Alex Arfaei

Alex Arfaei

Alex joined Pappas Capital in 2019, bringing with him twelve years of therapeutics equity research experience and six years of biopharma operating experience. Prior to joining Pappas, he was a Managing Director with BMO Capital Markets in New York where he was a top-ranked senior equity research analyst responsible for pharmaceutical and biotechnology companies. In early 2019, Alex won the Starmine award as the #1 stock picker in pharmaceuticals. Alex began his career in the pharmaceuticals industry in 1999, with operating roles at Merck and Endo Pharmaceuticals, including positions in sales, market research, forecasting and product management.

Alex currently serves as an observer for BioAtla and previously served as a director for Curzion Pharmaceuticals.


University of Toronto (BSc in Cell and Molecular Biology)
Duke University Fuqua School of Business (MBA, Health Sector Management Concentration)

Kyle Rasbach, PhD, PharmD

Kyle joined Pappas Capital in 2018, bringing with him extensive experience in clinical pharmacology, basic science and healthcare equity research. Prior to joining Pappas, he was an equity research analyst and Vice President at T. Rowe Price in Baltimore, where he managed pharmaceutical, specialty pharmaceutical and biotechnology investments for all T. Rowe Price funds. During his time at T. Rowe, Kyle led the firm’s IPO investment in Pappas portfolio company CoLucid Pharmaceuticals (NASDAQ: CLCD), which was eventually sold to Eli Lilly for just under $1 billion. Prior to joining T. Rowe, Kyle was an equity research associate and Vice President at Cowen and Company in Boston, where he covered global pharmaceutical equities. He completed his postdoctoral work in the laboratory of Bruce Spiegelman at Harvard Medical School, where he contributed to several high-profile publications, including papers in Cell, Cell Metabolism, Nature and PNAS.

Kyle currently serves as a director for Allievex and as a board observer for CuraSen Therapeutics, Ribometrix and VelosBio. He previously served as a director for Balance Therapeutics and as an observer for Mirum Pharmaceuticals. Kyle also serves on the boards of the Council for Entrepreneurial Development (CED) and the NC Biosciences Organization (NCBIO).


Medical University of South Carolina (PhD in Pharmaceutical and Biomedical Sciences)
Medical University of South Carolina (Doctor of Pharmacy/PharmD)
The Citadel (MBA)

Tom Mathers

Tom joined Pappas Capital in 2018, bringing with him more than 28 years of executive management experience in the life sciences and medical device industries. He is located in Boston, where he primarily focuses on company formation. Tom is the founder of Allievex Corp., and currently serves as its President and CEO. Allievex is developing novel therapies for the treatment of rare pediatric neurodegenerative diseases. Allievex’s lead product candidate is tralesinidase alfa, an investigational enzyme replacement therapy using a novel fusion of recombinant human alpha‐N‐acetyglucosaminidase (NAGLU) with a peptide derived from insulin‐like growth factor 2 (IGF2) for the treatment of children with Sanfilippo syndrome type B or mucopolysaccharidosis IIIB (MPS IIIB).

Prior to Pappas Capital and Allievex, Tom was the President and CEO of CoLucid Pharmaceuticals, Inc. (NASDAQ: CLCD), a Pappas Ventures III portfolio company founded by Pappas Capital, which focused on the development of lasmiditan for the acute treatment of migraine headaches. Eli Lilly & Company acquired CoLucid in March 2017 in an all cash transaction for nearly $1 billion. Prior to CoLucid, he was President and CEO of Peptimmune, Inc.; President and CEO of Cell Based Delivery, Inc; Vice President and General Manager of Cardion AG; and Vice President of Strategic Development at Genzyme Corporation.

Tom currently serves as a Trustee of Butler University and is co-founder and Chairman of Déclion Holdings, a biopharmaceutical company focused on the discovery and development of innovative treatments for neurodegenerative diseases. He is also a business advisor to the Progeria Research Foundation, and previously served on the Board of Directors for the Biotechnology Industry Organization for nine years, where he was active in the policy areas of capital formation, bioethics, intellectual property, and regulatory policy. From 1988 to 1991, Tom served as a captain in the United States Army and was awarded several medals for his services as an AH-64 Apache helicopter pilot in the Gulf War.


