Passion: Always remember why you embarked on the journey and the original mission, as this will allow you to weather the turbulence that will inevitably hit. We’re in the midst of an incredibly challenging capital market here in the life sciences industry, and I firmly believe that to weather this market and any other potential challenge, you must be passionate about the impact you are trying to make. Importantly, potential investors, customers and employees also feed off of a company or leader’s passion and it cannot be faked. Eric Mayer, CEO of New Day Diagnostics embodies this quality perhaps more than anyone I know. Eric’s passion for innovation within diagnostics that expand access to early detection is what keeps investors buying into the company and helps keep the company always focused on the patient which ultimately leads to positive social impact.

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In recent years, Big Tech has gotten a bad rep. But of course many tech companies are doing important work making monumental positive changes to society, health, and the environment. To highlight these, we started a new interview series about “Technology Making An Important Positive Social Impact”. We are interviewing leaders of tech companies who are creating or have created a tech product that is helping to make a positive change in people’s lives or the environment. As a part of this series, I had the pleasure of interviewing Sam Libby.

Sam Libby serves as President and Managing Director at TCB Capital Advisors (“TCB”), a merchant bank and advisory firm focused on driving access to care and quality of treatments for patients. Sam founded TCB in 2022 after spending his entire career in the healthcare sector, and he has a deep passion for advising companies and their leadership teams to drive operational initiatives and execute strategic transactions. In his career, Sam has completed 30+ transactions, including M&A, debt and equity capital market transactions, convertible notes, and private capital raises, totaling $20B+ in transaction value.

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Thank you so much for joining us in this interview series. Before we dive in, our readers would love to learn a bit more about you. Can you tell us a bit about your childhood backstory and how you grew up?

I am from New York originally and both my parents were therapists, so I was introduced to the world of healthcare at a very young age. Given both my parents were at the forefront of providing critical mental health care to patients, and often hearing first-hand the life-changing transformation these patients underwent and the level of gratitude they had for all those that had cared for them, I learned of the importance of focusing on the patient and the impact that treatment and technology can have.
I took an interesting path as a young adult, as I committed myself to my passion for martial arts that ended up providing invaluable lessons for me in my life and ultimately my business. I competed in martial arts both nationally and internationally. The experience of competing at a high level taught me a lot about perseverance, self-belief, the level of commitment required to maximize potential in your craft, and getting up when you get knocked down (literally and figuratively). Because I was also immersed in many difference cultures with the travel, I recognized the importance of understanding and respecting differing viewpoints, which I think has shaped how I lead and work today, as we are constantly working with a diverse set of clients and investors who all have their own unique and amazing backgrounds. Fun tidbit: I also filmed a TV show in China before I retired from my martial arts career to return home to attend college at Rutgers University, which is where I found the passion for connecting healthcare and finance.

Can you share the most interesting story that happened to you since you began your career?

The most interesting story is the backstory to TCB’s founding! I exited the firm I worked for prior to starting TCB in 2022, and I was ready to go on a 12-month motorcycle trip. Just before my planned journey, some of my close industry contacts reached out to me for advice on developing high-level corporate development strategies and subsequent support executing those strategies (which included transactions). I recognized that while many banks are strictly focused on the transaction execution aspect, there was a critical unmet need to help biotech and diagnostic companies not only develop the right approaches prior to the deal to ensure the most successful outcome, but perhaps more importantly, positioning them to achieve post-transaction goals, which is what ultimately drives access and quality of treatment to patients. So, I decided to start TCB Capital Advisors in late 2022 to focus on those unmet needs and partner with truly amazing companies. The last year has been such a wonderful experience. Not only have we grown to 13 talented professionals, all who have very unique backgrounds, but we have also closed on multiple transactions with many others either in process or in the near-term pipeline. Needless to say, the longest motorcycle trip I’ve taken is a few days as opposed to several months!

