RESEARCH TRIANGLE PARK – Pappas Capital, one of the top life science investment firms in the southeast, has made changes in its management team, promoting two executives to different roles as it observes 25 years in business.

Founder and managing partner Art Pappas said the moves are part of the firm’s embarking “on the next phase of the firm’s evolution.”

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Pappas Capital

Kyle Rasbach, who joined the venture capital firm in 2018, is a new managing partner. He will “help to oversee Pappas Ventures [the firm’s “flagship” business] and lead fundraising and investment efforts for its future venture funds,” Pappas Capital said.

And Matthew Boyer, who has worked at Pappas Capital since 2013, is the new chief financial officer.

The firm announced the changes Tuesday, fresh from the IPO exit of Milestone Pharmaceuticals, one of its investments.

Ford Worthy, who had served as CFO, will remain at Pappas as a partner and senior advisor.

Rasbach will focus in part on fundraising for Pappas, which concentrates on the life science industry. The VC firm has raised some $540 million since its launch under Art Pappas in 1994 and has made more than 80 investments.

“Kyle’s extensive healthcare equity investment and operating experience, coupled with his proven leadership skills, make him the ideal executive to help manage the ongoing growth and development of our venture business,” Art Pappas said in the announcement.

“Since joining Pappas, Kyle has played an instrumental role in identifying and executing several of our investments, including Mirum Pharmaceuticals, CuraSen Therapeutics, and Ribometrix. I am excited to continue working hand-in-hand with him to drive significant value for both our portfolio companies and investors.”

Rasbach was a vice president at T. Rowe Price before joining Pappas.

“I am thrilled to have the opportunity to lead the Pappas Ventures team and look forward to continuing to deliver strong investment returns for our clients and novel medicines to patients in need,” Rasbach said.

Boyer has been director of finance at Pappas since 2017.