Participated · Series B · Feb 2026

Metagen Therapeutics is a Japanese university-spinout (Juntendo, Keio, Tokyo Tech) founded in 2020 that leverages microbiome science to create both drug products and FMT-based medical services. Its lead oral FMT candidate, MGT-006, targets ulcerative colitis and is scheduled to enter a Japan-U.S. Phase 1/2 international trial between April and June 2026. Clinically, the company has already demonstrated a 45.9 % remission-induction rate with its antibiotic-assisted FMT procedure in an advanced medical B program, with no serious adverse events observed. Additional clinical studies are under way for gastrointestinal cancers (MGT-007) and Parkinson’s disease (MGT-008). An in-house “donor stool bank” in Yamagata has collected more than 800 donations, supporting both clinical trials and eventual commercial supply. The firm also promotes social adoption of stool donation (“献便”) to secure a stable supply chain for its therapies. Cumulatively, the company has raised ¥5.46 billion, providing runway for pipeline advancement, supply-chain optimization, head-count growth and IPO preparation.

Participated · Equity · Jul 2024

Dioseve is developing ReproNest (development code DIOS-101), a co-culture IVM product that uses ovarian support cell-like cells differentiated from iPS cells to support maturation of immature oocytes. The co-culture approach cultivates patient-derived oocytes together with support cells in the same system and is not intended as a cell therapy for administration into the body. Non-clinical studies reported by the company have shown potential benefits in supporting oocyte maturation compared with conventional IVM culture conditions. The company's technological strength is its proprietary differentiation induction technology, which it says enables efficient induction of oocytes and ovarian somatic cells from iPS cells and production of ovarian support cell-like cells. Dioseve sees applications in fertility preservation (including oocyte freezing), treatment of patients at high risk of OHSS, and rapid fertility preservation before cancer treatment. The recent funding will support validation, manufacturing and quality control setup, reproducibility assessment, regulatory compliance work, and business development to advance ReproNest toward practical application.