Burrage Capital is a long-short equity manager focused in biotechnology and medical technology. Burrage Capital uses in-depth medical and industry research to identify undervalued small and mid-cap companies which are developing compelling drugs and medical technologies.
Burrage Capital is a long-short equity manager focused in biotechnology and medical technology. Burrage Capital uses in-depth medical and industry research to identify undervalued small and mid-cap companies which are developing compelling drugs and medical technologies.
Burrage Capital focuses on finding meaningful drugs and technologies which offer transformative outcomes for patients. The investment process at Burrage Capital is driven by deep medical research and clinical insight. The idea generation and due diligence process is focused on the review of scientific, clinical and medical practice data. Because of Dr. Bardon’s long-term relationships with the medical, scientific and biotechnology community, Burrage Capital has a unique ability to understand and find drugs and technologies which will have a meaningful impact for patients to generate investor returns.
Burrage Capital identifies these companies when they are at their small and mid-cap stages, before they have achieved broad investor acceptance. Burrage Capital works across all therapeutic areas but has a special focus in cancer, which represents the most compelling area of investment within biotechnology.
Managing Member and
Portfolio Manager
Chief Operating Officer
Chief Financial Officer and
Chief Compliance Officer
Investment Partner
Investment Partner
Director of Operations
Research Assistant
Managing Member and
Portfolio Manager
Dr. Bardon serves as Portfolio Manager and Managing Member for Burrage Capital. Prior to founding Burrage in 2010, Dr. Bardon was an Equity Analyst at Pyramis Global Advisors, the institutional investor arm of Fidelity Investments from 2007 to 2010, where she formally covered biotechnology, life science tools, medical diagnostics and technology across the entire market cap spectrum on a global basis.
Prior to joining Pyramis, Dr. Bardon started her investment career as a principal/analyst at MPM Capital, a biotech venture capital firm. At MPM, she identified and evaluated private and public investment opportunities, led due diligence teams particularly in Europe and served as a board observer at several portfolio companies. She also served as a Kauffman Foundation Fellow.
After completing medical school, Dr. Bardon also completed a residency in internal medicine at the Brigham and Women’s Hospital. While at Harvard Medical School, Dr. Bardon was the recipient of a Howard Hughes Medical Institute fellowship where she conducted genetic research in immunology with Professor Frederick W. Alt.
Dr. Bardon received her MBA from Harvard Business School and her MD, magna cum laude, from Harvard Medical School. She also holds a MS/BS from Massachusetts Institute of Technology.
Dr. Bardon currently serves on the Board of Fellows at Harvard Medical School and is a Trustee of the American Association for Cancer Research Foundation.
Chief Operating Officer
Mr. Rubin serves as the Chief Operating Officer and Chief Financial Officer for Burrage Capital. Mr. Rubin is primarily responsible for all of the non-investment activities of the Investment Manager including fund accounting, client service and marketing and compliance. Prior to joining Burrage Capital in early 2018, Mr. Rubin was a Managing Member and Chief Operating Officer of Midwood Capital Management LLC, a Boston-based US small-cap long/short equity hedge fund, beginning in 2012, and Tara Hill Capital Management LP, a Boston-based US long/short equity hedge fund firm he helped form in 2009.
Mr. Rubin was previously the Senior Managing Partner of Boldwater Capital Management, a $300 million long/short hedge fund organization based in Boston, MA. Before forming Boldwater in 2001, Mr. Rubin spent 17 years and was a Director and member of the executive committee at Standish, Ayer & Wood, Inc. (now Standish Mellon Asset Management), an investment firm with approximately $41 billion in assets under management as of July 2001.
Mr. Rubin received an MBA from Harvard Business School and holds a BBA in Finance and Accounting from The George Washington University. Mr. Rubin is a member of the CFA Institute and the Boston Security Analysts Society.
Howard is currently a member of the Board of Directors of the Combined Jewish Philanthropies and its immediate past Treasurer and Chair of the Budget and Administration Committee and Vice Chair of the Trustee Advisory Board of Beth Israel Deaconess Medical Center, where he is also a member of the Finance Committee. He also is currently a member of the Investment Committee of North Hill Needham, the board of the Financial Executives Alliance of Boston, and The George Washington University Family Philanthropy Board where he previously served as Vice Chair of the Board of Advisors of The George Washington University School of Business. He also previously served as a Trustee and Treasurer of Hebrew College where he chaired the Finance Committee.