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

Martial arts training in particular taught me the importance of mentorships and surrounding yourself with the right people. I am truly so humbled and lucky to have had many people come forward to help me along the way and everything I have accomplished personally and professionally is attributable to them. While I can’t note them all here, I hold tremendous gratitude for everyone who was part of my journey to this day. One person and story comes to mind, however, as pivotal to the way TCB operates today. Marc Jones, former CFO and COO of binx health and current CEO of Altoida, a precision neurology and diagnostics innovator, has been a long-time mentor and supporter. He has this incredible ability to breakdown extremely complex and nuanced topics into simple lessons and has shared his wisdom with me so freely and without expectation of something in return. The conversation I am recalling with Marc was at the beginning of me going off on my own without the “safety” of bigger banks, and Marc was truly one of the first successful leaders to invest the time to teach me what the concerns are of an executive team on a day-to-day basis that until that point, as a banker, I simply didn’t have the experience or perspective to grasp and certainly could not influence or help. A lot of what Marc taught me in that conversation and over the years is what got boiled down into how TCB operates today, because he showed me the power of an advisory firm like TCB working to add long-term value to a client, to truly understand not just the transaction needs, but what the executive team and company need to execute on a long-term vision.

Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

“It’s not about me.”
This has been a doctrine that I have strived to abide by for as long as I can remember. It can become a very easy trap to focus on your personal accomplishments, or be the proof of your accomplishments in other words, that you end up developing an ego and not recognizing that in reality, it is the critical role that those around you played that was the bigger contributor to success. I cannot be more proud or humbled to be surrounded by the amazing team that is TCB. Everything TCB Capital Advisors has achieved to date has been the byproduct of so many people’s work. From clients believing in us and delivering on their side, the colleagues I work with to run the engine, and the mentors that have and continue to guide me. It is almost the perfect example that there is no “I” in “team”. There is so much growth ahead of me and TCB and I know that to maximize potential, I will need to continue leaning on those around me and remembering “It’s not about me.”

You are a successful business leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?

Perseverance — From my personal and professional experiences, I have realized that not everything will go as planned, but it is critical to try and focus on the things in your control and the mission you are striving to achieve. Sometimes situations may seem dire, or you might feel as if you have been knocked off the path, but the best way to course correct is to stay committed and fight for the goals and not deviate from the right approach. Taking shortcuts or the easy way out typically does not work out in the long run.
Faith — I have a fundamental belief that things will work out if you stay committed to the core mission and stay true to the right processes.
Humility — I believe that if you remain teachable, you will continue to grow. As mentioned above that “it’s not about me”, my personal accomplishments would not be possible if not for all those around me and the outcomes we are striving for are so much bigger than “me.”

Ok super. Let’s now shift to the main part of our discussion about the technology or medical devices that you are helping to create that can make a positive impact on our wellness. To begin, which particular problems are you aiming to solve?

TCB’s key mission is to change patients’ lives by working with clients focused on increasing access to diagnostics and treatments. TCB was founded to serve as a true partner for our clients, focusing not just on the deal but also on its aftermath. So with that mission focus, we operate as an extension of our clients’ leadership teams so that they are best positioned to achieve long-term strategies.

How do you think your technology can address this?

TCB works with cutting-edge companies that are driving healthcare forward with their technology innovations. These innovations lower the bar to access and afford effective treatments . But equally as important, our work enables companies to scale in a meaningful way to reach more patients, run trials at lower costs to accelerate the commercialization of products, and lower barriers for development that historically only much larger companies could navigate. Technology advancements have already had a massive impact on diagnostics, pharmaceuticals, and healthcare overall, and our goal at TCB is to help further drive treatment quality.

Can you tell us the backstory about what inspired you to originally feel passionate about this cause?

