Open + Connected + Catalytic
Open + Connected + Catalytic
What we focus on when identifying new portfolio companies can be found under "Our Focus". As an entrepreneur, however, it’s also important for you to know what you’re looking for in a financial partner. At HealthQuest we capture our ethos in three words: “Open + Connected + Catalytic”
For us, OPEN means being open to ideas and situations that other investors might just dismiss. As investors (and entrepreneurs) we’ve all had success with opportunities that were over-looked or rejected by others. We think that sometimes those are, in fact, the very best opportunities. We also like entrepreneurs that challenge our own paradigms about business and investing so we remain open-minded at all times.
HealthQuest is CONNECTED throughout the industry with an exceptionally broad network of established relationships with major industry players, providers and provider groups, payers, successful entrepreneurs and other investors. These relationships become an asset to our portfolio companies as we help them build bridges to potential commercial partners and collaborators, help strengthen boards and management teams, raise future capital or (when appropriate) find acquirers for our companies.
Finally, we describe ourselves as CATALYTIC because in every company we partner with we want to make a difference to the business beyond the capital invested. We look for opportunities where our experience, networks, or other contributions can fundamentally change the trajectory of the business. Every member of our team looks for catalytic opportunities with every company in our portfolio on a continuous basis – and we believe we’ve had that kind of impact on each one.
Our team has decades of investing experience and also decades of experience operating businesses of the types we invest in. We also have a Board of Advisors that we can call on to help evaluate investments and assist our portfolio companies. [Scroll down or click on photos for individual bios]
Garheng founded HealthQuest Capital in 2013 to pursue opportunities for investing in fields and locations that he felt were overlooked by many venture and growth investors. A physician and engineer by training, Garheng has 17 years of experience investing in innovative healthcare companies with a long list of successes. He currently serves on the boards of portfolio companies Castle Biosciences, First Aid Shot Therapy, Magnolia Medical, Trice Medical and ScribeAmerica and is a Board Observer on VirMedica and Spirox.
Some of his notable past successes include IPO’s with Cempra (CEMP), Alimera (ALIM), Applied Genetic Technology Corp. (AGTC), Proteon (PRTO), Histogenics (HSGX) and TransEnterix (TRXC). His investments going on to successful M&A transactions include: Calibra Medical (J&J), Cellective (AstraZeneca), Serenex (Pfizer), Athenix (Bayer), NovaMin (GSK), Aldagen (Cytomedix), Salveo Specialty Pharmacy (Catamaran) and SARCode (Shire). Each case was an opportunity where the entrepreneur was “genuine,” the commercial opportunity was clear, and the science was strong. Garheng continues to look for each of these for HealthQuest’s investments.
Garheng’s interests and industry footprint are broad as he also serves on the board of LabCorp (LH), Alimera Sciences (ALIM), Histogenics (HSGX), Cempra (CEMP), StrongBridge (SBBP), the Duke University Medical Center, SEBIO, Corporate Chaplains of America and numerous industry groups.
Garheng received two undergraduate degrees in Chemical Engineering and Biological Sciences from Stanford, while on an athletic scholarship. He then earned a MD, PhD and MBA from Duke University, graduating #1 in his class in each instance. His early career included stints at GlaxoSmithKline, McKinsey and a medical device start-up, TherOx, before joining Intersouth Partners and then Sofinnova Ventures. He lives in Redwood City with his physician wife (a board certified electrophysiologist) and was a nationally ranked volleyball player (and avid “foodie”).
Randy joined Garheng in starting HealthQuest in 2013. After a successful career as a MedTech entrepreneur, Randy switched careers because he also saw the opportunities overlooked by investors and felt he could help innovative young businesses by applying the lessons he learned by leading those kinds of companies. He is currently on the board of HealthQuest portfolio companies Vestagen, Virmedica and Avizia and is a Board observer on Magnolia Medical, Trice Medical and FAST.
