Runway Growth Capital, a California-based provider of growth loans to venture-backed companies and not looking for an alternative to raising equity, announced that it has hired Brannon Morisoli as Managing Director, life sciences.
Operating out of Dallas, Morisoli will continue to build relationships with leading venture capital firms that support life science management teams, while expanding the company’s banking and brokerage relationships. Runway’s industry partners include venture capital firms, private equity firms, and investment and commercial banks.
Debt Capital Solutions for Life Sciences Companies
Morisoli will focus on investments in the life sciences industry, structuring flexible debt capital solutions for borrowers that will allow them to stay focused on achieving their business goals, Runway said in a statement.
The life sciences ecosystem is complex, the company notes. It is therefore important to understand the difficult journey from concept to commercialization.
Fueling Life Sciences with Low Dilutive Venture Capital Debt
Runway Growth Capital, whose slogan is “the other growth capital”, seeks life sciences companies at the forefront of clinical development and innovation in the field of health care, those which advance treatments and improve patient outcomes.
Its capital can help companies focus on those results, Runway says. A typical loan amount is $10 million to $75 million, and proceeds are typically used to expand runway, fuel growth, refinance other debt and fund acquisitions, according to the company.
Morisoli will report directly to General Manager of Life Sciences, Igor DaCruz.
“Life sciences continue to be an important focus area for Runway. Brannon’s industry expertise, creative experience and extensive life sciences network make him an ideal candidate to continue to grow the practice,” DaCruz said in a statement.
Morisoli will be responsible for “identifying life sciences companies that can benefit from debt to strengthen their balance sheets and fuel their growth,” the life sciences chief executive said.
Morisoli joins life sciences team amid boom in DFW
Morisoli was attracted to Runway for its “rapid growth, strong brand and reputation as a great partner,” he said, noting the strong foundation in place for life sciences. He joins the life sciences team at a time when life sciences are booming in North Texas. Most recently, Dallas-Fort Worth ranked for the first time in CommercialEdge’s 2022 “Top 20 US metros for life science” report.
Morisoli was previously a director of SWK Holdings, where he focused on providing innovative capital solutions to a wide range of healthcare and life sciences companies.
Previously, he was an investment analyst for Presidium Group, where he played a key role in the closing of $100 million in transactions for the real estate private equity fund.
Morisoli, an industry veteran with a working knowledge of the life sciences and medical device space, began his career as a research associate where he was published in leading neurology journals. He also gained operational experience as director of marketing services at Neurografix, a venture capital-backed medical technology start-up.
Boston’s chief technology officer also named
Beyond life sciences, Runway Growth Capital also serves the technology and consumer industries.
The company also announced a new Chief Technology Officer. Ted Cavan will operate out of Boston and also report to DaCruz. Cavan will work with late-stage and growth-stage technology companies, focusing on enterprise software, according to the company.
Partner of entrepreneurs
Runway Growth Capital LLC, founded in 2015 by an industry veteran David Spreng, is an investment advisor to investment funds. According to the company, these include Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds that lend growth capital to companies that want an alternative to fundraising.
Runway works with fast growing companies based in United States and Canada. Since its inception, the company has financed 61 companies and has made loan commitments of $1.8 billion to date.
Quincy Preston contributed to this report.
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