Team

Gregory B. Brown, M.D.

Founder, Managing Director

Gregory B. Brown, M.D. is a founder, Managing Director and Investment Committee member of Cowen Royalty. Previously, Dr. Brown was a partner at Paul Capital Partners where he led royalty-related investments for Paul Royalty Fund, L.P. and Paul Royalty Fund II, L.P. (collectively, the “Paul Royalty Funds”). Prior to that, he was the co-head of investment banking at Adams, Harkness & Hill, Inc. (now Canaccord Adams Inc.) and was both a healthcare investment banker and a Wall Street Journal “All-Star” biotechnology research analyst at Vector Securities, LLC. Prior to attending business school as a Merck fellow, he was a practicing thoracic and vascular surgeon and founded a health maintenance organization. Dr. Brown currently holds outside directorships at MonoSol Rx, LLC and Oscient Pharmaceuticals Corporation. Additionally, he serves as a board member of the Biomedical Science Careers Program, a charitable board affiliated with Harvard University. Dr. Brown holds an A.B. from Yale College, an M.D. from S.U.N.Y. Upstate Medical Center and an M.B.A. from the Harvard Graduate School of Business.

Todd C. Davis

Founder, Managing Director

Todd C. Davis is a founder, Managing Director and Investment Committee member of Cowen Royalty. Previously, Mr. Davis was a partner at Paul Capital Partners where he led royalty-related investments for Paul Royalty Fund II, L.P. Prior to that, Mr. Davis was a partner at Apax Partners, where he was responsible for leading private equity investments in healthcare companies. Mr. Davis has extensive healthcare operating experience, having worked in licensing, business development and general management at Élan Pharmaceuticals, Inc. and in sales and marketing at Abbott Laboratories. He currently serves on the Board of Directors at Suneva Medical, Inc., a Fund I portfolio company, and holds an outside directorship at Ligand Pharmaceuticals, Inc. Mr. Davis is a former U.S. naval officer and holds a B.S. from the U.S. Naval Academy and an M.B.A. from the Harvard Graduate School of Business.

Clarke B. Futch, Esq.

Founder, Managing Director

Clarke B. Futch, Esq. is a founder, Managing Director and Investment Committee member of Cowen Royalty.  Previously, Mr. Futch was a partner at Paul Capital Partners where he led royalty-related investments for the Paul Royalty Funds.  Additionally, he was primarily responsible for two asset-backed royalty securitizations at that firm.  Prior to that, Mr. Futch was a founding member of the healthcare group at Thomas Weisel Partners LLC and a healthcare investment banker at Raymond James & Associates, Inc.  He currently serves on the Board of Directors of Suneva Medical, Inc., a Fund I portfolio company.  Mr. Futch holds a B.A., magna cum laude, from Vanderbilt University and a J.D. from the University of Virginia School of Law.

Paul J. Hadden

Vice President

Paul J. Hadden is a Vice President of Cowen Royalty. Prior to joining Cowen Royalty, Mr. Hadden was a principal at The Frankel Group LLC, a boutique healthcare management consulting firm based in New York where he advised biotechnology and pharmaceutical companies. Prior to that, Mr. Hadden worked at New York-Presbyterian Hospital as a senior financial analyst providing financial planning support to the program development and clinical services division. He currently serves on the Board of Directors of Suneva Medical, Inc., a Fund I portfolio company. Mr. Hadden holds an A.B. from Yale College and an M.P.H. from the Yale School of Public Health.

Matthew Q. Reber

Vice President

Matthew Q. Reber is a Vice President of Cowen Royalty. Prior to joining Cowen Royalty, Mr. Reber worked at Accretive LLC, a private investment firm. Previously, he was an associate at Paul Capital Partners where he worked with the Managing Directors at Paul Royalty Fund II, L.P. Before joining Paul Capital, Mr. Reber was a principal investor focused on the healthcare industry at Oak Hill Capital Partners and J.H. Whitney & Co., and a healthcare investment banker at Morgan Stanley. Mr. Reber holds a B.S.E., magna cum laude, from Princeton University, an M.B.A. with honors from the Wharton School of the University of Pennsylvania and a Master of Biotechnology from the University of Pennsylvania.

John A. Urquhart

Associate

John A. Urquhart is an Associate of Cowen Royalty. Prior to joining Cowen Royalty, he was an analyst in the investment banking group at Cowen Group, Inc. where he focused on advisory services as well as capital raising in both the public and private markets. Previously, Mr. Urquhart was an analyst at GE Asset Management. Mr. Urquhart holds a B.A. from Brown University.

Joel Vidal-Phillips

Associate

Joel Vidal-Phillips is an Associate of Cowen Royalty. Prior to joining Cowen Royalty, he was an analyst in the healthcare investment banking division at Credit Suisse Securities (USA) LLC, where he focused on advisory services as well as public and private financings across the healthcare industry. Mr. Vidal-Phillips holds a B.S. from the University of North Carolina at Chapel Hill.

Alyson I. Goldfarb

Chief Financial Officer

Alyson I. Goldfarb is the Chief Financial Officer of Cowen Royalty. Prior to joining Cowen Royalty, Ms. Goldfarb was a vice president at Lehman Brothers Inc. where she served as controller for the merchant banking and venture capital asset classes. Previously, Ms. Goldfarb was a director in the private investment partnership practice at The BISYS Group, Inc. (formerly DML Fund Services Group). Previously, Ms. Goldfarb was a senior associate in the audit business assurance services, financial services, capital markets and investment management practice of PriceWaterhouseCoopers LLP. Ms. Goldfarb holds a B.S. from Syracuse University.