Randy’s industry successes include starting NovaMin Technology, Inc. leading it through financing, growth and eventual acquisition by GlaxoSmithKline (at a 10x return on capital); a turn-around of USBiomaterials Corp’s bone-grafting business from perennial money-loser to a profitable spin-out (now NovaBone Products); and a member of the early management team at LensCrafters as it emerged from start-up to market leader. These businesses each solved real problems for patients and users and those are the kind of opportunities Randy seeks as he thinks about opportunities at HealthQuest.
Randy is committed to supporting entrepreneurs both in HealthQuest’s portfolio and beyond, including as past chair of the Gainesville Area Innovation Network, board member of the Cade Museum of Invention and Creativity, advisory board member for the Florida Institute for the Commercialization of Public Research.
Randy graduated from Georgia Tech with a BS in Management Science. He spent the first half of his career in consumer products marketing, starting in brand management at Procter & Gamble in Cincinnati. Randy lives in Gainesville, Florida with his wife and three sons with whom he enjoys wilderness backpacking.
Todd joined HealthQuest in 2016 after spending the prior nine years as a healthcare CFO, helping build several successful companies to profitable exits. He joins HealthQuest excited to bring his operations and financial experiences to innovative companies that are primed for growth with the right plan and execution.
Most recently he has been the acting CFO for Femasys, a medtech company developing and selling devices targeted at women’s health issues. Prior to that, he was CFO and Treasurer of ZS Pharma (IPO in 2014 and sold to AstraZenaca in 2015; a 30x increase in valuation from when he joined in 2013). Todd was the CFO and led business development activities for Sarcode which developed lifitigrast, the first dry-eye pharmaceutical to be approved (2016) for both signs and symptoms of dry eye (sold to Shire in 2013). He was also the CFO of Sirion Therapeutics, an ophthalmic company that successfully developed and received approval for two products (Durezol and Virgan) and sold to Alcon and Bausch and Lomb in 2010. During his CFO tenure he has raised more than $500m in equity and debt, helping to build operations and companies that generated over $3.5b in exits.
Earlier in his career, Todd did healthcare venture investing for Quintiles and worked with SRI International. He has also co-founded two companies; a spectroscopy platform spinout of Duke University (Centice) and a specialty pharmaceutical company (TLC Pharma).
Todd holds bachelor's degrees in Finance and Accounting from Miami (Ohio) University where he was also a scholarship baseball player, and an MBA from Duke University. He is an Executive-in-Residence for Moffitt Cancer Center and sits on the Healthcare Advisory Board for Duke’s Fuqua School of Business. He and his wife live in Tampa, Florida with their two sons.
David shares his time between HealthQuest and Sofinnova Ventures, where he has been an investor since 2007. David joined the HealthQuest team to leverage decades of experience as an entrepreneur in the diagnostics field. While a chemist by training, the companies that David has led as President, CEO or Chairman have produced billions of dollars in returns for investors and employees. He currently serves on the Boards of portfolio companies Lineagen and Biotheranostics and is a board observer for Castle Biosciences.
As an operator David’s successes include leading the development of some of the diagnostic industry’s most iconic products like the first yes/no color changing pregnancy test, the PSA test for prostate cancer and the rapid strep throat test, plus numerous cancer diagnostics. He served in senior executive positions at Hybritech, was EVP of Dura Pharmaceuticals, CEO of Spiros Development Corp., Corvas International and co-founder/CEO of Salmedix. Each of the products he developed succeeded because it made a big impact on the medical management of patients and David keeps a keen eye out for the same thing when he considers investments for HealthQuest.
In addition to his HealthQuest Board responsibilities, David serves as a Board member of Antiva Biosciences and Dauntless Pharmaceuticals, and as a Board Observer at Histogenics. He has served as Chairman of Trius Therapeutics (acquired by Cubist), Chairman of Cebix Inc., Chairman of Amplimmune, Inc. (acquired by AstraZeneca), and as a Director of InterMune, Inc. (acquired by Roche), and Allylix, Inc. (acquired by Evolva).
David earned his BA in chemistry from Case Western Reserve University and then his PhD from Yale University. He lives with his wife in the San Diego area and enjoys fine wine, travel and skiing.
