When board turns, but mission stays | Armon Sharei, Founder & CEO at Portal on Resilience in Biotech

In this episode of the Nucleate Podcast, Armon Sharei shares his journey from early life experiences in California, Iran, and Dubai to pursuing higher education at Stanford and MIT, ultimately leading to a career at the intersection of science and entrepreneurship. The conversation explores his motivations to make a positive impact on the world, the transition from academia to founding his first company Squeeze: a company based on innovative cell engineering technology and the challenges of navigating the biotech industry. Armon discusses the evolution of Squeeze from a platform to a therapeutics company, the difficulties of convincing investors and industry veterans, and the high-stakes decisions that shaped the company’s fate, including a major strategic pivot and the eventual fallout with the board. The episode also delves into personal and professional lessons learned, including the impact of a cancer diagnosis, the importance of safety and quality of life in drug development, and the value of mentorship and betting on talent. After Squeeze's liquidation, Armon founded Portal Biotechnologies, applying hard-earned lessons to focus on enabling broad innovation in cell therapy through platform technology. The discussion highlights the realities of biotech entrepreneurship, the significance of resilience, and the ongoing mission to empower others in the field, all while balancing personal passions and family life. Episode Notes: 00:00- Kicking off the episode and setting the stage 02:25- Armon shares a quick overview of his journey 03:24- He reflects on growing up in California, Iran, Dubai, and the US and how it shaped his worldview 05:13- Armon talks about his early love for science and how he chose his career path 06:26- Diving into Armon’s first big ideas and research interests 08:14- Armon discusses the shift from scientist to entrepreneur 10:47- How Squeeze was born. Armon shares the story behind the tech and his PhD research 13:58- Mapping the journey: PhD, founding Squeeze, and postdoc life 18:45- Armon opens up about the challenges of being a young biotech founder and raising early funding 22:53- He explains the strategic pivot from platform tech to therapeutics 26:40- Highlighting key wins: investor interest and the Roche partnership 20:01- Armon shares the tough moments — going public, market shifts, and internal debates 34:34- Navigating board decisions, layoffs, and the fallout with Roche 36:34- Armon reflects on leaving Squeeze and the emotional toll it took 40:27- Starting Portal: Armon shares what motivated him to begin again 44:27- Armon opens up about his cancer diagnosis and how it changed his perspective 49:03- Lessons from being a patient, Armon talks about safety and quality of life in drug development 51:11- He shares broader insights on industry incentives, pricing, and systemic challenges 54:10- What makes Portal’s tech unique? Armon breaks down its competitive edge 56:57- Real-world use cases and early adopters of Portal’s platform 1:00:21- Armon discusses the long-term vision: platform-first vs. therapeutics 1:03:49- Armon highlights the importance of mentorship and betting on talent 1:09:33- He talks about balancing work, life, and personal passions