Chief Financial Officer and
Chief Compliance Officer
Mr. Crispen serves as Chief Financial Officer and Chief Compliance Officer for Burrage Capital and is responsible for assisting with many of the non-investment activities of the Investment Manager. Prior to joining Burrage Capital in March 2020, Jeff was the Chief Operating Officer, Chief Financial Officer and Chief Compliance Officer for Cambridge Square Capital, a Boston-based relative-value volatility arbitrage hedge fund he helped launch in 2016. Prior to that, he was the Chief Operating Officer and Chief Financial Officer for Feingold O’Keeffe Capital (later sold to NewStarFinancial), a Boston-based multi-product alternative credit manager he joined beginning in 2007. Jeff was also the Chief Financial Officer for Boldwater Capital Management beginning in 2006.
Jeff began his career as an auditor at Arthur Andersen, and later joined the Cayman Islands office of Ernst & Young. Jeff then joined Deloitte as a senior manager in their investment management practice.
Jeff earned his B.S. degree in business administration with a concentration in accounting with honors from the University of Connecticut (1996). Jeff was a Certified Public Accountant in Massachusetts (inactive status since 2017).
Investment Partner
Briggs W. Morrison, M.D., joined Burrage as an Investment Partner in early 2018. Briggs also serves as an investment committee member of the UBS Oncology Impact Fund managed by MPM and is CEO of Syndax Pharmaceuticals, Inc., an MPM portfolio company. Prior to joining Syndax and MPM, Briggs served as Chief Medical Officer and Executive VP for “Global Medicines Development” at AstraZeneca (AZN).
Briggs’ career includes distinguished roles at AstraZeneca, Pfizer (PFE) and Merck (MRK). At AstraZeneca, he was head of global medicines development, where he oversaw all clinical development functions and late-stage clinical development projects. As Head of Clinical Development at Pfizer, he oversaw Phase I-III development and operations for all therapeutic areas before being appointed the head of Development, Medical Affairs, Safety and Regulatory Affairs for all Pfizer human health businesses. While serving as head of Oncology Development at Merck, Briggs oversaw the development and approval of vorinostat (Zolinza®) for the treatment of cutaneous T-cell lymphoma. Briggs formerly served as Chairman of the Board of Transcelerate, an industry-funded company charged with improving aspects of clinical trials.
Briggs received his BS (Biology) degree from Georgetown University and his MD degree from the University of Connecticut and completed a post-doctoral research fellowship in the Department of Genetics at Harvard Medical School and additional post-doctoral work at the Dana-Farber Cancer Institute. Briggs trained in Internal Medicine at the Massachusetts General Hospital and in Medical Oncology at the Dana-Farber Cancer Institute.
Investment Partner
Leigh Zawel joined Burrage Capital as an Investment Partner in early 2018. Leigh is the Chief Scientific Officer, Small Molecules for Cullinan Oncology, a portfolio company of the UBS Oncology Impact Fund managed by MPM, which is focused on developing high value cancer therapeutics using a unique, cost-efficient business model.
Most recently, he was Vice President and East Coast Site Head for Pfizer’s Centers for Therapeutic Innovation where he managed a portfolio of large and small molecule projects spanning Oncology, Immunology and Rare Disease from which five clinical stage programs emerged in five years.
Prior to Pfizer, Leigh was the Oncology site lead at Merck Research Laboratories (MRL) Boston. In this role, he was responsible for drug discovery efforts focused on the identification of development candidates for programs in the oncology franchise. Leigh also formerly held posts at Sanofi-Aventis, where he was Director of Cancer Biology, and at Novartis Institutes for Biomedical Research, where he was an Oncology Group Leader and led the team credited with discovering LCL161, an industry leading IAP inhibitor.
Leigh earned his Ph.D. at UMDNJ in the laboratory of Danny Reinberg where he identified and characterized components of the RNA Polymerase II basal transcription machinery. His postdoctoral training was at Johns Hopkins University in the laboratory of Bert Vogelstein and Ken Kinzler and focused on dysregulation of TGFB signaling in cancer.
Leigh also holds a M.S. in Bacteriology from the University of Wisconsin, as well as a B.S. in Biology from Rutgers University. He has published more than 35 scientific publications. He is also an author on 45 patents covering chemical matter, drug combinations, biomarker utility and gene function in areas of apoptosis, inflammation and TGFB signaling
Director of Operations
Mr. Angelillo serves as Director of Operations for Burrage Capital and is responsible for assisting with the non-investment activities of the Investment Manager, with a primary focus on daily trade operations, portfolio analytics and reconciliations, fund accounting and reporting. Prior to joining Burrage Capital in October 2020, Tom was the Director of Operations for Cambridge Square Capital. Tom also previously worked in various middle-office roles within Harvard Management Company and SS&C Technologies.