I had a health issue about two and a half years ago and recognized many pains in navigating the healthcare system. These pains were somewhat surprising to me, even though I had worked in healthcare for the entirety of my career. I had to jump through too many hoops for what I believed to be relatively simple things to access, such as tests, specialists, and treatments. Not to mention, the number of delays I experienced in being treated even to schedule appointments. Thankfully, I received good news in the end, but I realized that many individuals and families experiencing much more serious illnesses or diseases are likely put in far worse situations with far worse outcomes because they can’t access the right treatments or the right doctors or the right testing fast enough. Thus, I was really passionate about starting TCB Capital Advisors even if just to do my small part in progressing overall efficiencies in the system and expanding access to potentially life-saving diagnostics and treatments.

How do you think this might change the world?

Simply put: If you can save one patient’s life, then you have changed the world. If you can get one-person an earlier diagnosis, you have changed the world. If you provide one individual with access to a better treatment, you have changed the world. Too often society views these issues at such large scales that we forget that everyone is a son, a daughter, a mother, a father, etc.; every patient’s life matters. Every person deserves the best treatment and access at an affordable price. But obviously, at a much larger scale, access to diagnostics and pharmaceuticals will impact millions around the world.

Keeping “Black Mirror” and the “Law of Unintended Consequences” in mind, can you see any potential drawbacks about this technology that people should think more deeply about?

As we continue to drive technology forward, we cannot lose sight of the critical importance of safeguarding patient data. Enhanced ethical and commonsense policies will be helpful, but I believe the biggest risk is how companies, particularly healthcare insurance companies, will safely and securely leverage patient data if they do not implement the proper level of guardrails.

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Based on your experience and success, can you please share “Five things you need to know to successfully create technology that can make a positive social impact”?

I’ve taken the liberty to address this question with the five attributes companies and leaders need to have to create technology to make a positive social impact, as we need to see leaders and companies embodying these qualities in order to see the change I believe is possible in global public health:

1. Understand the population: In order to create change in a positive way, it is imperative to always remain focused on the key mission and ensure the target patient populations are aware that change has taken place. Thus, not only is it important to have the proper strategies in place to achieve the goals, but it is critical to ensure the stakeholders — be it patient advocacy groups, patients, healthcare providers, insurers, hospital systems or all of the above — are included in ongoing development, design, and go-to-market strategies so that we ensure we not only have product/technology awareness by the time we are ready to launch but that we are designing to meet the needs of the primary stakeholder group as we go along. I think a great example of this characteristic is binx health. Not only have they created a unique offering targeting unmet needs in STI diagnostics, but they also run effective and targeted marketing campaigns. Looking at their social media and recent partnership with Mark Cuban and Cost Plus Drugs for example, shows their goal of increased patient access and awareness is clearly defined and they are ensuring their technology and diagnostics education is reaching the patients that need it.
2. Passion: Always remember why you embarked on the journey and the original mission, as this will allow you to weather the turbulence that will inevitably hit. We’re in the midst of an incredibly challenging capital market here in the life sciences industry, and I firmly believe that to weather this market and any other potential challenge, you must be passionate about the impact you are trying to make. Importantly, potential investors, customers and employees also feed off of a company or leader’s passion and it cannot be faked. Eric Mayer, CEO of New Day Diagnostics embodies this quality perhaps more than anyone I know. Eric’s passion for innovation within diagnostics that expand access to early detection is what keeps investors buying into the company and helps keep the company always focused on the patient which ultimately leads to positive social impact.
3. Product/Market Fit: Whether you’re the innovator or an investor, it is critical to understand the problem you’re trying to solve, but also the competitive landscape that is continually evolving. This will allow you to assess how you are differentiated compared to peers, which will lead to a much likelier chance of success and positive impact. I can’t tell you how many companies have approached me to work together and the leadership team didn’t understand the competitive market or current unmet needs. On the flip side, I’ve seen this done really well. Steve Mah, who is currently a Senior Equity Research Analyst at Cowen, taught me the importance of this characteristic when I worked for him at Piper Sandler. In particular, Steve showed me the value of understanding the fundamental science, which is a key requirement when advising our clients on strategies, be it organic or inorganic growth, in order to ensure we are maximizing impact on public health.
4. Strategic Partnerships and Collaboration: The most successful businesses aiming to make a positive impact are fundamentally good companies. Ensuring your business is healthy empowers you to invest money to develop technologies that have lasting impact. Many companies get lost in the mission and lose sight of having sound operations. One great way to making lasting impactful businesses is through partnerships. The right partnerships or even mergers or acquisitions can have a compound effect for driving social impact. While still in its early days, New Day Diagnostics’ acquisition of the Epigenomics assets is one such example of a strategic combination to create the potential for massive impact as the move converted New Day Diagnostics into a fully-integrated diagnostics development company that has the development and commercialization capability to convert the Epigenomics IP estate into accessible diagnostics for patients, furthering New Day’s corporate objectives and driving change in the diagnostics landscape.
5. Surrounding yourself with the right people: TCB was founded on the idea that no one person can be everywhere and that the diversified skillset needed to be successful is a byproduct of a cohesive, passionate team. In our growth, we have added bankers, consultants, medical and scientific KOLs, PR specialists and other expertise with the knowledge that no single capability will match everything our clients need. Beyond the skills everyone brings to the table, the unified focus of the entire team on our mission of benefitting patients keeps us from getting distracted in the day-to-day which ensures we drive impact in the industry we serve. Having this culture enables us to learn from our failures and drive accountability without losing collaboration.

