently were quoted in stat in an article about how Texas is buying
- 20:15to be the next research triangle, And you know I get that from policymakers
- 20:21all the time. How do we build Kendall Square in my state? And
- 20:25you know you mentioned that there's a power of place. Talent, capital,
- 20:30culture, and infrastructure are critical. Can can you talk a little bit about
- 20:34what goes into that? How does a region attract those factors? And you
- 20:40know what role does something we haven't talked a lot about on the show foot
- 20:44Roll lab space plays and as an asset to a to a city in a
- 20:48region. Yeah, so thank you, many many factors make the ecosystem right.
- 20:53I think Boston is sort of held up high as sort of the up
- 21:00to an example of how this has come together and naturally has come together over
- 21:03the last say twenty years to be a place of high efficiency and a high
- 21:10economic output. So if we dissect the elements that contribute to Boston's success,
- 21:14I think we can learn from that, and we can try and construct those
- 21:18elements in other geographies as well. And we too get asked this question quite
- 21:25a bit from politicians in this country. But also I'm from Germany, so
- 21:29I host German delegations a lot, and European ones, and they're looking with
- 21:33envy at what Boston has and think about, Okay, what are the elements
- 21:38that we need to put in place in our hometown, in our state to
- 21:42get some of that love or get some of that benefit. Now, it's
- 21:48a very complex. We could talk for two hours separately on what are the
- 21:52various elements of a successful ecosystem, but let me highlight a few. Of
- 21:56course, it all starts with strong academic science that you cannot create this in
- 22:04a place where there's not a strong university, a teaching hospital, some research
- 22:11institutions, ideally more than one, right, ideally a concerted effort of multiple
- 22:18and even competing research institutions who will create basic science, who will also create
- 22:22some of the graded talent that you need to man these jobs. So that's
- 22:29like the number one thing that you cannot do without. But if you have
- 22:33that, that doesn't guarantee you at all that you will have a successful startup
- 22:37ecosystem. Many other elements come to it. One that's it's very close is
- 22:41the way that technology transfer is handled and whether there are policies at those universities
- 22:47that are helpful or detrimental to the spinout of ideas and to the empowerment of
- 22:52scientists who take their ideas out and develop them beyond writing a paper. Right
- 22:56as you and I know, we've all grown up in the academic world where
- 23:02academic credit is gained by writing papers or holding talks to an expert audience.
- 23:07You get impact factors for that, and ultimately that's what gets you tenure.
- 23:11Now, that doesn't help the patient. That doesn't help Grandma who's suffering from
- 23:17diabetes or from alzheimer. Only if you take these ideas further and you make
- 23:22a product out of it, will that patient see any benefit from it.
- 23:26So I'm a big advocate of releasing ideas from university and also tasking scientists who
- 23:33are supported by public funding with the challenge and the responsibility to make their science
- 23:40available to the world. And so one of the bottlenecks that we often see
- 23:44in that is the attitude and the culture at the university itself. That's cultural
- 23:49expectation, politics at the university, reward structures and recognition, but also the
- 23:57policies around technology transfer. We have seen the evolution towards best practices of technology
- 24:07transfer over the last twenty years, where I think it's now very well described
- 24:11what best tech transfer practices entail transparency, predictability, rapid turnaround of files,
- 24:19and also a good understanding of how value gets created through the spin out of
- 24:26technology and which avoids the overloading upfront with economic expectations. So some of our
- 24:33including in Germany and in other parts of the US where there's less experience with
- 24:38efiicient technology transfer, some of these offices demand too high a payment upfront.
- 24:45For example, to make it very simple, right, you are a researcher
- 24:48you want to take your idea out, or you have a venture capitalist who
- 24:51wants to help you start a company around your idea. We're going to charge
- 24:53them a million dollars upfront to access your pattern that's owned by the university,
- 24:57So that won't work right in more cases, and best practices often are a
- 25:03much more collaborative approach where the university can retain some value and create some revenue
- 25:11back for the university by being aligned with the startup and gaining value as a
- 25:15startup develops. So that's academic excellence, technology transfer practices, culture. Then,
- 25:23of course there's talent. All of this does not suffice if you don't
- 25:29have a diverse pool of talent that you can access, and I'm talking about
- 25:33diversity in every aspect. But you don't just need engineers, you don't just
- 25:38need biologists. You also need regulatory experts, as we mentioned before, you
- 25:44need finance experts, you need h R experts, You need people who can
- 25:47write pattern files, you need people who can write, you know, pitch
- 25:51decks to sell your things. So that all goes in into the talent base,
- 25:56and so cities that have more of that will always do better because then
- 26:03companies can recruit the talent for the relay race at the various stages that they
- 26:07need that space and real estate and lab space does play a big role.
