Jeffrey Sacher

Senior Managing Director, Healthcare Investment Banking

Mr. Jeffrey Sacher serves as the Senior Managing Director of National’s Healthcare Investment Banking Division. Previously, Mr. Sacher served as a Senior Banker at Goldman Sachs, Needham & Co, Aegis Capital and Brean Capital. In addition, Mr. Sacher was the Chief Financial Officer for ViaCell, a stem cell company sold to PerkinElmer. He is a graduate of Cornell University with a degree in Biology and Northwestern’s Kellogg Graduate School of Management.

Healthcare Sector Expertise

National has developed a unique area of expertise in the healthcare sector, drawing upon the deep knowledge base of our bankers, analysts and advisors as well as practitioners in major research and medical centers around the country. National’s healthcare banking team has a track record of successful financings of R&D and clinical stage biotech and medical device companies targeting unmet medical needs in significant markets including cancer, pain management, diabetes, cardiovascular, autoimmune, neurological, and digestive conditions.

Our retail and institutional investors benefit from our team’s ability to identify and finance private and public life sciences and medical technology companies through a wide range of transaction structures including straight equity, convertibles, and notes in Stage A raises, pre-listing bridge financings, IPOs, Follow-Ons, CMPOs, and RDOs.

Completed Transactions


Maria Barbera, Ph.D.

Senior Equity Research Analyst

Maria Barbera joined National Securities in July 2019 as a Senior Equity Research Analyst covering the biotechnology sector. Previously, Maria was a biotechnology research associate at Ladenburg Thalmann and Roth Capital Partners. Prior to beginning her career on Wall Street, Maria was a scientist at Memorial Sloan Kettering Cancer Center. Maria earned a Ph.D. in Genetics and Molecular Biology from UNC-Chapel Hill and a B.S. in Pharmacology from Stony Brook University.

    Healthcare Sector Coverage

    National broadly covers the healthcare sector but maintains a particular focus on micro and small cap companies developing drugs to treat cancer, microbial infection, and pain. We also maintain dedicated coverage of several medical device companies.

    Healthcare spending currently accounts for almost 20% of US GDP, higher than any other nation by a wide margin. The healthcare sector is expected to continue to thrive given increasing pressure on the FDA to accelerate its pace of drug application review, the JOBS Act, as well as ongoing political efforts to reduce the cost of healthcare. These dynamics have encouraged ever-higher numbers of micro and small cap healthcare companies.

    We believe that through our due diligence and increasing number of healthcare investment opportunities, investors can continue to find attractive investment option in the sector.

    Reata Pharmaceuticals

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    Eyenovia (EYEN)

    October 16, 2019–

    Reata announced that the registrational Part 2 portion of the MOXIe study of omaveloxolone in patients with Friedreich’s ataxia (FA) met its primary endpoint of change in the modified Friedreich’s Ataxia Rating Scale (mFARS) relative to placebo after 48 weeks of treatment. The mFARS is a physician-assessed neurological rating scale used to measure FA disease progression. Patients treated with omaveloxolone (150 mg/day) demonstrated a statistically significant, placebo-corrected 2.40 point improvement in mFARS after 48 weeks of treatment (p=0.014), which represents ~1 year’s difference in the rate of disease progression and we believe will be seen as clinically meaningful. Omaveloxolone treatment was generally reported to be well-tolerated.

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