Can you share a few best practices that you recommend to safeguard your technology or medical devices from hackers?

This ties back to “Black Mirror” and is actually a really important consideration as we continue to progress technologies. Patient data needs to remain supremely confidential and ensuring that the right policies and practices are in place to do so are paramount. Companies should not lose sight of the fact that investment in protection is as important as the investment in the revenue-generating technology elements.

If you could tell other young people one thing about why they should consider making a positive impact on our environment or society, like you, what would you tell them?

If you surround yourself with people that are equally committed as you to the mission, then it is much easier to stay on goal. I am blessed to work with such an amazing team of professionals who are always keeping me on track and are able to quickly put me back on the right path if I occasionally do waiver. The people you surround yourself with are critical to growth, both for the group at large and at the individual level. The best teams are those that accomplish greatness because everyone involved continually reinforces the core mission.

Is there a person in the world, or in the US with whom you would like to have a private breakfast or lunch, and why? He or she might just see this, especially if we tag them. :-)

For me it would have to be Jason Sudeikis. I think we should all strive to impact the world in ways that makes people’s lives better, whether by giving hope, improving healthcare, advancing technology, or in any other way. I believe this also includes entertainment because of the inspiring stories they can share to broad audiences. Personally, Jason’s Ted Lasso helped me get through a very dark time in my life, and while it gave me a lot of hope when I needed it most, I believe the show provides a light for millions of people around the world. Thus, I believe Jason to be incredibly inspiring. Ted Lasso as a show overall also really pushed the discussion surrounding mental health forward in a very positive way. We live in a society where suicide rates are too high and access to treatment is too low. Helping to bring mental health to the forefront of conversations in society can provide hope to so many people. Every character in the show is coping with things so many of us deal with, such as sadness, madness, and hurt, and I think the show very effectively pushes positive ways in which we can deal with those issues.

How can our readers further follow your work online?

Readers can get more detail on TCB Capital Advisors through our website or our LinkedIn. Any of the TCB professionals are also available in case anyone is seeking additional information.

Thank you so much for joining us. This was very inspirational, and we wish you continued success in your important work.

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About The Interviewer: David Leichner is a veteran of the Israeli high-tech industry with significant experience in the areas of cyber and security, enterprise software and communications. At Cybellum, a leading provider of Product Security Lifecycle Management, David is responsible for creating and executing the marketing strategy and managing the global marketing team that forms the foundation for Cybellum’s product and market penetration. Prior to Cybellum, David was CMO at SQream and VP Sales and Marketing at endpoint protection vendor, Cynet. David is a member of the Board of Trustees of the Jerusalem Technology College. He holds a BA in Information Systems Management and an MBA in International Business from the City University of New York.