Rich joined HealthQuest as a Consulting Partner in 2014 to leverage his 16+ years of healthcare investing experience in both venture capital and small cap public companies. Having begun his career as a physician, surgeon and scientist, Rich understands first-hand how innovative companies can uniquely impact the practice of medicine. Following his career as a surgeon and scientist, he spent 15+ years at Three Arch Partners, a healthcare focused venture capital firm, where he sourced deals, made investments and added value as a Board member. He serves as a Board member on portfolio company Inmediata.
Past investments that he was involved in include Calistoga (Gilead), Visiogen (Abbot), Cameron (Boston Scientific), Confluent (Tyco), Novacept (Cytyc), Vivant (Tyco), Calibra (J&J), inGenuity (Qiagen), Spiration (Olympus), Sirtris (GSK), Salveo (Catamaran) and ePocrates, (Athena Health). In addition to HealthQuest, Rich invests in small cap public companies (also focused in healthcare) as the Founder and General Partner of Acuta Capital, which has over $200M in AUM. His experience in following companies through start-up phase, to IPO and beyond as public companies offers him unique perspective at how young companies can best create lasting value.
Rich holds a BS from Stanford University where he graduated Phi Beta Kappa. He received an MD from Harvard Medical School where he graduated cum laude and was named a Howard Hughes Scholar for his research efforts with the National Institute of Health. After medical school, he then went to UCSF School of Medicine for surgical residency and then attended Stanford Graduate School of Business where he received an MBA and graduated as an Arjay Miller Scholar. Rich and his wife reside in San Juan, PR while maintaining long-time ties to the Silicon Valley area.
Tom is a venture partner with HealthQuest, where he leverages his training as a physician, experience in the diagnostics industry and success as one of the industry’s best executive recruiters and management team builders. He serves as a Board observer for portfolio companies Lineagen and Inmediata.
Tom founded Life Science Partner, a very successful executive recruiting firm that has helped build the leadership teams at some of the world’s foremost medical device and pharmaceutical companies, as well as many venture-backed companies in the medical device, biotech and healthcare services sectors. Prior to LSP, he led similar practices at Korn/Ferry and Russell Reynolds. Tom has learned that the quality of a company’s management team predicts it’s success more than products or technologies and that perspective guides him in looking at companies for HealthQuest.
Tom began his career at Roche Molecular, where he developed and implemented their first marketing programs around PCR for medical diagnostics, including HIV detection. Like all HealthQuest partners he then worked inside a start-up, SyStemix where he established technology developmental partnerships with major cancer centers including MD Anderson, Fred Hutchinson Cancer Research Center and the Mayo Clinic. SyStemix developed proprietary stem cell purifying technologies important for treatment of cancer and genetic illnesses. He was the liaison with Sandoz's oncology group, whose parent company completed its acquisition of the company in 1996.
Tom has been especially active at promoting the industry across his home state of Georgia and the entire southeast. He is former Chairman of Georgia Bio, co-founder of SEMDA, the Southeast Medical Device Association and serves on the boards of SEBIO and the Parker H. Petit Institute for Bioengineering and Bioscience at Georgia Tech.
Tom earned his MD from Vanderbilt and both his undergraduate degree and MBA from Duke University. He lives with his wife and two daughters in Atlanta. He splits his free time between hiking and skiing in the mountains and kite-boarding on the coast.
Manfred joined HealthQuest in 2016 with over 20 years of private equity experience in managing investments, operations, finance and regulatory compliance. Manfred has broad knowledge in the legal, tax and accounting issues relevant to private equity firms, as well as deal structuring expertise and investment experience in the healthcare, financial services, business services, manufacturing, automotive, retail and energy industries.
Manfred spent 17 years with CAI Managers & Co., L.P., a mid-market private equity investment firm, where he became a Partner in 1998 and served on the boards of multiple portfolio companies. While at CAI in New York, Manfred held CFO responsibilities until 2001 during which time he formalized and implemented the firm’s operational policies and investment processes. He also led all Advisory Committee meetings and discussions relating to valuation policy and potential conflicts of interests. In 2001, he founded CAI’s Toronto office where he served as President of CAI’s Canadian subsidiary for seven years while continuing to have management responsibilities for all aspects of finance, operations and investor relations.