- 26:14We have seen many cities loose because they didn't have affordable, ample well equipped
- 26:22lab space available for startups who then choose to go to Boston or San Francisco
- 26:26instead because it's available there. Our organizations help with that significantly, and oftentimes
- 26:32creating a biolabs can in your city can be the anchor around which much of
- 26:37the other work then can crystallize. Having a biolabs location or a similar incubator
- 26:44where you have dozens of projects will attract founders because now they find their peers
- 26:49around them, which sets the culture right. The programming and the seminars that
- 26:53we routinely do to train founders to be better at the business side of science,
- 27:00they will elevate the talent resource and it ultimately attracts financing or capital as
- 27:11well. So capital is sort of the next bucket that you need. You
- 27:15need capital that can support startups in your ecosystem. The bank that are the
- 27:22rich individual who may be there isn't sufficient, right. You need what we
- 27:26call knowledgeable capital. People who are willing and understanding of the risks that goes
- 27:33in who don't write you a check because they like you, but who write
- 27:38you a check because they believe in you and they understand what you're proposing to
- 27:44do. So that's different. Capital that's just money is very different from capital
- 27:49that understands the risk and can be helpful in the process of forming a company.
- 27:55And another big aspect is collaboration with what I call the buy side for
- 28:00me, that's the pharmaceutical industry. And ideally you would have in your city
- 28:07or you would attract to your city such players who can ultimately be buyers of
- 28:14startups or at least surround the startup teams with good advice. We see we
- 28:22succeed in facilitating the interface between startups and big farmerlands, always to the benefit
- 28:27of both stakeholders. Only on the making medicine power, well not only it's
- 28:33elsewhere, but there you have it. I mean, that is the recipe
- 28:36for success. And I know cities and regions are scratching their heads on these
- 28:41questions, but what you just described is the recipe and you have the experience
- 28:47of building it out. You know, I want to close with you know,
- 28:51talking about that you sort of are returning to your roots with some interest
- 28:56in Europe. File Labs has obviously been very successful here in the US.
- 29:00You chose to go to Heidelberg and to Paris, and I imagine that's only
- 29:04the beginning. What drew the interest back to Europe for bio labs and why
- 29:11make that expansion now? Yeah, And as we're talking about Heidelberg, I
- 29:15need to mention that there has been a tragic shooting this morning at Heidelberg University
- 29:19at the medical school, which is unheard of in Germany, and I'm worried
- 29:26about my friends and colleagues over there. I hope that we're not seeing a
- 29:30period of, you know, worsening of the environment over there. But what
- 29:36makes me do this is both personal and business driven. Personal because I'm from
- 29:41Germany. My parents are still there, my brothers are there and have many
- 29:45good friends there, and so I enjoy helping them and bringing to Germany to
- 29:52where I studied and to where I come from. Many of the learnings that
- 29:56I have derived over the last twenty years of doing this in this country and
- 30:00learning it well and thoroughly. I think we have the opportunity to really bring
- 30:06with Biolabs significant change to the innovation world in Europe. It's also driven by
- 30:14business desire. I believe that right now there's a moment in time where Europe
- 30:18has understood, they have understood finally that biotech is an area they want to
- 30:25invest in. That had not been the case in the past decades. In
- 30:29fact, there had been policies in place in the eighties and nineties that actively
- 30:33drove pharmaceutical and biotech out of Europe right for whatever host of reasons. Bio
- 30:37intact, the discoverer of the drug that is marketed here is the Fiser vaccine.
- 30:44Of course, as a German used to be a German small company,
- 30:47startup biotech company. And so now at least the German government is recognizing that
- 30:52they have the talent right there that could change the world and become a very
- 30:56important industry sector. So I have this convict that the European governments are realizing
- 31:02that and they will put more resources behind a sector that is emerging in Europe
- 31:07right now. So the timing is good. There's also there has always been
- 31:11excellent science at the universities in Europe and it has not been translated very well.
- 31:17So there's a real arbitrage opportunity for us, which translates into business opportunity.
- 31:22Right of sourcing technology and sourcing teams and then developing them in the United
- 31:29States where we would likely have R and D groups reside in Europe and connect
- 31:34them with the best practices of building a business, access to capital, access
- 31:38to talent in the US that will not remove the R and D presence in
- 31:44Europe, but will collectively build value on both sides. So those are some
- 31:48of the reasons that have me spend more time in Europe now, and mostly
- 31:53it's really that I hope to make an impact there as well as we have
- 31:56done here. Well. I think it's absolutely incredible as that begins to grow
- 32:02incubate had the opportunity, I had the opportunity to brief the European Parliament a
- 32:07few years ago about those policies in the US that have enabled that innovation ecosystem
- 32:13and what can be replicated their intellectual property, proper incentives, proper valuing of
- 32:19medicine, and I think you represent the tip of the spear of that geneseequa
- 32:23to take a European phrase that actually makes academia successfully commercial and successfully entrepreneurial.
- 32:31Our thoughts and prayers also with folks in Heidelberg. That is tragic and we'll
- 32:37keep them and I know our listeners will be thinking of them as well.
- 32:40I want to thank you Johannes. This is the first of what I hope
- 32:44will be many times on the podcast. He is Johannes Fruhauf, investor,
- 32:50incubator and let's not forget physician, and we've been really grateful to spend some
- 32:54time with him today. Thanks again to our audience for listening and always sharing
- 33:00feedback. More on Incubate and the work that folks like Johannes are doing or
- 33:04is at www dot Incubate Coalition dot org. As always, a special thank
- 33:08to my colleagues Ashland Roberts and Olivia Lucani and producing today's podcast, and as
- 33:15always, keep innovating. You've been listening to Making Medicine. To ensure that
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