So that you can become more acquainted with the Thuja team, every newsletter showcases an interview with a team member.
In the spotlight for this edition is Tyler Hayes. He started at Thuja in February 2023 as a Principal. He completed his medical training at Harvard, where he also conducted research on improving blood stem cell engraftment after transplantation. Prior to Harvard, he led a research project at King’s College London which elucidated the role of common genetic mutations in oral cancer. He was a 2012 Fulbright Scholar to EPFL, Switzerland. He holds an MD from Harvard Medical School, an MRes in Translational Cancer Medicine from King’s College London, an MBA from London Business School, and a BSc in Cell & Molecular Biology from Duke University.
In your view, what are some of the most pressing issues facing the healthcare venture capital industry today?
One critical issue facing our industry today is the need for more venture investing in underrepresented diseases and patient populations. There is a significant funding gap in the market for companies developing therapies that tackle diseases related to mental health and women’s health, as well as infectious and rare diseases. Another important topic is the lack of diversity across the venture investing landscape as well as within the executive leadership teams of venture-backed companies. This is not only a social topic but also one that’s business critical, as diversity of background and thought have been proven to lead to better decision-making within teams and more innovative solutions to difficult problems.
How does your work at Thuja help address some of these issues?
At Thuja, we're very aware of the challenges our industry faces and our investment thesis is designed to address many of these head-on. Our focus on unmet medical need is reflected in our diverse investment portfolio. For instance, AstriVax is developing vaccines for infectious diseases like yellow fever and rabies; FundaMentalPharma is creating therapies for rare neurodegenerative diseases such as ALS; and Salvia BioElectronics is pioneering neuromodulatory devices for chronic migraine, which is significantly more prevalent among women. On the diversity front, we're proud signatories of initiatives such as the Principles for Responsible Investing, The Biotech Social Pact, and the Out Investors LGBT+ Network, underscoring our commitment to fostering an inclusive industry. Our team and the leadership of our portfolio companies reflect this diversity, something we believe is essential for driving innovation in healthcare.
Could you describe a typical day for you as a Principal at Thuja?
Describing a typical day for me at Thuja is a challenge because no day is like the one before. However, the start of each week is always marked by a team meeting where we delve into new deals that we’ve come across and decide whether to continue our due diligence on the opportunity. These discussions are often very spirited and nuanced and are definitely a highlight of my week. I also really enjoy engaging with leading global experts within our network who help us evaluate the scientific viability, clinical importance, and feasibility of assets being developed by companies we are considering. My days might also include reviewing investment cases drafted by my colleagues, attending board meetings for our portfolio companies, discussing ESG or impact initiatives, networking with fellow investors across Europe, or judging start-up pitch competitions. This variety is what makes my role both fun and immensely rewarding.
What aspect of your work excites you the most, and could you share an example of a project or investment that you found particularly exciting?
What excites me the most is being on the forefront of discovering and helping launch the 'next big thing' in healthcare. One particularly rewarding example of this was my involvement as part of the deal team behind our investment last summer in Gradient Denervation Technologies, which has developed a device to treat heart failure with associated pulmonary hypertension. Thuja’s investment enabled the company to advance into clinical trials, bringing the company one big step closer to making a significant impact on the lives of many patients.
How has moving to and living in the Netherlands influenced your perspective on work or life?
I moved to the Netherlands three and a half years ago. In this time, I’ve definitely experienced several shifts in perspective. As you might know if you’re Dutch or have lived here, the Dutch embrace a culture of directness in both their public and private affairs. It’s a sort of “what you see is what you get” type of culture. As an American who’s also spent several years living in England, where being polite is valued nearly above all else, the straightforward Dutch attitude was a bit jarring at first. However, I've grown to appreciate the clarity and efficiency of the Dutch style of communication, and to take offense far less frequently when someone is being “brutally” honest.
Finally, could you share a fun fact about you that most people might not know?
I earned my first paycheck at the tender age of 10 months as a chubby and cheerful baby model for an infant formula brand in the US. While my early days in front of the camera were short-lived, my love for food has endured, and I consider myself quite the ‘foodie’ today.