Alice M. Winterroth

Controller

Alice M. Winterroth is the controller of Cowen Royalty. Prior to joining Cowen Royalty, Ms. Winterroth was a senior accountant in the audit assurance services investment management division of Deloitte and Touche, LLP, where she specialized in private equity and hedge fund services. Ms. Winterroth holds a B.B.A. from Iona College.

Frank Armstrong

Frank Armstrong is a member of Cowen Royalty’s Strategic Advisory Board. Dr. Armstrong is the Chief Executive Officer of Fulcrum Pharma plc, a drug development and regulatory services company based in London, England. Prior to joining Fulcrum Pharma plc, he served as chief executive officer at a number of healthcare and biopharmaceutical companies, including CuraGen Corporation, Bioaccelerate Holdings, Inc., Provensis Ltd. and Phoqus Pharmaceuticals plc. Prior to these positions, Dr. Armstrong was head of worldwide product development at Bayer AG and a senior vice president at Zeneca Pharmaceuticals (now AstraZeneca plc). Dr. Armstrong holds an MBChB from the University of Edinburgh and became a member of the Royal College of Physicians in 1984. He was elected a Fellow of the Royal College of Physicians, Edinburgh in 1993 and was elected a Fellow of the Faculty of Pharmaceutical Physicians in 1994.

Michael G. Carter

Michael G. Carter is a member of Cowen Royalty’s Strategic Advisory Board. Dr. Carter is a venture partner at SV Life Sciences Advisers LLP and serves as a non-executive director of Micromet Inc., Fulcrum Pharma plc, Santarus, Inc. and GTx, Inc. Previously, Dr. Carter was a member of the strategic advisory board for the Paul Royalty Funds where he worked with the Managing Directors. From 1984 to 1998, Dr. Carter held numerous positions with Zeneca Pharmaceuticals (now AstraZeneca plc), including international marketing director, international medical director and serving on that company’s board. Dr. Carter also held numerous positions with Roche Products Ltd from 1976 to 1984, including director of the pharmaceutical division, head of medical development and medical affairs, and an adverse reactions physician. For nearly a decade, he served on the UK Government’s Medicines Commission and, prior to entering the pharmaceutical industry, was a practicing physician. Dr. Carter holds a Diploma in Pharmaceutical Medicine, an MBChB from Sheffield University Medical School, a B-Pharm from London University’s School of Pharmacy and is a member of the Pharmaceutical Society. He was elected a Fellow of the Royal Pharmaceutical Society, a Fellow of Faculty of Pharmaceutical Medicine of the Royal College of Physicians and a Fellow of the Royal College of Physicians, Edinburgh.

Timothy P. Lynch

Timothy P. Lynch is a member of Cowen Royalty’s Strategic Advisory Board. Mr. Lynch is a general partner of Stonepine Capital Management LLC, a healthcare hedge fund located in San Francisco. Previously, he served as chief financial officer at Tercica, Inc. and InterMune, Inc. Mr. Lynch also worked in corporate development for Élan Corporation plc and began his career with Goldman, Sachs & Co. He currently serves on the boards of directors of Nabi Biopharmaceuticals, InSite Vision Inc., Allos Therapeutics, Inc. and Bioform Medical, Inc. Mr. Lynch holds a B.A. from Colgate University and an M.B.A. from the Harvard Graduate School of Business.

Nicholas L. Teti, Jr.

Nicholas L. Teti, Jr. is a member of Cowen Royalty’s Strategic Advisory Board. Mr. Teti is currently an independent consultant serving public and private healthcare companies. Until September 2009, Mr. Teti was chairman of the board of Isolagen, Inc. and, until January 2008, was also that company’s chief executive officer. He currently serves on the boards of directors of EnteroMedics Inc. and Suneva Medical, Inc., a Fund I portfolio company. Previously, Mr. Teti was chief executive office of Den-Mat Holdings. Prior to that, Mr. Teti served as chairman, president and chief executive officer of the Inamed Corporation. He spearheaded the sale of Inamed Corporation to Allergan, Inc. for $3.3 billion in March 2006. Prior to Inamed Corporation, Mr. Teti worked at DuPont Pharmaceutical Company. During his 25 year tenure at DuPont, Mr. Teti held the roles of president, chief executive officer and chief operating officer, as well as a number of other senior management positions. Mr. Teti holds a B.A. and an M.B.A. from St. Joseph’s University.

Louis Berneman

Lead Advisor, Nonprofit Institutions

Louis P. Berneman serves as the Lead Advisor, Nonprofit Institutions for Cowen Royalty. Mr. Berneman is a Past President of the Association of University Technology Managers (AUTM), a global network of more than 3,500 universities and other nonprofit research institutions focused on licensing technology created through academic and nonprofit research. He is also a former Vice President and Trustee of the Licensing Executives Society (LES), a professional licensing and technology transfer society comprised of over 6,000 members. Mr. Berneman served on the Strategic Advisory Board for the Paul Royalty Funds for nine years and was managing director of the Center for Technology Transfer at the University of Pennsylvania. Currently, Mr. Berneman heads Texelerate, LLC, a technology transfer consultancy focusing on assisting institutions, investors, entrepreneurs and companies with licensing transactions, royalty monetizations, and creating financing for start-ups. He is also a founding partner of Osage University Partners. Mr. Berneman holds a B.A. from the Pennsylvania State University, a teaching credential from University of California at Santa Barbara, and an M.A., M.T. and Ed. D. from Teachers College, Columbia University. He is also a Certified Licensing Professional.