Team

Gregory B. Brown, M.D.

Managing Director

Dr. Brown is a Founding Managing Director and member of the Investment Committee at CHRP. Educated as a transplantation immunologist and trained as a thoracic and vascular surgeon, Dr. Brown practiced surgery in a community setting where he also founded and led an HMO. He brings particular expertise on the technical, clinical and medical evaluation of products as well as the payor / reimbursement analysis. He has been involved in sourcing, diligencing and closing more than $1 billion of royalty financings. In addition, he leads the firm’s European business development efforts and manages various operational functions of the firm. Previously, Dr. Brown was a partner at Paul Capital Partners, where he co-managed that firm’s royalty investments as a member of the royalty management committee. Prior to beginning his principal investment career in 2003, Dr. Brown was co-head of investment banking and head of healthcare at Adams, Harkness & Hill (now Canaccord Genuity) and a ranked biotechnology research analyst at Vector Securities International. Dr. Brown holds an AB from Yale, an MD from SUNY Upstate Medical Center and an MBA from Harvard. He currently serves on the board of MonoSolRx.

Todd C. Davis

Managing Director

Mr. Davis is a Founding Managing Director and member of the Investment Committee at CHRP. He brings particular expertise in the commercial, operational and licensing aspects of potential investments. Mr. Davis has been involved in over $2 billion in healthcare deals including sourcing, diligencing, and leading nearly $1 billion in royalty financings. He has led, structured and closed over 40 additional intellectual property licenses, as well as growth equity, and debt deals. In addition, Mr. Davis spearheads the firm’s global business development efforts and coordinates the firm’s public relations activities. Previously, Mr. Davis was a partner at Paul Capital Partners, where he co-managed that firm’s royalty investments as a member of the royalty management committee. He also served as a partner responsible for biopharmaceutical growth equity investments at Apax Partners. Prior to beginning his principal investment career in 2001, Mr. Davis held various sales and product management roles at Abbott Laboratories and worked in business development, operations and licensing at Elan Pharmaceuticals. Mr. Davis holds a BS from the U.S. Naval Academy and an MBA from Harvard University. He currently serves on the boards of Ligand, Suneva Medical and Shore Therapeutics.

Clarke B. Futch

Managing Director

Mr. Futch is a Founding Managing Director and member of the Investment Committee at CHRP. He has vast transaction experience, having led in excess of 100 transactions, including more than $1.5 billion in royalty financings. Mr. Futch brings particular expertise in international tax, accounting, legal structuring and investor relations. Previously, Mr. Futch was a partner at Paul Capital Partners, where he co-managed that firm’s royalty investments as a member of the royalty management committee. Prior to beginning his principal investment career in 2001, he was a healthcare investment banker for nearly a decade as a founder of the healthcare group at Thomas Weisel Partners and a vice president at Raymond James. Mr. Futch holds a BA, magna cum laude, from Vanderbilt University and a JD from the University of Virginia School of Law. He currently serves on the boards of Suneva Medical and Shore Therapeutics. Mr. Futch was recently named by Bioworld as one of the future leaders in biotech finance.

Paul J. Hadden

Principal

Paul J. Hadden is a Principal 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

Principal

Matthew Q. Reber is a Principal 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.

Wendy S. Liu

Vice President

Wendy S. Liu is a Vice President of Cowen Royalty. Prior to joining Cowen Royalty, Ms. Liu was Senior Director, Corporate Development & Planning at PeriCor Therapeutics, a privately-held biopharmaceutical company focused on developing cardiovascular therapies. Prior to joining PeriCor Ms. Liu served as an equity research associate covering small and mid-cap biotechnology companies for J.P. Morgan, having previously worked in the same capacity for Deutsche Bank with a focus on large-cap biotechnology companies and as a research analyst for Arnhold and S. Bleichroeder with coverage responsibilities for the biotechnology and pharmaceutical industries. Ms. Liu holds a B.A. from Columbia University and an M.B.A. from the Wharton School of the University of Pennsylvania.

Cici Zheng

Associate

Cici Zheng is an Associate of Cowen Royalty. Prior to joining Cowen Royalty, she was an analyst in the healthcare investment banking division at UBS Investment Bank, where she focused on mergers and acquisitions as well as debt and equity financings across the healthcare industry. Ms. Zheng holds a B.A. from the University of Pennsylvania.

Emilie Mckenna

Associate

Emilie McKenna is an Associate of Cowen Royalty. Prior to joining Cowen Royalty, she was an analyst in the healthcare investment banking group at Cowen and Company, where she focused on mergers and acquisitions as well as debt and equity financings. Ms. McKenna holds a B.A. from Bowdoin College.

Jonathan Barr

Associate

Jonathan Barr is an Associate of Cowen Royalty. Prior to joining Cowen Royalty, Mr. Barr was an Associate at SFW Capital Partners, a lower-middle market private equity firm specializing in select areas of healthcare and IT. Prior to that, Mr. Barr was an Associate at L.E.K. Consulting, where his work was focused on advising private equity and healthcare clients. Mr. Barr holds an A.B., magna cum laude, from Harvard University.

Thomas K. Conner

Chief Financial Officer

Thomas K. Conner is the Chief Financial Officer of Cowen Royalty. Prior to joining Cowen Royalty, Mr. Conner was the Chief Operating Officer of Investment Banking at Cowen & Company. Mr. Conner joined Cowen & Company in April 1992 and was the Chief Financial Officer of Cowen and Company until November 2009.

Prior to joining Cowen, Mr. Conner worked for TLP Leasing Programs in Boston, where he managed the accounting operations of 15 public and 15 private limited partnerships. Additionally, from 1987 to 1989, Mr. Conner worked for Atlantic Capital Corporation. He began his career at Deloitte Haskins & Sells in 1983.

Mr. Conner holds a B.B.A. degree from the University of Massachusetts in Amherst.

Andrew T. Reardon

Vice President - Legal

Andrew T. Reardon is the Vice President - Legal of Cowen Royalty. Prior to joining Cowen Royalty, Mr. Reardon was a senior associate at Willkie Farr & Gallagher LLP. Mr. Reardon received a Juris Doctor, with High Distinction, from The University of Iowa College of Law where he was the recipient of the Alan I. Widiss Faculty Scholar Award, and a Bachelor of Arts, with Honors, from the State University of New York, College at Old Westbury. Mr. Reardon is a former officer with the United States Army National Guard.

Alice M. Villa

Controller

Alice M. Villa is the controller of Cowen Royalty. Prior to joining Cowen Royalty, Ms. Villa 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. Villa 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.

Nicholas L. Teti, Jr.

Nicholas L. Teti, Jr. is a member of Cowen Royalty's Strategic Advisory Board. He is Chairman of the Board and CEO of Suneva Medical, a Fund I portfolio company. Prior to Suneva Medical, Mr. Teti was Chairman of the Board of Isolagen, Inc. and, until January 2008, was also the company’s Chief Executive Officer. Previously, Mr. Teti served as Chairman, President and Chief Executive Officer of the Inamed Corporation from 2002-2006 through the Allergan acquisition. Prior to Inamed , Mr. Teti spent twenty-five years at DuPont and DuPont Merck where he held a number of senior management positions including President and CEO of DuPont Pharmaceuticals. He currently serves on the Board of Enteromedics. 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.