Investment Banking

NOBLE Capital Markets's investment banking team has a singular focus: to exceed our client's expectations by providing the appropriate advice and execution necessary for efficient capital raising, mergers & acquisitions advisory and capital markets support. We leverage our fundamental sector research expertise in healthcare, natural resources, transportation & logistics, technology, media and telecom, along with our firm's three-decade history of capital markets acumen, in the creation of a customized solution for our clients.

Our investment banking team, together with our well-recognized equity research analysts and the equity capital markets group, provide our clients with fundamental capital markets advisory and support - prior, during and most importantly, after a transaction.

IB Services

NOBLE Capital Markets's investment banking team works closely with the management and Board of our corporate clients in order to fully understand operational and financial objectives. With this knowledge our banking team will develop an efficient and effective advisory program which offers a variety of services including:

  • Capital Markets Support
  • Block Trades
  • Mergers & Acquisitions (Buy and Sell-Side)
  • Restructuring & Recapitalizations
  • Sale or Divestitures

NOBLE Capital Markets's investment banking team is able to achieve transactional success for our clients by tapping into our resident expertise in our research verticals, and through our long-standing relationships with leading institutional investors. NOBLE Capital Markets is routinely involved in the following Corporate Finance transactions:

  • Initial Public Offerings (IPOs)
  • Alternative Public Offerings (APOs)
  • Follow-on Offerings
  • Private Placement in Public Companies (PIPE's)
  • Private Placements in Private Companies
  • At The Market Transactions (ATMs)

Merchant Banking

Our Principal Investment focus is primarily on private and small-cap public ($10mill to $50mill market caps) companies in industries within NOBLE's research verticals. Investments are made directly by NOBLE and its affiliates and may also involve syndicate participants. We work to identify those companies with game-changing or superior products and technologies that have management teams with proven track-records of success. Noble structures investments to meet a company's capital needs whether its growth capital, liquidity or debt repayment. Capital commitment ranges from $200k to $2million principal and $2million above with syndicate.

The scope of our Merchant Banking activities includes:

  • Targeting domestic companies within our areas of focus and expertise
  • Analyzing a company's opportunities and assessing its risks within their respective industry
  • Structuring, negotiating and executing the transaction
  • Work in assessing the appropriate time and manner in which to harvest the investment

Post Transaction Support:
NOBLE's Merchant Banking Team works continuously with our portfolio companies to assist the management team and Board of Directors to create value and grow their businesses to facilitate long-term shareholder value. Through our extensive sector research coverage, institutional investor non-deal road shows, equity conferences and market making, we blend a powerful mix of capital markets acumen to procure success.


NOBLE's Investment banking team has, on average, more than 25 years' experience in the industry. Transactions drive our business. Building a solid foundation of mutual respect and trust with our customers drives transactions. Here is a selection of some of the companies we've helped over the years.

Scientific Advisory Board

Our Scientific Advisory Board (SAB) is a strategic resource whose experience, relationships and knowledge are utilized throughout NOBLE Life Science Partners to enhance all service offerings. Through the SAB, we have access to world-class healthcare professionals for substantive advice regarding new discoveries, technologies, products, services and developments.

Our SAB is a powerful client offering unique to NOBLE Life Science Partners.

  • Equity Research − enriches our research offerings and expertly positions capital markets deals
  • Institutional Investors − provides solid market insight and unique perspectives
  • Corporate Clients − guides business formation and growth through meaningful assistance with strategic and tactical decisions
  • Assessment of existing products and new product launches
  • Identification of drug development targets, while applying an extensive reach in both Europe and the United States
  • Hands-on guidance in executing licensing opportunities with large-cap companies
  • Strategic market analysis with a goal of identifying the most favorable market opportunity

Investment Banking Team

Richard Giles

Managing Director / Head of TMT and Natural Resources Investment Banking Group

Investment Banking

T: (617) 692-9346
VCard: Richard Giles

Mr. Giles brings to NOBLE Capital Markets more than 30 years of investment banking and capital markets experience. Most recently Mr. Giles was head of the technology group at Stifel Nicolaus and prior to that spent 16 years at A.G. Edwards as head of its emerging growth group that included both Edwards' technology and healthcare practices. During his career he has executed over 100 public financings raising over $4 billion for his clients, including IPOs for companies such as VMWare, COMPAQ, Cardica and ExecuStay. He also has overseen numerous M&A transactions on the buy side as well as the sell side. Mr. Giles received his AB from Harvard College and his MBA from the Harvard Business School. Mr. Giles holds various FINRA licenses and works out of the company's Boston Office.

