Since his days as a Cadet at West Point and then as a U.S. Army Officer on the fields of battle in Iraq, Luis Alvarez, chief executive officer of the Frederick, Maryland based regenerative medicine company Theradaptive, has trained to be a leader.
By Alex Keon
October 3, 2023
Long before Theradaptive Chief Executive Officer stepped into the world of the C-suite, Luis Alvarez prepared for his role at West Point. As a cadet at the military institute, and as a former officer in the United States Army, leadership has become ingrained in the very fabric of Alvarez’s being.
Alvarez discusses his journey with BioBuzz and emphasizes several aspects of leadership that he works to embody in order to find success, including; preparation, team, humility, mission and commitment.
“The entire curriculum at West Point is centered around leadership development,” explained Alvarez, who later earned a PhD in Biological Engineering from MIT where his research focused on bone and tissue regeneration.
The lessons he learned as a cadet at the academy were later put to the test in the Army, where he developed strategies and best practices to guide his soldiers through various challenges and obstacles that the military required. That included a combat tour in Iraq, a tour that laid the groundwork for Theradaptive.
Following that, Alvarez shifted to the Fort Detrick. There, he was the co-founding Deputy Director of the Department of Defense Tissue Injury and Regenerative Medicine program office. In that role, he oversaw various teams focused on biological research. Previously he led the department’s largest recombinant biologics program through mid-stage clinical testing.
Alvarez said his work at the Department of Defense provided him with insights into the world of running a biopharma company. He learned how to navigate regulatory pathways, as well as the lifecycle of a clinical program. So much of what he did was applicable to a private sector company, he said.
“That experience gave me the understanding about working with people who are smarter than I am,” Alvarez said. “I think if you’re the smartest person in the room, then you’re in the wrong room. The most important part of leadership is building a good team… orient that team on a mission… and then get out of their way.”
That mission is critically important to Alvarez and the Theradaptive team is developing a regenerative medicine asset that can support the regeneration of native bone tissue. In the theater of war, Alvarez saw some of his fellow soldiers suffer significant extremity wounds. Imagining solutions to alleviate their suffering led to the founding of Frederick-based Theradaptive. In part, the company was formed in 2017 to answer the question as to why so many members of the armed forces who returned from combat underwent delayed amputations weeks or months after the initial injury. Theradaptive’s answer to that question was the development of a transformational regenerative technology, AMP2.
Theradaptive’s lead regenerative medicine AMP2 technology is a proprietary variant of BMP2, a bone inducing protein that regenerates bone tissue. AMP2, which has secured multiple breakthrough designations from the FDA, was licensed from the U.S. Department of Defense U.S. Army Medical Research & Development Command. The company’s asset is applied to implanted medical devices leading to a much more precise and safer method for regenerating native bone tissue. AMP2 has beaten the standard of care in every preclinical study conducted to date, Alvarez said. Now, that data will be tested in humans. The company is taking AMP2 into a Phase I/II study.
Alvarez credits the Theradaptive team for the progress the company is making with AMP2. The company stayed focused on the mission of taking AMP2 into human trials and succeeded in that goal. As a company leader, Alvarez said it’s important to listen to the experts within Theradaptive, collect the data necessary to make a decision and then act on that.
It’s also important for a leader to know when to step away for a while in order to rest and recharge. As a lover of all things beach-related, from sailing to seafood, Alvarez said it’s critical for his own mental health to truly take time off from the company. That means he truly disconnects. When he is on vacation, Alvarez said he turns off his phone and doesn’t look at his emails.
“You have to give yourself time to think and breathe and read. You need to take advantage of the time and disconnect. Your vacation time is as valuable to the company as your working time, you need to be refreshed and recharged,” he said.
Being fully rested will be important when Theradaptive shifts into a clinical stage regenerative medicine company. Advancing into clinical trials will require additional funding for Theradaptive. After closing a $26 million Series A financial round earlier this year, Alvarez said they will begin the process for a Series B round in early 2024. Although current economic conditions have reduced the amount of investing compared to previous years, Alvarez said he believes there is a significant amount of available capital “waiting on the sidelines.” He said the company will be “extra diligent” when going into its next fundraising phase and plans to work with strategic investors, including the Maryland Stem Cell Research Commission, a division of TEDCO, which provided grant funding to Theradaptive earlier this year.
Theradaptive was also just awarded a U.S. Department of Defense (DOD) Clinical Trial Award of up to $7.4M with options, subject to FDA approval to begin phase I/II clinical studies.
“We are deeply committed to solving this important problem for service members who suffered traumatic injuries and are grateful for those who support that mission,” Alvarez said.