United States Military Academy at West Point (BS in Engineering)

Ford Worthy

Ford is a lawyer with an extensive background in finance and accounting, and currently serves as a Senior Advisor to Pappas Capital. Prior to his role as Senior Advisor, Ford served for more than 20 years as the firm’s Chief Financial Officer. Before joining Pappas in 1997, he was a corporate and securities attorney with the Emerging Businesses practice group for Womble Carlyle Sandridge & Rice. Earlier in his career, Ford was a writer and associate editor for Fortune Magazine, serving as bureau chief in both Chicago and Hong Kong. His 1987 article, “The Coming Defaults in Junk Bonds,” was a finalist for a National Magazine Award. He previously served as a director for Healthgate Data Corp., acquirer of EBM Solutions. Ford also participated as a board observer for Lumena Pharmaceuticals, which was acquired in 2014 by Shire plc; TargeGen, which was acquired in 2010 by Sanofi-Aventis; and Novalon Pharmaceutical, which was acquired in 2000 by a publicly held Swedish company. Ford currently serves as Vice President of the UNC Hussman School of Journalism and Media Foundation.


University of North Carolina at Chapel Hill (BA in Interdisciplinary Studies)
University of Chicago (JD)

Art Pappas

Art has over 40 years of operating experience as a pharmaceutical and biotechnology industry executive, and venture capital investor in life science companies. Art founded Pappas Capital in 1994, and over the past twenty-six years the firm has managed more than $540 million in capital and invested in more than 85 life science companies through its flagship Pappas Ventures business unit, as well as its Specialized Fund Management business unit.

Art currently serves as a director for Aura Biosciences, OrphoMed and Reneo Pharmaceuticals, and as a board observer for Amplyx Pharmaceuticals and Real Endpoints. Prior to founding Pappas Capital, Art held senior level leadership positions at several multinational pharmaceutical companies for which he was responsible for the development, licensing and launch of a number of global products. He was an executive member of the board of directors of Glaxo Holdings plc (NYSE: GLX, now GSK), and served as Glaxo’s chief executive responsible for international operations including research, development and manufacturing. Prior to Glaxo, Art was Vice President of Commercial Operations for Abbott International, and he held various executive and general management positions with Merrell Dow Pharmaceuticals and the Dow Chemical Company, in the United States and internationally. He previously served as Chairman and founding CEO of CoLucid Pharmaceuticals (NASDAQ: CLCD) (acquired by Eli Lilly), and on the boards of Afferent Pharmaceuticals (acquired by Merck), Arix Bioscience, Chimerix (NASDAQ: CMRX), Quintiles Transnational Corp. (NASDAQ: QTRN, now NASDAQ: IQV), TYRX (acquired by Medtronic), Syntonix Pharmaceuticals (acquired by Biogen IDEC), LEAD Therapeutics (acquired by BioMarin), and Embrex (NASDAQ: EMBX) (acquired by Pfizer). He also served as a board observer for Balance Therapeutics, Kezar Life Sciences (NASDAQ: KZR), Milestone Pharmaceuticals (NASDAQ: MIST) and Plexxikon (acquired by Daiichi Sankyo).

Art is a member of the Board of Directors of the North Carolina Biotechnology Center, where he was a past chair, and the Medical University of South Carolina Foundation for Research Development. He is a member of the Board of Trustees of The Wistar Institute (a National Cancer Institute center), the Board of Advisors of the Duke Cancer Institute (a National Cancer Institute center), and the Advisory Board of the BioExec Institute. He is also a member of the CEO Roundtable on Cancer and BayHelix, a China-based organization of global life science community leaders. He previously served on the Board of Directors of the National Venture Capital Association. Art is a decorated Vietnam veteran, having served as an officer in the US Army 101st Airborne Division and 2nd PSYOP Airborne Group JFK Special Warfare Center.

Art has a clear passion for developing and mentoring entrepreneurs and helping them build great companies. His relationships are broad and deep and he nurtures them as he does his family and friends.


Ohio State University (BS in Biology)
Xavier University (MBA in Finance)