Getting discoveries out of the lab is only part of the commercialization journey. At some point, a promising idea reaches the stage where investment decisions can determine whether the science moves forward, stalls out, or becomes something that can truly reach patients. That moment is especially important in rare diseases, where the path to market can be long, complex, and difficult for traditional capital to support.

My guest today is Tim Brent, Venture Principal with Pathway to Cures, the venture philanthropy fund of the National Bleeding Disorders Foundation. Tim brings experience across patient advocacy, specialty pharmaceutical operations, and venture investment, along with a personal family connection to rare disease communities. In his role, he sources and evaluates investment opportunities, supports diligence and transactions, and helps manage relationships with biotech companies after investment.

We also discuss the practical side of the work, including how Tim finds opportunities, what makes a founder conversation stand out, and where promising science can start to lose momentum. He shares what patient input adds to diligence, why clear milestones and a strong mechanism of action matter, and how venture philanthropy can sometimes help early-stage programs keep moving when traditional capital is not quite ready to step in.

In This Episode:

[02:06] Tim Brent shares how his nonprofit career led him into the bleeding disorders space and mission-driven life science investing.

[03:05] How his long connection to the bleeding disorders community and his daughters’ diagnoses add personal intensity to the work.

[05:20] How Pathway to Cures works with university spinouts, licensed technologies, scientific advisors, legal counsel, cap tables, and investment documents during diligence.

[08:17] Why patient perspective is central to Pathway to Cures and how the history of the bleeding disorders community shapes the way new therapies are evaluated.

[10:02] Risks traditional investors may overlook, including treatment burden, side effects, patient preferences, and whether a new therapy is compelling enough to replace existing options.

[11:52] How patient engagement shows up in diligence through the National Research Blueprint, lived experience experts, and the newer Bleeding Disorders Research Collaborative.

[13:33] The importance of engaging patients and community members early, rather than waiting until a company is close to clinical trials.

[14:24] What makes university tech transfer offices easier to work with, especially when researchers are genuinely excited about the discovery and open to scientific discussion.

[15:55] What can slow deals down, from scheduling the first meeting to unclear founder pitches, slow NDAs, missing data room reports, IP questions, and unclear mechanisms of action.

[18:11] What the relationship looks like after Pathway to Cures invests in a startup, including milestone check-ins, consultant referrals, and support without becoming a distraction.

[19:46] Why very early-stage companies often need more post-investment support than later-stage companies.

[20:22] Post-deal challenges that can come up unexpectedly, including slow decision-making, sudden management changes, and questions about cash burn.

[21:09] Where promising programs can lose momentum, fall behind on timelines, or run out of capital before reaching the next funding round.

[22:10] How venture philanthropy can help bridge the “valley of death” by taking on more risk, supporting rare disease markets, and helping companies de-risk early science.

[25:00] Advice for tech transfer offices that want to make early-stage opportunities more attractive to mission-focused investors.

[27:15] The future role of patient registries, patient-reported outcomes, access for underserved communities, affordability questions, and stronger partnerships.

[28:36] A personal way to think about science, investment, and patient impact by asking what you would want if someone in your own family had a chronic disease or condition.

Resources:

AUTM

Pathway to Cures

Tim Brent - Pathway to Cures

Tim Brent - LinkedIn

Bridging the Early-Stage Funding Gap in Innovation with Teri Willey