Richard Giles, Managing Director / Head of TMT and Natural Resources Investment Banking Group

Nathan Cali

Managing Director, Head of Healthcare Investment and Merchant Banking

Investment Banking

T: (561) 994-5723
VCard: Nathan Cali

Nathan Cali has more than 14 years of combined healthcare, biotechnology and pharmaceutical experience. Mr. Cali was previously a sell-side analyst for 9 years with expertise and publications cover many areas of biotechnology, specialty pharmaceuticals (branded and generics), medical devices, and regenerative medicine. He has been quoted in most business journals including Reuters, BioMed Reports and the Washington Business Journal. Mr Cali is the co-founder of Variant Pharmaceuticals an early stage biotechnology company advancing orphan drugs for the treatment of renal diseases. He is currently a Committee Member at the Moffitt Cancer Center for Commercialization and a member of the Development Board of Palm Beach County. Mr. Cali started his career in healthcare at Andrx Corporation, a biotechnology and specialty pharmaceuticals company known for its expertise in the development of controlled-release drugs. Mr. Cali was a corporate manager dealing in finance, state taxation, corporate governance, patents, drug distribution and business development for the biotechnology firm. Andrx was purchased by Watson Pharmaceuticals in 2006 for $2.0 billion in cash. Prior to joining NOBLE, Mr. Cali gained investment experience as a portfolio account analyst/manager at Franklin Templeton Investments. Mr. Cali holds a B.S. in Finance from The Florida State University and an M.B.A. in Finance from Nova Southeastern University. Nathan also currently holds series 7, 79, 86, and 87 FINRA designations.

Nathan Cali, Managing Director, Head of Healthcare Investment and Merchant Banking

Christopher Ensley

Managing Director, Investment Banking

Investment Banking

T: (212) 863-3227
LinkedIn: Christopher Ensley

Christopher Ensley is a Managing Director of technology, media & telecom (TMT) investment banking at NOBLE Capital Markets where he focuses on capital raising, mergers and acquisition advisory and valuation opinions for clients. During his tenure on Wall Street, Mr. Ensley has participated in over $16B in transactions. Prior to NOBLE, Mr. Ensley was a TMT investment banker at Coady Diemar Partners, a boutique investment bank in NYC. Prior to Coady Diemar, Mr. Ensley was a Managing Director in the equity research department at Bear Stearns. While at Bear Stearns, Mr. Ensley was a member of the #1 rated broadcast equity research team for six straight years (2002-2007). Mr. Ensley was a Vice President of equity research covering the broadcast sector at Lazard. He began his Wall Street career as an equity research analyst at Salomon Brothers where he covered the tower industry in addition to the broadcasting industry. He received an MBA from Vanderbilt University and a BA from the College of William & Mary.

Christopher Ensley, Managing Director, Investment Banking

Michel Gouy, MBA

Senior Advisor, Noble Life Science Partners division

Investment Banking

T: +43 664 2302910 (EU)
M: +1 508 287 97 94 (USA)

Prior to joining Noble, Michel has been a partner at JSB-partners since 2006. Michel has been active in the life science industries since the early 1980s, specializing in finance, strategic planning, sales and marketing, and international management.

Before JSB-Partners, Michel ran his own consulting practice in Vienna, Austria. Earlier in his career, he developed the health care unit at Droege & Comp., a strategy consulting firm in Düsseldorf, Germany. Prior to that experience, he served as managing director of Octapharma GmbH and as Vice President of International Marketing for the Octapharma Group, where he was responsible for business in Austria, Croatia, Czech Republic, Hungary, Slovakia, Slovenia, and South Africa.

