RESEARCH TRIANGLE PARK – Thomas Mathers, former CEO of CoLucid Pharmaceuticals, is joining Pappas Capital as a venture partner, and his primary task is to focus on the formation of a new biopharmaceutical firm.

Mathers is the second executive to join Pappas as a partner this year, joining Kyle Rasbach whom Pappas hired in January.

“The opportunity to be part of the Pappas team, with its reputation for creating new, innovative companies, is very attractive to me,” said Mathers in the announcement, which was made Tuesday. “I worked closely with the firm for many years while at CoLucid, and my hope is that we can repeat the CoLucid success story many times over in the coming years.”

Mathers will be based in Boston.

Pappas was an investor in CoLucid, which Eli Lilly & Company bought in 2017.

“Mathers’ initial mandate will be to spearhead the formation of a new biopharmaceutical company that is expected to be backed by Pappas and other venture capital investors,” Pappas announced.

“In addition to launching the new company, he will source new deals, assist in evaluating prospective investment opportunities and provide expertise and oversight to Pappas portfolio companies.”

Mathers is a former US Army Apache helicopter pilot and a graduate of West Point. He also is a holder of several patents and patents pending. Mathers has more than 26 years of experience in life science and medical device development.

Pappas also noted that Rasbach was a former executive at T. Rowe Price which led that firm’s investment in CoLucid.