The Venture Codex

Participated · Equity · Nov 2019

Peerbridge Health develops an advanced AI-driven ECG platform and a patented 3-lead, 2-channel wireless AECG patch called the Peerbridge Cor. The Cor is designed on Einthoven’s Triangle to mirror traditional 12-lead Holter placement and emphasizes superior recording fidelity, P-wave definition, and QRS morphology. The company combines the wearable hardware with proprietary algorithms and AI to detect and predict chronic illnesses such as heart failure, obstructive sleep apnea, and diabetes. Peerbridge plans to accelerate development and deployment of its remote diagnostic platform to help physicians identify potential and current health issues earlier, enabling earlier interventions and better outcomes. The company announced a $10 million funding round led by Mendota Venture Capital and HealthX Ventures to support that expansion. Leadership says the funding will help rapidly expand the platform and bring the technology to more patients and providers to improve care and reduce costs. Peerbridge Health develops Peerbridge Cor, a multi-channel wireless ECG patch that adheres to the chest for continuous monitoring. The device was cleared in 2017, can be worn up to seven days, and classifies 26 types of arrhythmia indications. Patients can manually transmit events via an app; all data pass through the company’s cloud network and algorithms before reaching providers and medical records. The company says the device can be reimbursed under common ECG tests and is approved under certain insurance codes. Peerbridge plans to use new funds to scale sales and operations and to advance strategic partnerships and M&A activity in 2020. It is also pursuing expanded reimbursement qualifications for its monitoring platform to grow adoption. Peerbridge Health is developing a medical-grade wearable sensor and an analytics platform to monitor vital signs. It uses sensors to track vital signs and aggregates and analyzes that data for medical professionals, athletes and sports coaches. The company is pursuing FDA 510(k) clearance for its wearable device. According to a Form D filing, Peerbridge has raised $1 million, and the filing suggests that sum could be the first portion of a larger raise potentially up to $50 million. Calls to the company to confirm the larger target were not returned. As noted in the article, industry observers warn adoption is early-stage; Mercom Capital Group Cofounder and CEO Raj Prabhu said, "the market is still in very early stages, and adoption of these wearables by caregivers to continuously monitor and treat patients is still far away."

Participated · Series B · Dec 2013

Covagen is a Swiss preclinical-stage biotech that develops bispecific FynomAbs targeting inflammatory diseases and cancer. Its lead candidate, COVA322, is a bispecific TNF/IL-17A inhibitor aimed at treating rheumatoid arthritis, psoriatic arthritis and other inflammatory conditions. The company intends to use the new funds to support clinical development of COVA322, which was expected to enter clinical trials in early 2014. Covagen entered into a strategic alliance with Mitsubishi Tanabe Pharma Corporation in 2012, an agreement that was recently expanded. The company is led by CEO Julian Bertschinger, Ph.D. Financially, Covagen has increased its Series B to CHF44.9M following an additional CHF2.5M injection and holds an option for existing investors to provide a further CHF14M. Covagen is a Swiss preclinical-stage biotech using its proprietary FynomAb platform to generate bi- and trispecific therapeutic candidates. Its lead program, COVA322, is a bispecific TNF/IL-17A inhibitor targeting rheumatoid arthritis, psoriatic arthritis and other inflammatory diseases and is expected to enter clinical trials in early 2014. The company intends to use new funds to advance COVA322 into the clinic and to further its discovery programs in oncology. Current research focuses on tailored architectures and novel modes-of-action across CD3 therapeutics, immunomodulation and bispecific antibody-drug conjugates. Covagen is led by CEO Julian Bertschinger and had previously raised a total of CHF14m. Covagen is a Zurich-based biotechnology company that develops a novel class of protein therapeutics called Fynomers. Its proprietary protein engineering platform, developed at ETH Zurich, uses a single-domain protein scaffold that can be engineered to yield high-affinity binding proteins for therapeutic applications. The company commercializes protein drugs for the treatment of inflammatory diseases and cancer. The recent financing will allow Covagen to progress toward generating key proof-of-principle data for its lead drug candidate. Covagen closed a CHF6.3m Series A financing led by Seroba Kernel Life Sciences with participation from Edmond de Rothschild Investment Partners, MP Healthcare Venture Management, Novartis Venture Fund and Ventech. As part of the financing, Dr. Jonathan Hepple of Seroba Kernel will join Covagen's board of directors. Covagen, based in Zurich, Switzerland, develops a novel class of protein therapeutics known as Fynomers. The company announced it secured an undisclosed amount of equity financing from new investor Ventech. The additional funding is intended to accelerate development of its Fynomer technology. As part of the transaction, Dr. Karl Nägler of Ventech will join Covagen’s board. Covagen also strengthened its Scientific Advisory Board, adding two industry experts with strong backgrounds in inflammation and oncology. No operating metrics or prior financings were disclosed in the article.