Mr. Angelillo received his MBA in Finance from the University of Hartford (1996) and holds a BA in Economics from the University of Connecticut (1992). Tom is also a Chartered Financial Analyst.
Research Assistant
Mr. Harrison serves as Research Assistant for Burrage Capital. Josh is responsible for assisting with the research process of the Investment Manager including assembling and organizing research materials, academic publications and company meetings. Josh is also responsible for office management and technology. Prior to joining Burrage Capital in January 2011, Josh was a research editor for Project Witness, a Holocaust education project in New York. He also served as a researcher at the Center for Public Scholarship at the New School for Social Research.
Mr. Harrison holds a BA from Yeshiva University.
Dr. Bardon serves as Portfolio Manager and Managing Member for Burrage Capital. Prior to founding Burrage in 2010, Dr. Bardon was an Equity Analyst at Pyramis Global Advisors, the institutional investor arm of Fidelity Investments from 2007 to 2010, where she formally covered biotechnology, life science tools, medical diagnostics and technology across the entire market cap spectrum on a global basis.
Prior to joining Pyramis, Dr. Bardon started her investment career as a principal/analyst at MPM Capital, a biotech venture capital firm. At MPM, she identified and evaluated private and public investment opportunities, led due diligence teams particularly in Europe and served as a board observer at several portfolio companies. She also served as a Kauffman Foundation Fellow.
After completing medical school, Dr. Bardon also completed a residency in internal medicine at the Brigham and Women’s Hospital. While at Harvard Medical School, Dr. Bardon was the recipient of a Howard Hughes Medical Institute fellowship where she conducted genetic research in immunology with Professor Frederick W. Alt.
Dr. Bardon received her MBA from Harvard Business School and her MD, magna cum laude, from Harvard Medical School. She also holds a MS/BS from Massachusetts Institute of Technology.
Dr. Bardon currently serves on the Board of Fellows at Harvard Medical School and is a Trustee of the American Association for Cancer Research Foundation.
Mr. Rubin serves as the Chief Operating Officer and Chief Financial Officer for Burrage Capital. Mr. Rubin is primarily responsible for all of the non-investment activities of the Investment Manager including fund accounting, client service and marketing and compliance. Prior to joining Burrage Capital in early 2018, Mr. Rubin was a Managing Member and Chief Operating Officer of Midwood Capital Management LLC, a Boston-based US small-cap long/short equity hedge fund, beginning in 2012, and Tara Hill Capital Management LP, a Boston-based US long/short equity hedge fund firm he helped form in 2009.
Mr. Rubin was previously the Senior Managing Partner of Boldwater Capital Management, a $300 million long/short hedge fund organization based in Boston, MA. Before forming Boldwater in 2001, Mr. Rubin spent 17 years and was a Director and member of the executive committee at Standish, Ayer & Wood, Inc. (now Standish Mellon Asset Management), an investment firm with approximately $41 billion in assets under management as of July 2001.
Mr. Rubin received an MBA from Harvard Business School and holds a BBA in Finance and Accounting from The George Washington University. Mr. Rubin is a member of the CFA Institute and the Boston Security Analysts Society.
Howard is currently a member of the Board of Directors of the Combined Jewish Philanthropies and its immediate past Treasurer and Chair of the Budget and Administration Committee and Vice Chair of the Trustee Advisory Board of Beth Israel Deaconess Medical Center, where he is also a member of the Finance Committee. He also is currently a member of the Investment Committee of North Hill Needham, the board of the Financial Executives Alliance of Boston, and The George Washington University Family Philanthropy Board where he previously served as Vice Chair of the Board of Advisors of The George Washington University School of Business. He also previously served as a Trustee and Treasurer of Hebrew College where he chaired the Finance Committee.
Mr. Crispen serves as Chief Financial Officer and Chief Compliance Officer for Burrage Capital and is responsible for assisting with many of the non-investment activities of the Investment Manager. Prior to joining Burrage Capital in March 2020, Jeff was the Chief Operating Officer, Chief Financial Officer and Chief Compliance Officer for Cambridge Square Capital, a Boston-based relative-value volatility arbitrage hedge fund he helped launch in 2016. Prior to that, he was the Chief Operating Officer and Chief Financial Officer for Feingold O’Keeffe Capital (later sold to NewStarFinancial), a Boston-based multi-product alternative credit manager he joined beginning in 2007. Jeff was also the Chief Financial Officer for Boldwater Capital Management beginning in 2006.