Preceding Octapharma, Michel was head of Ciba-Geigy Pharmaceuticals’ Austrian operations in Vienna; as its Head of Planning Information and Control in Johannesburg, South Africa; and as its Head of Marketing of the Danish group company in Copenhagen, Denmark. Mr. Gouy joined Ciba-Geigy in 1983 as an assistant to the International Operations and Marketing committee in its Basel, Switzerland offices.

Mr. Gouy earned a graduate business degree from EAP/ESCP European School of Management and an MBA from Harvard Business School.

Michel Gouy, MBA, Senior Advisor, Noble Life Science Partners division

Wolfgang Stoiber, MD, MBA

Senior Advisor, Noble Life Science Partners division

Investment Banking

T: +49 177 7230152 (EU)
M: +1 978 697 9753 (USA)

Prior to joining Noble, Dr. Stoiber was a co-founder and partner of JSB-Partners. He has more than 30 years of experience as a physician, pharmaceutical industry executive, and investment banker. Dr. Stoiber has advised numerous companies, closing transactions with a cumulative value of more than $2.5 billion.

Before co-founding JSB-Partners, he was a partner at MPM Capital, where he built the firm’s transatlantic business, initiating and managing a number of cross-border transactions with pharmaceutical and biotechnology companies. Prior to MPM he led F. Hoffmann-LaRoche’s Austrian and French pharmaceutical divisions.

Following Dr. Stoiber’s medical and clinical training, his career at Roche began in the organization’s medical marketing division and continued in its marketing and sales operations.

He contributed to the creation of a number of companies, including Therascope, AC Immune, and PNB. Dr. Stoiber previously served on the board of directors of Therascope AG (later Alantos, now Amgen), GPC Biotech AG, and East Pharma Ltd.

Dr. Stoiber earned an MD, Magna Cum Laude, from the University of Munich and an MBA from the Wharton School at the University of Pennsylvania.

Wolfgang Stoiber, MD, MBA, Senior Advisor, Noble Life Science Partners division

Francisco Penafiel

Managing Director, Operations and Investment Banking

Investment Banking

T: (561) 994-5740
VCard: Francisco Penafiel

Francisco Penafiel joined NOBLE Capital Markets in 2002 after earning his Master of Science in Economics, with concentrations in Finance and International Economics from Florida Atlantic University. He obtained his undergraduate degree from Escuela Superior Politecnica in Ecuador, where he double-majored in Statistics and Computing Science. Prior to joining the investment banking department at Noble in 2011, Francisco was part of NOBLE's research department, working as a supervisory analyst and equity research analyst covering the enterprise/infrastructure software and business services industries. Other responsibilities included portfolio managing, computer modeling analysis and statistical review. He is also a member of the Company's Investment Policy Committee. Francisco holds various FINRA licenses and is a candidate in the CFA program.

Francisco Penafiel, Managing Director, Operations and Investment Banking

Mark Suarez, CFA

Managing Director, Investment Banking

Investment Banking

T: (646) 790-5875
VCard: Mark Suarez, CFA
LinkedIn: Mark Suarez, CFA

Mark Suarez joined Noble Capital Markets as Managing Director leading the marine shipping & surface transportation investment banking practice. For over 12 years, Mark has held senior positions in investment banking and equity research. Most recently, he was a Senior Advisor for McQuilling Holdings, the investment banking arm of McQuilling Partners, focusing on the maritime space. Prior to that, between 2011 and 2015, Mark was Director of Research at Euro Pacific Capital, covering the global transportation & logistics sector. Prior to joining Euro Pacific Capital, Mark was a research analyst at Wolfe Research, covering the railroad and intermodal industries. Mark started his career at CIBC, followed by National Bank Financial (NBF), covering the surface and marine transportation space. He has been frequently quoted on industry publications like Tradewinds, JOC, Globe and Mail and TheStreet. In 2015, Thomson Reuters StarMine Analyst Awards Program named him as the number one ranked sell-side Marine Shipping Analyst in terms of earnings estimation, and number two ranked in terms of stock picking. Mark holds a Masters degree in Economics from the University of Toronto and a Bachelor of Commerce degree in Economics & Finance from McGill University. Mark is also a CFA charterholder and holds FINRA Series 7, 63, 79, 86, 87 and 24 registrations.