Manfred began his career in investment banking with Merrill Lynch & Co.’s corporate finance group where he worked on public and private issuances of equity, debt, and equity-linked securities. He also spent two years with New Street Capital Corporation, a New York-based merchant bank that invested in high-yield debt, distressed debt and private equity, and was a Senior Director at Visa Inc. for three years, where he structured and negotiated incentive agreements with Visa’s issuing financial institutions.
Manfred holds a B.A. in Economics from Stanford University. He lives in San Mateo with his wife, and both enjoy cruising while on vacation.
Marie joined HealthQuest as an Associate in 2015, where she uses her training as an engineer and medtech analyst to help in investment diligence and sourcing.
Prior to joining HealthQuest, Marie worked in sell-side Equity Research at JMP Securities in San Francisco and Goldman Sachs in New York. Her coverages included Molecular Diagnostics, Life Sciences Tools and Medical Devices companies. She was responsible for performing and communicating value-added proprietary research, including valuation and market analysis on the industry's core growth drivers. Marie also has prior consulting experience with Accenture's Life Sciences and Pharmaceutical R&D practice, where she focused on a range of strategic initiatives including clinical development and IT implementation.
Marie obtained her PhD in Chemical and Biomolecular Engineering from the University of Pennsylvania and her B.S. in Chemical and Biomolecular Engineering from the University of California, Berkeley, where she graduated Tau Beta Pi. While at Penn, Marie’s dissertation demonstrated for the first time that synthetic DNA can direct the self-assembly of nanoparticles into novel crystalline structures. Her thesis was published in several leading journals, including Nature and the Proceedings of National Academy of Sciences. Marie is fluent in French and enjoys scuba diving, as well as traveling. She resides in San Francisco with her husband.
Anna serves as Executive Administrator for Garheng Kong and coordinates special events and activities for the entire HealthQuest Team.
Anna brings over 15 years of experience in project management, real estate development, planning, community outreach, communication, economic and business development, neighborhood improvements, administration, human resources, budgeting, grant management, purchasing, and event management.
Her experience includes being a Development Officer with San Jose Redevelopment Agency, an Administrative /Human Resource Manager with Everett Charles Technology and Associate Developer with Eden Housing.
She has a Masters degree in Urban Planning and a BS in Mathematics, both from San Jose State University. She resides in San Jose with her husband and two children.
HealthQuest has a team of prominent industry thought leaders to help us evaluate opportunities, source investments and help our portfolio companies connect with their industries.
Bruce Broussard has served as President and CEO of Humana since 2011. Under his leadership, Humana is creating an integrated care delivery model that is expected to drive lower costs, enhanced quality, improved outcomes and a better member experience.
Bruce brings a wide range of executive leadership experience in publicly traded and private organizations within a variety of healthcare sectors, including oncology, pharmaceuticals, assisted living/senior housing, home care, physician practice management, surgical centers, and dental networks.
Prior to joining Humana, Bruce was Chief Executive Officer of McKesson Specialty/US Oncology, Inc. US Oncology was purchased by McKesson in December 2010. At US Oncology, Bruce served in a number of senior executive roles, including Chief Financial Officer, President, Chief Executive Officer and Chairman of the Board. Prior to US Oncology, Bruce was CEO of Harbor Dental, following senior executive positions at Regency Health, Sun Healthcare and Continental Medical Systems.
Bruce also plays a leadership role in key business advocacy organizations. He is a member of the Business Roundtable and a member of the Board of Directors of America’s Health Insurance Plans (AHIP), also serving on AHIP’s Executive Committee.
Bruce holds an MBA from University of Houston and a BBA from Texas A&M Mays Business School.
David P. King is CEO of LabCorp, the world’s leading healthcare diagnostics company. Mr. King began his LabCorp tenure as General Counsel in 2001, and later as EVP and COO of the Company, then becoming CEO in 2007.