Jeff began his career as an auditor at Arthur Andersen, and later joined the Cayman Islands office of Ernst & Young. Jeff then joined Deloitte as a senior manager in their investment management practice.
Jeff earned his B.S. degree in business administration with a concentration in accounting with honors from the University of Connecticut (1996). Jeff was a Certified Public Accountant in Massachusetts (inactive status since 2017).
Briggs W. Morrison, M.D., joined Burrage as an Investment Partner in early 2018. Briggs also serves as an investment committee member of the UBS Oncology Impact Fund managed by MPM and is CEO of Syndax Pharmaceuticals, Inc., an MPM portfolio company. Prior to joining Syndax and MPM, Briggs served as Chief Medical Officer and Executive VP for “Global Medicines Development” at AstraZeneca (AZN).
Briggs’ career includes distinguished roles at AstraZeneca, Pfizer (PFE) and Merck (MRK). At AstraZeneca, he was head of global medicines development, where he oversaw all clinical development functions and late-stage clinical development projects. As Head of Clinical Development at Pfizer, he oversaw Phase I-III development and operations for all therapeutic areas before being appointed the head of Development, Medical Affairs, Safety and Regulatory Affairs for all Pfizer human health businesses. While serving as head of Oncology Development at Merck, Briggs oversaw the development and approval of vorinostat (Zolinza®) for the treatment of cutaneous T-cell lymphoma. Briggs formerly served as Chairman of the Board of Transcelerate, an industry-funded company charged with improving aspects of clinical trials.
Briggs received his BS (Biology) degree from Georgetown University and his MD degree from the University of Connecticut and completed a post-doctoral research fellowship in the Department of Genetics at Harvard Medical School and additional post-doctoral work at the Dana-Farber Cancer Institute. Briggs trained in Internal Medicine at the Massachusetts General Hospital and in Medical Oncology at the Dana-Farber Cancer Institute.
Leigh Zawel joined Burrage Capital as an Investment Partner in early 2018. Leigh is the Chief Scientific Officer, Small Molecules for Cullinan Oncology, a portfolio company of the UBS Oncology Impact Fund managed by MPM, which is focused on developing high value cancer therapeutics using a unique, cost-efficient business model.
Most recently, he was Vice President and East Coast Site Head for Pfizer’s Centers for Therapeutic Innovation where he managed a portfolio of large and small molecule projects spanning Oncology, Immunology and Rare Disease from which five clinical stage programs emerged in five years.
Prior to Pfizer, Leigh was the Oncology site lead at Merck Research Laboratories (MRL) Boston. In this role, he was responsible for drug discovery efforts focused on the identification of development candidates for programs in the oncology franchise. Leigh also formerly held posts at Sanofi-Aventis, where he was Director of Cancer Biology, and at Novartis Institutes for Biomedical Research, where he was an Oncology Group Leader and led the team credited with discovering LCL161, an industry leading IAP inhibitor.
Leigh earned his Ph.D. at UMDNJ in the laboratory of Danny Reinberg where he identified and characterized components of the RNA Polymerase II basal transcription machinery. His postdoctoral training was at Johns Hopkins University in the laboratory of Bert Vogelstein and Ken Kinzler and focused on dysregulation of TGFB signaling in cancer.
Leigh also holds a M.S. in Bacteriology from the University of Wisconsin, as well as a B.S. in Biology from Rutgers University. He has published more than 35 scientific publications. He is also an author on 45 patents covering chemical matter, drug combinations, biomarker utility and gene function in areas of apoptosis, inflammation and TGFB signaling
Mr. Angelillo serves as Director of Operations for Burrage Capital and is responsible for assisting with the non-investment activities of the Investment Manager, with a primary focus on daily trade operations, portfolio analytics and reconciliations, fund accounting and reporting. Prior to joining Burrage Capital in October 2020, Tom was the Director of Operations for Cambridge Square Capital. Tom also previously worked in various middle-office roles within Harvard Management Company and SS&C Technologies.
Mr. Angelillo received his MBA in Finance from the University of Hartford (1996) and holds a BA in Economics from the University of Connecticut (1992). Tom is also a Chartered Financial Analyst.
Mr. Harrison serves as Research Assistant for Burrage Capital. Josh is responsible for assisting with the research process of the Investment Manager including assembling and organizing research materials, academic publications and company meetings. Josh is also responsible for office management and technology. Prior to joining Burrage Capital in January 2011, Josh was a research editor for Project Witness, a Holocaust education project in New York. He also served as a researcher at the Center for Public Scholarship at the New School for Social Research.
Mr. Harrison holds a BA from Yeshiva University.
