Gabby Cezar founded Panarea Partners in October 2015 with leading US investors to deliver business growth & investments to healthcare and life sciences in Latin America & Africa.


She has 10+ years of exclusive focus in growth markets and a remarkable track record in R&D and commercial transactions in countries like Brazil, Argentina, Chile, and South Africa, with US$500MM in investments across multiple projects and programs she created and delivered to Latin America between 2009 and 20015.

From 2012 until October 2015, Dr. Cezar served as Senior Director and Head of Pfizer ERDI (External Research & Development Innovation) in Latin America and South Africa.


She is also the co-founder and former Chief Scientific Officer of Stemina Biomarker Discovery, in Madison, WI, which commercializes stem cell metabolomics and biomarkers based on her intellectual property at the University of Wisconsin-Madison. Stemina is currently advancing the largest US-based clinical trial for a candidate metabolomics-based autism diagnostic.

She was a former senior scientist in Pfizer´s Global Research and Development in Groton, CT, USA, and an Assistant Professor at the University of Wisconsin-Madison (USA), where she was awarded NIH (National Institutes of Health) investments for her research programs in stem cell biology and neurodevelopmental disorders. From 2008-March 2012, as Managing Director Latin America of Burrill & Company, a US-based venture capital firm, Gabby led the fund raising and development of a US$120MM life sciences-focused venture capital fund in Brazil, where Pfizer Ventures is one of the investors, along with leading regional institutional (BNDES, FINEP, FUNCEF, Investe Rio, Desenvolve SP, CAF, IADB-Fumin) and strategic private investors (Thermo Fisher Scientific, former Life Technologies).


Dr. Cezar has been recognized with important global life sciences industry awards, namely a W.E. Upjohn Award and Pfizer Worldwide Innovation Award in 2013, "Top 40 Under 40" from InBusiness magazine, and was named by Forbes Magazine as “one of twelve stem cell revolutionaries” in 2008. She received a Veterinary Medicine degree from UFMS (Brazil), MS from Universidade de Brasilia (Brazil), MS from The University of Edinburgh (Scotland) and a PhD from the University of Wisconsin-Madison (USA).



Fred Craves, PhD, is the Founder of Bay City Capital. Since launching the firm in 1997, Fred has built Bay City Capital to become one of the world’s premier life science investment firms investing in nearly 100 companies and raising more than $1.6 billion.

As a leader in healthcare venture capital, Dr. Craves brings both scientific skills and deep operational expertise to the companies in which he invests. This allows him to source outstanding investment opportunities and to support exceptional management teams in creating value.  He has been associated with some of the most significant exits in the biopharmaceutical industry including Reliant Pharmaceuticals, a company he founded then sold to GlaxoSmithKline in 2007 in the single largest all-cash transaction for a venture-backed biotech company at that time. 

He has served as Executive Vice President of Schering Berlin, Chief Executive Officer and President of Berlex Biosciences, Founding Chairman of the Board and Chief Executive Officer of Codon, and co-founder of Creative Biomolecules.

Dr. Craves has been named to the Forbes Midas List, which recognizes the most successful investors in the venture capital asset class across both the technology and healthcare industries.  He currently serves on the Boards of Madrigal Pharmaceuticals, Reset Therapeutics and Dermira. Previous investments and board participation, in addition to Reliant, include Medarex, Incyte Pharmaceuticals, and Ion Torrent. Dr. Craves serves as a member of The J. David Gladstone Institutes’ Advisory Council and as a member of the Board of Trustees of Loyola Marymount University in Los Angeles. He earned a BS in Biology from Georgetown University and a PhD in Pharmacology and Toxicology from the University of California, San Francisco.



Dr. Shelley Ann des Etages-Wong has over ten years of experience in the pharmaceutical sector where she specialized in using genomic approaches in the identification and validation of drug targets and biomarkers across multiple therapeutic areas. 


Dr. des Etages-Wong also engaged in due diligence evaluation of technologies and played a key role in Pfizer collaborations and transactions with academic and industry partners.

Her efforts included associations with Affymetrix Inc., Gene Logic, Ingenuity, Gene News and Gene Expression Inc. among others. 


She is a recipient of both the Pfizer Achievement and People Leader Awards. Dr. des Etages-Wong holds a certificate in Drug Development from Temple University School of Pharmacy and a doctorate in Microbiology and Molecular Genetics from Rutgers University.



Tim is a Partner and Co-Founder of Torreya Partners, a premier US boutique healthcare investment banking firm launched in 2007, after a career working in large investment banks and being an academic researcher in finance. Tim takes pride in providing rigorous long-term advice to companies. He has completed more than 150 life sciences financing, licensing and M&A transactions with a value in excess of $100 billion. Tim was previously VP of Strategy at FibroGen; a Managing Director in Healthcare Investment Banking at Credit Suisse First Boston and a finance professor at Ohio State University. He received a Ph.D. in Economics from UCLA and a B.A. from Florida State University.