Prior to joining the LabCorp, he was a partner with Hogan & Hartson LLP (now Hogan Lovells US LLP) in Baltimore, Maryland from 1992 to 2001. He spent 17 years as a practicing attorney both in private practice and with the US Department of Justice.
Mr. King was appointed to the board of directors of Cardinal Health, Inc. in 2011 and chairs its Human Resources and Compensation Committee. He also sits on the boards of directors of the Seattle Science Foundation, PATH, Inc., and the American Clinical Laboratory Association, and on the board of trustees of Durham Academy. Mr. King has a deep understanding of the clinical laboratory industry, business strategy, sales and marketing and executive management of the Company and its operations.
Mr. King earned a JD degree from the University of Pennsylvania Law School and an AB degree from Princeton University.
Since July, 2014 Dr. Schabacker has served as Chief Scientific Officer at Baxter Healthcare Corporation. In this role, he leads the R&D, Regulatory Affairs, Pharmacovigilance, Medical Affairs and Clinical Development organizations for Medical Products and responsible for driving innovation, enhancing Baxter’s scientific, technical and medical capabilities.
Prior to the CSO appointment, Dr. Schabacker had joined Baxter in March 2011 as the head of R&D for Medical Products. He lead the integration of multiple R&D teams into one global organization for Medical Products and placed R&D resources closer to our global customer base, including those in fast-growing emerging markets such as China.
Prior to Baxter, Dr. Schabacker held the position of Senior Vice President and Chief Scientific Officer at ConvaTec, Inc. In his role, Dr. Schabacker had global responsibility for R&D, Regulatory Affairs, Quality Management, Occupational and Environmental Health and Safety, Medical Affairs and Clinical Research. Prior to ConvaTec, Dr. Schabacker was Corporate Vice President, Research and Development at B. Braun Medical. Under his leadership, more than 10 new medical devices were launched and an innovation management program was implemented.
Prior to B. Braun, Dr. Schabacker also was a consultant with Drägerwerg AG and Senior Medical Officer at Mafikeng General Hospital, in the capital city of Mafikeng, North-West Province, South Africa, where he headed the Anesthesia and Intensive Care Medicine.
Dr. Schabacker has an MD and a Doctorate in anesthesia from Medical University of Lübeck in Germany and certifications in Anesthesiology, Disaster Medicine and Emergency Medicine.
Susan Arnold rose through the ranks at Procter & Gamble, ultimately serving as Vice Chairman in 2004, and President of the company in 2007. She had joined Procter & Gamble in 1980 and held several management and marketing positions before becoming the manager of Procter & Gamble's cosmetics business in Canada in 1990. In 1999, she assumed global responsibility for Procter & Gamble's beauty business, thereby becoming the first woman to reach a president-level position in the company. She retired from Procter & Gamble on September 1, 2009.
Ms. Arnold is a member of the board of directors of The Walt Disney Company. She has been a Director of the company since 2007. She has also been a member of the Board of Directors of McDonald's Co. since 2008.
Since 2002, Ms. Arnold has been listed on Fortune Magazine's 50 Most Powerful Women in Business- as #7 in 2008. In 2004 and 2005, she was listed on the Wall Street Journal's 50 Women to Watch. She was listed multiple times on the Forbes list of The World's Most Powerful Women and in 2005 she was #16 on Forbes' The World's 100 Most Powerful Women list. She served for several years on the executive committee of Catalyst, a nonprofit organization working toward the advancement of women in business.
Ms. Arnold graduated from the University of Pennsylvania with a Bachelor of Arts degree, and from the University of Pittsburgh with a Master of Business Administration degree.
Bill Hawkins currently serves as President & CEO of Immucor, Inc., a private company, wholly owned by TPG. Immucor is a market leader in helping secure the world's blood supply through automation. Mr. Hawkins is aSenior Advisor to TPG. Prior to joining Immucor in 2011, Mr. Hawkins served as Chairman and CEO of Medtronic, one of the worlds' largest and most innovative medical technology companies.