Mark Suarez, CFA, Managing Director, Investment Banking

RHK Noble Team

Richard H. Kreger

Head of Investment Banking – RHK Noble

Investment Banking

T: (203) 682-0713
M: (845) 430-0557

Richard Kreger is head of the investment banking department of RHK Noble Capital Markets, who solely does business through Noble Capital Markets. Mr. Kreger is well known for his expertise in equity capital markets transactions, with a strong focus on rights offerings and protecting tax loss carryforwards. Mr. Kreger has completed hundreds of transactions over his career. Mr. Kreger served in various leadership positions for firms including Advisory Group Equity Services, Ltd. dba RHK Capital, Source Capital Group, Maxim Group, Midtown Partners and H.C. Wainwright. Mr. Kreger has completed private placements and registered offerings for both publicly traded and private companies over his 17-year career. Richard holds his series SIE, 7, 63, 65, 79 and 24 licenses.

Richard H. Kreger, Head of Investment Banking – RHK Noble

Phil Hein

Vice President Capital Markets – RHK Noble

Investment Banking

T: (203) 682 - 0725
M: (203) 451 – 8852

Mr. Hein began his career in wholesale growing sales for companies like Nike, Kenneth Cole and Dr. Martens. His career evolved from sales to management. Mr. Hein was responsible for internal proformas and retail partners’ financial goals. He negotiated pricing, quality issues and production capacities with factories. In 2017, Mr. Hein exited the corporate world when he recognized an opportunity in the emerging industry of integrative health. He opened a proprietary business that addressed this emerging market. Mr. Hein's passion for numbers ultimately steered him into the finance industry. His focus has been sourcing strategic investors and capital raises for issuers. He holds the following FINRA licenses: SIE, Series 63 and Series 79.

Phil Hein, Vice President Capital Markets – RHK Noble

Scientific Advisory Board Members

Jules A. Musing

Chairman Life Sciences Advisory Board

Mr. Musing is the former Global Head of Biotechnology Licensing and Business Development and has been responsible for global Drug Licensing at Johnson & Johnson. In that position he negotiated and signed several multi-million dollar deals with medium and large pharmaceutical and biotechnology companies on a worldwide basis. He has more than 36 years' experience in the biotechnology and pharmaceutical industry and has been President and Managing Director of Johnson & Johnson Companies in the US and Europe, President of Ares Serono in the US and Executive Vice President for Ares Serono companies in North and Latin America. Mr. Musing has been on the Board of Johnson & Johnson Companies in Germany, France, Italy and the UK, and has been a Member of the Management Board of Ortho Biotech, (a J&J biotechnology company) in the US and Europe. He is currently Executive Chairman of Pelican Therapeutics and is a member of the Board of several companies including Delphi Digital and TherapeuticsMD.

Jules A. Musing, Chairman Life Sciences Advisory Board

Michael Lerner, JD

Life Sciences Advisory Board Member

Michael Lerner, Chair of Lowenstein Sandler's Life Sciences Group, has been advising pharmaceutical, life sciences and healthcare companies on key strategic matters for over 30 years. Previously, he served as VP and General Counsel at Reliant Pharmaceuticals, Inc., helping it grow into one of the nation's largest privately held pharmaceutical companies before it was acquired by GSK in 2007. As part of the senior management team, Mr. Lerner led product acquisitions and dispositions totaling in excess of $650 million, and raised more than $660 million in equity and debt. Mr. Lerner subsequently served as SVP and General Counsel of EKR Therapeutics, a specialty pharmaceutical company. Earlier in his career, Mr. Lerner was at the law firm of Gibbons PC, where he was the partner in charge of the pharmaceutical and life sciences practice. Mr. Lerner currently serves on the Board of Directors of the Blanche and Irwin Lerner Center for the Study of Pharmaceutical Management Issues, which is part of Rutgers Graduate School of Business.

