Sector Expert: Jason Kolbert

Maxim Group

Image: Jason Kolbert

Jason Kolbert is a senior managing director with the Maxim Group, and the head of healthcare research as well as a covering analyst. Kolbert's career began as a chemist in the pharmaceutical industry, and evolved into a product and marketing manager with Schering-Plough in Japan. Upon returning from Japan, he joined Salomon Smith Barney as a research associate, which evolved into an 18-year career on Wall Street as a ranked biotechnology analyst. As the head of healthcare at Maxim, Kolbert manages the healthcare effort to maintain a balance of large, capitalized, relevant institutional coverage combined with the next generation of small, capitalized, emerging companies that will influence the sector. His focus is across several therapeutic areas, with an emphasis in antiviral medicine, regenerative medicine, oncology and immunology (cell therapy). Kolbert is noted for being among the first analysts to focus on the changing landscape for Hepatitis C therapy. Today Kolbert is making the same call for stem cell therapy, identifying the sector as having the potential to alter current treatment paradigms. Kolbert spent seven years at Citi Group as a traditional sellside analyst, followed by seven years on the buy side as a portfolio manager with the Susquehanna International Group. Kolbert recently returned to his analyst role after spending a year as the head of business development for a public cell therapy company. At Maxim, Kolbert and his colleagues oversee a team responsible for covering 70 companies.

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Companies Commented On

  • Adamis Pharmaceuticals Corporation
  • Anavex Life Sciences Corp.
  • Athersys Inc.
  • BioLineRx Ltd.
  • bluebird bio Inc.
  • BrainStorm Cell Therapeutics Inc.
  • Capnia Inc.
  • Cellectis
  • Celyad
  • Cesca Therapeutics Inc.
  • Check Cap Ltd
  • ContraFect Corp.
  • Diffusion Pharmaceuticals Inc.
  • ImmunoCellular Therapeutics Ltd.
  • Inovio Pharmaceuticals Inc.
  • Intellipharmaceutics International Inc.
  • IsoRay, Inc.
  • Maxim Group
  • Mesoblast Ltd.
  • Neuralstem Inc.
  • NovaBay Pharmaceuticals Inc.
  • Oculus Innovative Sciences Inc.
  • Opexa Therapeutics Inc.
  • Pluristem Therapeutics Inc.
  • Soligenix Inc.
  • StemCells Inc.


Recent Interviews

Regenerative Medicine Follows the CAR T-Cell Gravy Train: Maxim Group's Jason Kolbert and Jason McCarthy (12/2/15)
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Why have stem cell and regenerative medicine companies underperformed other segments of biotech? Maxim Group's Jason Kolbert and Dr. Jason McCarthy identify a possible answer: Investors believe stem cell data has yet to definitively reach proof of concept in the blockbuster indications that the companies are pursuing. They want to see results like those shown by gene therapy/CAR-T companies, such as bluebird bio Inc. ("the Bird") in sickle cell disease. In this interview with The Life Sciences Report, Kolbert and McCarthy tackle the issues that have frustrated investors, and leave readers with a list of names that could reap multiples on investment while patients enjoy longer lives.

Why Investors Shouldn't Worry About Explosive New Drug Pricing: Maxim's Jason Kolbert (4/8/15)
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It's the daring Phase 2-stage molecules of today that will bring patients a generation of biotech drugs that could cure certain deadly diseases tomorrow. The candidates that succeed will also energize the portfolios of investors who have exercised patience. Jason Kolbert of New York City-based Maxim Group relishes finding early-stage, cutting-edge, small-cap names that he believes will change the paradigm of medical practice. In this interview with The Life Sciences Report, Kolbert shares a list of favorite biotechs developing products that will command premium pricing and sustained performance in the marketplace.

Cell Therapy 2015: With Maturity Comes Promise (12/23/14)
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A number of new and innovative medical paradigms are being explored by companies in the life sciences sector, with one of the front-runners being cell therapyŚa disruptive technology that has, in the past few years, progressed out of preclinical studies and into clinical development. To learn more about the transformative promise of regenerative medicine, and what investors might expect from companies working in the sector in 2015, The Life Sciences Report asked analysts Jason Kolbert of Maxim Group and Dr. Christopher James of Brinson Patrick to discuss the advances that could generate robust returns on investment in coming years.

Recent Quotes

"The positive preliminary results of the SGX942 Phase 2 study sets the stage for SNGX to pursue partnerships for the Phase 2/3 study."

— Jason Kolbert, Maxim Group (5/12/16)
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"MESO's heart failure trial is recruiting well in North America and is expected to expand more aggressively in the EU."

— Jason Kolbert, Maxim Group (5/10/16)
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"There is unusually strong alignment and interest by both ATHX and Healios to expand MultiStem to other indications for Japan."