Participated · Series C · Dec 2013

Xlumena develops the AXIOS family of endoscopic stents and delivery systems for interventional endoscopy. Its core product, the AXIOS Stent and Delivery System, is a fully-covered, dual-flanged stent delivered under endoscopic ultrasound guidance to create secure drainage pathways between the gastrointestinal tract and the common bile duct, gallbladder or pseudocyst. The HOT AXIOS variant incorporates cautery into the delivery system, enabling access and stent delivery in a single device. The AXIOS system obtained a CE mark in Europe in 2012 and is available in a select number of centers; devices have been used to treat acute cholecystitis, biliary inflammation and pancreatic pseudocysts. The company intends to use the $25M Series C proceeds to expand global commercialization of the AXIOS family and to bring its platform to the U.S. interventional endoscopy community. Xlumena is led by President and CEO Greg Patterson, and Third Point’s Jason Hong will join the board in conjunction with the financing. Xlumena is a Mountain View, California–based company that develops advanced therapeutic devices for interventional endoscopists and endoscopic surgeons. Its product portfolio includes the NAVIX™ Access Device (FDA‑cleared) and the AXIOS™ Stent and Delivery System (CE marked), along with other devices in various stages of development. The company was founded in 2008 by Kenneth Binmoeller, MD, and Michael Allen, who serves as President and CEO. Management says recent financing will support market expansion in the U.S. and Europe. Xlumena has raised $19M in total financing to date. In conjunction with the latest raise, two investors will join the company’s board.

Led · Series B · Jul 2012

Coferon is a privately held biotechnology company founded in 2009 and based at the Long Island High Tech Incubator on the campus of Stony Brook University in Stony Brook, New York. It develops a proprietary platform of reversible covalent bioorthogonal linker chemistries that deliver small-molecule components designed to self-assemble on intracellular targets to form dimers with enhanced size, potency and selectivity. The company is applying the technology to anti-infectives and a comprehensive program targeting intracellular epigenetic regulatory proteins, with an initial focus on the BRD family (including BRD4, BRD2, BRD-T and BRD-NUT). Coferon has demonstrated initial in vitro and in vivo proof-of-concept, including work on human mast cell ß-tryptase, and has exclusively licensed foundation patents from Cornell and Purdue. Financially, the company announced it has closed a $12 million Series B financing to advance its programs. The financing supports a focused, capital-efficient development plan and selective collaborative partnerships.

Participated · Series D · Jul 2010

Cara Therapeutics is a commercial-stage biopharmaceutical company focused on treatments for pruritus; its KORSUVA® (difelikefalin) injection is the first and only FDA-approved therapy for moderate-to-severe pruritus in adults undergoing hemodialysis. The company is developing an oral formulation of difelikefalin and has Phase 3 programs ongoing for pruritus associated with atopic dermatitis and advanced chronic kidney disease, plus a Phase 2/3 program for notalgia paresthetica. Cara announced a non-dilutive financing agreement with HealthCare Royalty (HCRx) of up to $40.0 million to support progression of its late-stage oral difelikefalin clinical programs. The company intends to use the proceeds to support ongoing clinical development and said the capital is expected to extend its cash runway into 2025. Under the agreement Cara will receive an initial payment, and aggregate royalty payments to HCRx are capped at 2.0x the payments to Cara if received before the end of 2029, otherwise capped at 2.8x, after which Cara will resume receiving all royalties from both CSL Vifor and Maruishi. The release describes HCRx as a royalty acquisition company focused on commercial or near-commercial stage biopharmaceutical products. Cara Therapeutics is a Shelton, CT-based biotechnology company focused on developing novel therapeutics to treat pain and inflammation. Its lead product is CR845, a peripherally restricted kappa opioid agonist being developed for the treatment of post-operative pain. The company also has preclinical programs across multiple proprietary classes of peripherally restricted cannabinoids with reported analgesic and anti-inflammatory activity. The $15m Series D will be used primarily to continue clinical development of CR845. The financing brings Cara's total capital raised to date to over $43m. The company continues to advance its pipeline from preclinical cannabinoid candidates toward clinical development.