Michael Lerner, JD, Life Sciences Advisory Board Member

Dr. Camillo Ricordi

Life Sciences Advisory Board Member

Camillo Ricordi, M.D. is the Stacy Joy Goodman Professor of Surgery, Distinguished Professor of Medicine, Professor of Biomedical Engineering, and Microbiology and Immunology at the University of Miami (UM), Florida, where he serves as Director of the Diabetes Research Institute (DRI; and the Cell Transplant Program. Dr. Ricordi also served as Responsible Head of the Human Cell Processing Facility (1993-2014), an NIH funded cGMP (current Good Manufacturing Practices) facility that has been providing Human Cell Products for research and clinical applications at UM, in Florida and worldwide since 1993. Dr. Ricordi has also served as Co-Director of the Executive Office of Research Leadership (2001-2003) as Senior Associate Dean for Research (2003-2006) and chaired the Dean’s Research Cabinet (2006-2012) at the UM Miller School of Medicine.

In 2015 Dr. Ricordi led the UM – UHealth – JMH team that performed the first successful transplant of a bioengineered endocrine pancreas implanted within a 3D bioactive resorbable scaffold in the abdominal cavity of a recipient with a severe form of Type 1 Diabetes (BioHUB Project). The patient has been able to discontinue insulin treatment since the first month post-transplant with excellent metabolic control. This unprecedented success resulted in renewed enthusiasm for the possibility to engineer this transplant site with additional strategies to avoid the requirements for recipient immunosuppression, and has resulted in additional key collaborative efforts, from Harvard to Stanford and with other leading international centers. The same year Dr. Ricordi launched the DRI Translational Fast Track Program to Reverse Autoimmunity and Induce Immune Tolerance, which he co-leads with Dr. Jay Skyler, in collaboration with several key UM investigators, from the SCCC, the DRI, the Departments of Medicine, Surgery, Biomedical Engineering, Microbiology and Immunology, Molecular and Cellular Pharmacology and Epidemiology.

Dr. Ricordi was president of the Cell Transplant Society (1992-94), co-founder and chairman of the National Diabetes Research Coalition (Chairman 1997), co-founder and president (1999-2001) of the International Association for Pancreas and Islet Transplantation (IPITA), and a member of the council of The Transplantation Society (2002-2008). He also served on the council of the American Society of Transplant Surgeons (2000-2002), on the National Institutes of Health (NIH-NIAID) Expert Panel on clinical approaches for tolerance induction, on the FDA Biologic Response Modifiers Advisory Committee, on the NIH/NCRR Islet Cell Resources (ICRs) Executive Committee, on the NIH-NIDDK Strategic Planning Committee and on the NIH-NIAID Expert Panel on Transplantation Research. He is currently serving as Chairperson of the Clinical Islet Transplant Consortium (NIDDK-NIAID). He has also been serving on several NIH study sections, including Surgery, Anesthesia and Trauma, the General Clinical Research Centers, Small Business Innovative Research, the Immune Tolerance Network, in addition to serving as a reviewer for several international funding agencies.

Dr. Ricordi has received numerous honors and awards, including the 2001 Nessim Habif World Prize in Surgery (University of Geneva) for developing a technology that significantly contributed to the advancement of a surgical field

Dr. Camillo Ricordi, Life Sciences Advisory Board Member

Dr. James Mulé

Life Sciences Advisory Board Member

Dr. Mulé is the Associate Center Director for Translational Research, the Michael McGillicuddy Endowed Chair for Melanoma Research and Treatment, and Director of Cell-based Therapies at the Moffitt Cancer Center, Tampa, Florida. He is recognized for his research and clinical trial contributions to cancer immunotherapy, particularly in solid tumors. He has published nearly 200 articles in oncology, and holds domestic and international patents. Dr. Mulé serves on advisory boards of numerous biotechnology and pharma companies (e.g., Fulgent Diagnostics, OncoPep, Vault Pharma, Celgene, among others). Dr. Mulé remains a long-standing special government employee to the FDA (CDER and CBER) and the NCI. He was Chair of the Cellular, Tissue, and Gene Therapy Advisory Committee of CBER, FDA. He currently serves on the advisory boards of several NCI-designated Cancer Centers and was a member of the NCI Director’s Board of Scientific and Clinical Counselors.

Dr. James Mulé, Life Sciences Advisory Board Member