— Jason Kolbert, Maxim Group (5/6/16)
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"The continued nondilutive government funding for SNGX's biodefense research is positive."

— Jason Kolbert, Maxim Group (5/5/16)
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"We expect to see IPCI's Rexista lead to a partnership opportunity."

— Jason Kolbert, Maxim Group (4/15/16)
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"Immunogenicity data from INO's Ebola vaccine study were positive."

— Jason Kolbert, Maxim Group (3/30/16)
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"SNGX's dusquetide shows preclinical efficacy against a broad spectrum of infectious bacteria."

— Jason Kolbert, Maxim Group (3/29/16)
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"INO continues to drive multiple oncology programs forward."

— Jason Kolbert, Maxim Group (3/29/16)
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"INO announced preclinical data showing that a DNA-based monoclonal antibody targeting the Chikungunya virus induced 100% protection."

— Jason Kolbert, Maxim Group (3/23/16)
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"SNGX does a masterful job at biodefense research with government dollars."

— Jason Kolbert, Maxim Group (3/17/16)
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"The rebound in MESO's valuation is justified."

— Jason Kolbert, Maxim Group (3/17/16)
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"INO acquired Bioject Medical's injection technology for $5.5M."

— Jason Kolbert, Maxim Group (3/14/16)
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"A positive outcome for ATHX's MultiStem in stroke is probable."

— Jason Kolbert, Maxim Group (3/11/16)
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"IPCI's overdose-resistant technology could change the dynamics of the entire drug landscape."

— Jason Kolbert, Maxim Group (2/29/16)
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"MESO's MSC-100-IV in aGVHD showed clinically meaningful responses."

— Jason Kolbert, Maxim Group (2/22/16)
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"ATHX's follow-up data showed patients receiving MultiStem continued to improve and had a statistically significant higher rate of 'Excellent Outcome.'"

— Jason Kolbert, Maxim Group (2/17/16)
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"Trial data on MSB's MPC-300 IV show no risk but clearly activity."

— Jason Kolbert, Maxim Group (2/16/16)
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"INO has multiple incremental catalysts in 2016; it has $170M in cash."

— Jason Kolbert, Maxim Group (1/19/16)
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"JAMA Neurology published findings of ALS trials with BCLI's NurOwn."

— Jason Kolbert, Maxim Group (1/19/16)
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"Data suggest ATHX's MultiStem could have benefit post hypoxic ischemia."

— Jason Kolbert, Maxim Group (1/13/16)
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"BCLI and Hadassah Medical agreed to a Phase 2 AML trial collaboration."

— Jason Kolbert, Maxim Group (1/11/16)
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"Revisions to MSB's ongoing Phase 3 program are very positive."

— Jason Kolbert, Maxim Group (1/11/16)
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"ATHX's partnership and licensing with Healios is very positive news."

— Jason Kolbert, Maxim Group (1/8/16)
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"In 2016, we will be closely watching MSB's DDD (back pain) trial."

— Jason Kolbert, Maxim Group (12/31/15)
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"Our confidence in ATHX is data driven."

— Jason Kolbert, Maxim Group (12/22/15)
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"BCLI may be positioned for a Phase 3 trial of NurOwn in 2017."

— Jason Kolbert, Maxim Group (12/22/15)
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"IMUC announced an agreement with AFT for the ICT-107 Phase 3 trial."

— Jason Kolbert, Maxim Group (12/7/15)
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"MESO is one of the few companies that have the vision and know-how to commercialize regenerative medicine."

The Life Sciences Report Interview with Jason Kolbert (12/2/15)
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"I would encourage investors to look at STEM's data."

The Life Sciences Report Interview with Jason Kolbert (12/2/15)
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"RESX appears to have a unique blocker of the P13K/Akt/mTOR pathway; there will be plenty of upside for shareholders."

The Life Sciences Report Interview with Jason Kolbert (12/2/15)
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"IMUC has entered into a second sponsored research agreement with MD Anderson Cancer Center to develop a stem-to-T-cell program."

The Life Sciences Report Interview with Jason Kolbert (12/2/15)
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"With BCLI, we didn't have to struggle with safety."

The Life Sciences Report Interview with Jason Kolbert (12/2/15)
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"ATHX's MultiStem is going to prove viable, and will change the paradigm for treating stroke."

The Life Sciences Report Interview with Jason Kolbert (12/2/15)
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"We reiterate our belief in IMUC's ICT-107 as a viable therapy for glioblastoma."

— Jason Kolbert, Maxim Group (12/1/15)
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"BCLI and Octane Biotech have made significant manufacturing advances for NurOwn."

— Jason Kolbert, Maxim Group (12/1/15)
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"MSB announced the launch of TEMCELL (formerly Prochymal) is expected in Feb."