Director, Real Estate Development

Ms. Gebrin holds a Postgraduate degree in "Cities, Environment and Public Policies" from UFPR, Curitiba - Brazil, a degree in Architecture and Urbanism from UNIDERP - Brazil and a Diploma in Architectural Technology from Napier University, Edinburgh, Scotland. 


She is an advisor at Panarea Partners. She has professional experience in Edinburgh and in New York.

Previously, Ms. Gebrin was a partner of De Fournier & Associates  (from 2010 to 2017), now under a new company name DEF Projetos, with more than 190 million square meters of urbanized areas in its portfolio.




Dr. Otavia Caballero, MD, Ph.D., worked for 15 years as an Associate Investigator at the Ludwig Institute for Cancer Research (LICR) with a focus on the detection of molecular alterations in human cancers and the investigation of potential candidates for therapeutic intervention. 


This work was initially carried out at the São Paulo branch of the Ludwig Institute, and subsequently at the New York Branch at Memorial Sloan-Kettering, and at the LICR Collaborative Laboratory at the Department of Neurosurgery of The Johns Hopkins University, School of Medicine.

In January 2015, she relocated to Brazil to join Orygen Biotecnologia, a startup company specializing in the development, production, and commercialization of innovative biologics where she is responsible for managing the R&D activities of the company.

Dr. Caballero received a Medical degree from UFTM (Brazil) and holds a master’s degree in Microbiology from UFMG (Brazil), Ph.D. in Biochemistry from USP (Brazil) and a Graduate Certificate in Biochemical Regulatory Engineering, from UMBC (University of Maryland Baltimore County, USA).




Cecilia was formerly the Market Access Manager of Roche for Uruguay, Paraguay and Bolivia, leading market research, communications and the competitive Intelligence strategies (for both new and mature products, including Biosimilars and NCB's), as well as business relationships with public stakeholders, academy, parent organizations, health foundations and medical societies, among others.

She contributed to cancer awareness campaigns, promoting early detection and molecular diagnostics. Among key policy accomplishments in the region, she participated in the regulation of PRONAD`s law in Paraguay, to support universal coverage of treatments for cancer parents, and Cancer Plan, with NGOs in Bolivia.

Prior to Roche, Cecilia served as Health & Pharma Coordinator of the Global Services Program (an IDB collaboration) for Uruguay XXI, the country’s investment, export, and trade promotion agency.

She led key initiatives to aZract international pharmaceutical, clinical research, financial and R&D investments, such as the Pharmaceutical and Health Industry Internationalization Strategy.


Cecilia served as Coordinator of Uruguayan Biotech Association (AUDEBIO) and Life Sciences’ Cluster Facilitator at PACPYMES, a cooperation program of the European Union with the Uruguayan government, through the Ministry of Industries (MIEM). Cecilia has a graduate degree in Finance, Universidad ORT, and a Degree in Economics, from Universidad de la República Oriental del Uruguay.




Audrey holds a bachelor’s degree in law by the Universidade Católica of Rio de Janeiro and is attending her MBA at Fundação Dom Cabral in São Paulo.

She has experience in corporate law with an emphasis on M&A at one of the largest law firms in Latin America, and also worked in negotiations and court cases related to Intellectual Property matters.

Audrey joined Panarea Partners in 2020 as a Legal & Business Development associate.


PROJECT MANAGER / Administration


Daniel holds an MBA in Marketing from ESPM, São Paulol, a Postgraduate degree in Digital Marketing Strategies from FGV, São Paulo and a Diploma in Computer Informatics from UNESP, São Paulo. 


He has over 10 years of Product Management experience in all Latin America and 5 years of experience in Digital Marketing related initiatives. Previously, Mr. Moraes worked for companies such as Nokia, Sociomantic Labs, Givex and Citibank.




Daniel is Co-chair of the firm's Venture Capital & Emerging Companies Practice. In addition to his active legal practice, he is an adjunct professor of law at the NYU Law School and he has a wealth of experience in private equity and venture capital, having co-founded Dawntreader Ventures, an early stage venture capital firm based in New York. 

Daniel's practice focuses on representing emerging technology companies, venture capital, private equity, sports and entertainment, corporate governance, and general corporate law. Before joining Mintz Levin, Daniel was head of venture capital funds and a managing director of SoundView Technology Group, Inc. (formerly Wit Capital), a technology-focused investment bank. Prior to joining SoundView, he was head of the corporate and new media and e-law practice groups at one of the leading New York firms representing early stage and technology companies.

Daniel has more than 30 years of corporate transactional experience, both as a lawyer and as a businessman, and has been an advisor to many emerging and developmental stage companies. He is a board member of several technology companies and a managing director of Dawntreader Ventures.

Additionally, Daniel is an author of a leading treatise on venture capital called Venture Capital: Forms and Analysis (Law Journal Press, 2007).