Mr. Hawkins joined Medtronic from Novoste Corp., where he had been President and Chief Executive Officer. He previously held senior leadership positions at American Home Products, Johnson & Johnson, Guidant Corp., and Eli Lilly & Co.
Mr. Hawkins is the Chairman of the newly founded Medical Device Innovation Consortium ("MDIC"), and was recently elected as the 2013 President of the American Institute of Medical and Biological Engineering ("AMIBE"). He serves as a Director on the Board of AdvaMedDX, is the Chairman of the Board for KeraNetics and on the Board of Thoratec Corporation, a NYSE-listed medical device company. Mr. Hawkins became a member of the Duke University Board of Trustees in 2011 and serves on the Business and Finance Committee and the Medical Center Academic Affairs Committee. In 2012, he was appointed to the Duke University Health System board and currently serves on the Audit and Compliance Committee.
He has an MBA from University of Virginia's Darden School of Business and a BS in electrical and biomedical engineering from Duke University.
Seth H. Z. Fischer has served as the Chief Executive Officer and director of the Vivus, Inc. since September 3, 2013. Vivus is a biopharmaceutical company committed to the development and commercialization of innovative therapies that focus on advancing treatments for patients with unmet medical needs.
Prior to Vivus, Mr. Fischer served in positions of increasing responsibility with Johnson & Johnson from 1983 until his retirement in 2012. Mr. Fischer served as Company Group Chairman, Johnson & Johnson, and Worldwide Franchise Chairman, Cardiovascular Devices, from 2008 to 2012, which included responsibility for Cordis and Biosense Webster, and as Company Group Chairman, North America Pharmaceuticals from 2004 to 2007, which included responsibility for Ortho McNeil Pharmaceuticals, Janssen, Scios and McNeil Pediatrics. Mr. Fischer served as President of Ortho-McNeil Pharmaceuticals from 2000 to 2004, with his operating responsibilities encompassing the commercialization of products in multiple therapeutic categories including analgesic, anti-infective, cardiovascular, neurologic, psychiatric and women's health areas.
Mr. Fischer is a member of the board of directors of BioSig Technologies, Inc., Agile Therapeutics, Inc., Marinus Pharmaceuticals, Inc. From April 2013 to September 2013, Mr. Fischer served on the board of Trius Therapeutics, Inc., until it was acquired by Cubist Pharmaceuticals. Mr. Fischer is a graduate of Ohio University and served as a captain in the U.S. Air Force.
Dr. William C. Rupp, M.D. serves as Vice President and Chief Executive Officer of Mayo Clinic - Florida at Mayo Clinic Rochester and Mayo Clinic Health Systems. Dr. Rupp served as the President of Luther Hospital (Inc)-Mayo Health System. He led quality projects at Luther Midelfort in Wisconsin, part of the Mayo Health System. He served as President and Chief Executive Officer of Luther/Midelfort Mayo Health System from 1994 to 2001. He served as President of Midelfort Clinic from 1991 to 2001.
Dr. Rupp has extensive experience in quality, change management, safety and team building. Dr. Rupp served as the Chief Executive Officer of Jacksonville Campus of Mayo Clinic (formerly known as Mayo Clinic Rochester) since November 21, 2008. Dr. Rupp served as Chief Executive Officer of Immanuel St. Joseph's Mayo Health System since November 2002. He served as President and Chief Executive Officer of Luther Midelfort - Mayo Health System from 1994 to 2001. He served as President of Midelfort Clinic from 1991 to 2001.
He serves as Internal Trustee of Mayo Clinic Health Systems and has been a Trustee of Mayo Clinic (formerly known as Mayo Clinic Rochester) since 2009. He served as Director of Penobscot Bay Medical Associates. He served as a Director of Cobalt Corporation since 1998 and its Predecessor from 1997 to 1998. He was Practicing Physician in Oncology since 1982. He is a faculty member of the Institute for Health Care Improvement. Dr. Rupp earned an undergraduate degree from Dartmouth University and his Medical degree from the University of Minnesota Medical School in Minneapolis.