— Jason Kolbert, Maxim Group (11/27/15)
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"MSB raised net proceeds of $58M in a U.S. initial public offering."

— Jason Kolbert, Maxim Group (11/25/15)
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"ATHX data suggest MultiStem could be used for severe SCI patients."

— Jason Kolbert, Maxim Group (11/18/15)
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— Jason Kolbert, Maxim Group (11/18/15)
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"RESX is funded through H2/16."

— Jason Kolbert, Maxim Group (11/13/15)
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"IMUC is progressing to initiate the ICT-107 Phase 3 trial in GBM."

— Jason Kolbert, Maxim Group (11/11/15)
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"The DSMB recommended BCLI's Phase 2 ALS study continue as planned."

— Jason Kolbert, Maxim Group (11/9/15)
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"ATHX's stroke data are good enough to land a major partner in Japan."

— Jason Kolbert, Maxim Group (11/6/15)
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"ATHX will move forward with a new Japanese partner and better terms."

— Jason Kolbert, Maxim Group (10/21/15)
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"MSB extends for six months the strategic interest from Celgene."

— Jason Kolbert, Maxim Group (10/16/15)
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"BCLI announced that the final patient has been treated in its multicenter Phase 2 clinical trial."

— Jason Kolbert, Maxim Group (10/7/15)
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"We are excited to see IMUC continue to develop ICT-107 immunotherapy."

— Jason Kolbert, Maxim Group (9/24/15)
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"BCLI announced that Chaim Lebovits will assume CEO responsibilities."

— Jason Kolbert, Maxim Group (9/23/15)
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"DARPA exercised its option to provide an additional $24M (to the INO-led international consortium to develop novel therapeutics for Ebola."

— Jason Kolbert, Maxim Group (9/21/15)
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"MSB announced approval of TEMCELL in Japan for GvHD."

— Jason Kolbert, Maxim Group (9/18/15)
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"MSB's Prochymal could be on the U.S. market in the next two years."

— Jason Kolbert, Maxim Group (9/4/15)
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"NBY announced clearance from the FDA to market its new high-tech device, intelli-Case."

— Jason Kolbert, Maxim Group (8/19/15)
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"MSB's revisions to the Phase 3 trial in heart failure are positive."

— Jason Kolbert, Maxim Group (8/17/15)
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"We reiterate our belief in IMUC's ICT-107 as a viable GBM therapy."

— Jason Kolbert, Maxim Group (8/13/15)
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"BCLI is executing its business plan."

— Jason Kolbert, Maxim Group (8/11/15)
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"ATHX's MultiStem may extend the stroke treatment window."

— Jason Kolbert, Maxim Group (8/7/15)
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"STEM's neural stem cells have advanced to two Phase 2 studies."

— Jason Kolbert, Maxim Group (8/7/15)
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"INO announced that animals injected with dMAb targeting dengue virus had 100% survival following lethal challenge."

— Jason Kolbert, Maxim Group (7/29/15)
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"We continue to believe that 2015 is a year of inflection for STEM."

— Jason Kolbert, Maxim Group (7/23/15)
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"INO will collaborate with the European Organization for Research and Treatment of Cancer."

— Jason Kolbert, Maxim Group (7/23/15)
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"MSB continues to show the versatility of its mesenchymal precursor cells."

— Jason Kolbert, Maxim Group (7/23/15)
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"2015 is a year of inflection for STEM."

— Jason Kolbert, Maxim Group (7/20/15)
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"MSB's current program has been both positive and robust."

— Jason Kolbert, Maxim Group (7/15/15)
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"STEM's dry AMD data suggest an efficacy signal with no safety issues."

— Jason Kolbert, Maxim Group (6/30/15)
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"MSB showed MPCs' potential to alter the course of diabetic nephropathy."

— Jason Kolbert, Maxim Group (6/9/15)
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"The FDA cleared NBY to market its high-tech device, intelli-Case."

— Jason Kolbert, Maxim Group (6/4/15)
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"Multiple catalysts for SNGX are coming in 2015."

— Jason Kolbert, Maxim Group (5/18/15)
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"BCLI is making progress with Phase 2 ALS study enrollment/dosing."

— Jason Kolbert, Maxim Group (5/14/15)
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"We may see even more robust results from STEM's Pathway study."

— Jason Kolbert, Maxim Group (5/14/15)
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"IMUC is finalizing plans for the ICT-107 Phase 3 trial in GBM."

— Jason Kolbert, Maxim Group (5/13/15)
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"We are excited long term for the OMER pipeline products."

— Jason Kolbert, Maxim Group (5/12/15)
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"With $163M in cash, INO can fund multiple programs through 2018."

— Jason Kolbert, Maxim Group (5/11/15)
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"For STEM, with capital and catalysts, 2015 is a year of inflection."

— Jason Kolbert, Maxim Group (5/6/15)
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"Now is an opportunity for investors to buy NBY before sales accelerate and valuation increases."

— Jason Kolbert, Maxim Group (4/29/15)
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"We are excited because ATHX's Phase 2 ischemic stroke data are clear."

— Jason Kolbert, Maxim Group (4/29/15)
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"We are initiating coverage of RESX with a Buy rating."

— Jason Kolbert, Maxim Group (4/27/15)
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"Positive results could position BCLI for NurOwn approval and launch by 2019."

— Jason Kolbert, Maxim Group (4/21/15)
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"INO initiated a Phase 1 trial of INO-1800 in HBV-infected patients."

— Jason Kolbert, Maxim Group (4/21/15)
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"ATHX's stroke data say to us that there is a strong signal."

— Jason Kolbert, Maxim Group (4/21/15)
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"ATHX released trial data that are complex, but we are encouraged."

— Jason Kolbert, Maxim Group (4/17/15)
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"We believe the probability skew on stroke data is positive for ATHX."

— Jason Kolbert, Maxim Group (4/16/15)
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"OMER's OMS-721 was approved for compassionate use in Europe."

— Jason Kolbert, Maxim Group (4/14/15)
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"Investors should note the value that big pharma sees in MSB, the cell therapy industry leader."

— Jason Kolbert, Maxim Group (4/13/15)
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"INO is continuing to expand and progress in the HPV-related disease and oncology spaces."

— Jason Kolbert, Maxim Group (4/9/15)
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"DARPA selected INO to develop novel Ebola therapeutics."

— Jason Kolbert, Maxim Group (4/8/15)
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"BCLI's NurOwn has shown signs of efficacy in several trials."

The Life Sciences Report Interview with Jason Kolbert (4/8/15)
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"If MSB's cells work, we're talking about a multibillion-dollar, druglike, blockbuster CHF treatment."

The Life Sciences Report Interview with Jason Kolbert (4/8/15)
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"STEM is doing pioneering work in the field of cervical spinal cord Injury and dry age-related macular degeneration."

The Life Sciences Report Interview with Jason Kolbert (4/8/15)
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"We view Omidria sales as a means for OMER to fund one of the most exciting biotechnology pipelines in the industry."

The Life Sciences Report Interview with Jason Kolbert (4/8/15)
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"The longer INO holds onto VGX-3100, the greater the value proposition."

The Life Sciences Report Interview with Jason Kolbert (4/8/15)
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"Modest penetration into this market could make ATHX's MultiStem more than a $1B product."

The Life Sciences Report Interview with Jason Kolbert (4/8/15)
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"CMS set reimbursement for OMER's Omidria at $465 plus 6% per vial."

— Jason Kolbert, Maxim Group (4/2/15)
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"JETRO chose MSB to receive access to potential investment incentives."

— Jason Kolbert, Maxim Group (3/30/15)
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"OMER's full launch of Omidria is planned for April."

— Jason Kolbert, Maxim Group (3/17/15)
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"2015 represents a 'proof of concept' year for STEM."

— Jason Kolbert, Maxim Group (3/17/15)
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"INO ended the year with $94M in cash."

— Jason Kolbert, Maxim Group (3/17/15)
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"Good data on stroke would be transformative for ATHX."

— Jason Kolbert, Maxim Group (3/13/15)
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"We believe that IMUC's ICT-107 is a viable therapy for glioblastoma."

— Jason Kolbert, Maxim Group (3/10/15)
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"Chugai just signed a significant partnership with ATHX to develop MultiStem; the deal terms are attractive."

— Jason Kolbert, Maxim Group (3/9/15)
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"STEM is the leader in the allogeneic, fetal-derived stem cell space."

— Jason Kolbert, Maxim Group (3/9/15)
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"SNGX received a positive recommendation for its Phase 2 study of SGX942."

— Jason Kolbert, Maxim Group (3/3/15)
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"ATHX's new partner, Chugai, is a highly experienced leader in Japan."

— Jason Kolbert, Maxim Group (3/2/15)
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"We expect OMER's Omidria (OMS302) to be launched soon."

— Jason Kolbert, Maxim Group (3/2/15)
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"We are raising our price target for OMER."

— Jason Kolbert, Maxim Group (2/20/15)
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"We believe that MSB's MSC-100IV will be approved in children and ultimately adults, and that it will save lives."

— Jason Kolbert, Maxim Group (2/18/15)
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"BCLI's NurOwn appeared to slow the progression of ALS in its Phase 2a trial."

— Jason Kolbert, Maxim Group (2/9/15)
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"Good data in stroke should be transforming for ATHX."

— Jason Kolbert, Maxim Group (1/23/15)
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"BCLI holds the most significant cash position in its history, which fully funds its Phase 2 ALS trials."

— Jason Kolbert, Maxim Group (1/20/15)
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