Led · Grant · Jul 2026

Sapphiros develops diagnostic platforms, sample collection devices, next-generation diagnostics, and extreme-volume manufacturing capabilities aimed at expanding access to high-quality testing. The company is advancing a proprietary molecular diagnostics platform designed to deliver laboratory-quality results via a simple, automated workflow in point-of-care and decentralized settings. Its program work includes a novel closed blood collection tube to reduce blood-borne contamination risk and a partnership to integrate Satio's capillary blood collection system to enable phlebotomist-free sampling. Sapphiros recently secured a $12.4 million BARDA award under the RRPV to support a 24-month base development period for disposable molecular testing for blood-based pathogens, and this is its second BARDA agreement following prior funding to develop an over-the-counter digital antigen test. The company is privately backed by KKR and Neoenta and is based in Boston.

Led · Equity · Sep 2025

Basilea Pharmaceutica focuses on researching and developing anti-infective drugs and oncology treatments, with its latest asset being a combination of ceftibuten and lédaborbactam etzadroxil aimed at treating complicated urinary tract infections. The company purchased this antibiotic candidate from Pennsylvania-based Venatorx Pharmaceuticals in mid-August in a deal worth up to $325 million. The therapy has already cleared a first-in-human safety study. Basilea plans to launch a pivotal clinical program within the next eighteen months to pursue regulatory approval. To support the program, the firm just received a funding commitment of up to $159 million from the U.S. Biomedical Advanced Research and Development Authority (BARDA), including $6 million available immediately. These non-dilutive funds were originally earmarked for Venatorx and will now shift to Basilea under the same development scope. This infusion strengthens Basilea’s balance sheet and offsets development costs as it advances the antibiotic toward market readiness.

Led · Equity · Sep 2025

Crossject specialises in needle-free, high-pressure drug delivery through its proprietary Zeneo platform. Its flagship drug-device combination, Zepizure, is an auto-injectable midazolam intended for the rapid management of epileptic seizures. The company is currently preparing for an Emergency Use Authorization filing with the U.S. FDA, which analysts expect to be submitted by the end of 2025. To bridge operations until anticipated BARDA orders in early 2026, Crossject has been actively raising capital, including €5.7 million from a market placement before the summer and $11.3 million in September from the U.S. Biomedical Advanced Research and Development Authority (BARDA). The latest €5 million convertible bond financing extends its cash runway while minimising dilution, as full conversion would represent only about 3.65 % of outstanding shares. An Invest Securities analyst maintains a Buy rating with a €3.30 price target, citing sufficient funding to reach the next regulatory and commercial milestones.

Led · Equity · Aug 2025

Osivax is a Franco‑Belgian, Lyon‑based biotech with about 50 employees developing OVX836, a broad‑spectrum influenza A vaccine candidate. The company aims to advance OVX836 through clinical trials, prepare large‑scale efficacy studies, and scale up production. It has a longer‑term ambition to develop a pan‑respiratory vaccine that would protect in a single injection against all influenza strains and all COVID‑19 variants. Osivax secured a $19.5 million (€18 million) multi‑year funding award from BARDA to accelerate development of OVX836. The support will cover continuation of clinical trials, preparation of large‑scale efficacy studies, and manufacturing ramp‑up. In March the company raised €10 million in its first Series B financing. Osivax leverages its oligoDOM self-assembling nanoparticle platform to develop first-in-class pan-respiratory virus vaccines that generate strong T-cell responses alongside sustained B-cell responses. Its lead candidate, OVX836, is a broad-spectrum influenza vaccine currently in Phase 2 clinical trials, with over 1,200 volunteers tested and encouraging proof-of-concept efficacy data. The company is advancing OVX836 into a Phase 2b field efficacy study (NCT05569239) planned to enroll 2,850 participants across multiple international sites. Osivax's stated ambition is to develop a single-shot pan-respiratory vaccine preventing all strains of influenza and variants of Covid-19, and to expand into other infectious disease indications through combinations and collaborations worldwide. Financially, Osivax has completed a first close of a Series B financing, raising €10 million supplemented by non-dilutive funding to accelerate preclinical and clinical development. The company has added strategic industry expertise through a new investment from Meiji Seika Pharma to support advancement of its programs. Osivax leverages its proprietary oligoDOM® self‑assembling nanoparticle platform to generate strong T‑cell and B‑cell responses against highly mutating viruses. Its lead candidate, OVX836, targets the conserved nucleoprotein (NP) to provide broader, more universal influenza protection than surface‑antigen vaccines. OVX836 has shown promising safety, immunogenicity, and initial efficacy signals across four clinical trials, including a completed Phase 1 and Phase 2a and two ongoing Phase 2a studies, with roughly 800 subjects tested. The company plans to advance OVX836 into a large Phase 2b field efficacy trial to assess protection against a broad range of circulating strains. Osivax also intends to explore broader applications of its technology across other infectious‑disease indications via combinations and collaborations worldwide. Financially, the company recently secured non‑dilutive support to accelerate clinical development. Osivax leverages its oligoDOM® technology to develop universal vaccines for influenza and coronaviruses by targeting conserved viral antigens. The platform focuses on the nucleoprotein, a highly conserved antigen with a low mutation rate, aiming to provide lasting immunity across strains. Its lead universal flu candidate, OVX836, is in Phase 2a immunogenicity clinical development. The company is applying the same approach toward a universal coronavirus vaccine to protect against SARS‑CoV‑2 and future coronavirus strains. Public funding announced will support completion of OVX836 Phase 2a, early discovery work on the coronavirus program, and a planned large Phase 2b efficacy study. Clinical development for the coronavirus program will be run via a consortium led by Osivax with trials conducted at AP‑HP's Cochin Vaccine Evaluation Center and immune analyses by Inserm. Osivax develops universal flu vaccines built on its oligoDOM® technology, an auto-assembling, positively charged protein nanoparticle designed to present multiple copies of a conserved nucleoprotein (NP) antigen. Its lead candidate, OVX836, incorporates the natural NP from an A-strain virus and has shown efficacy and cross-protection in mouse and ferret challenge models. OVX836 was in a Phase I clinical trial with initial results expected in the second half of 2019; the company aims first for proof-of-concept in Influenza A and then to expand to a universal A/B vaccine. A second-generation candidate covering both A- and B-strains is in preclinical development. The platform is positioned to be applied to other infectious and immune system–associated diseases. Financially, Osivax has secured financing to advance clinical development and corporate growth, and has opened a subsidiary in Liège, Belgium to support its activities.

Participated · Seed · Apr 2025

VQ Biomedical is developing an oxygenation catheter that delivers oxygen directly into the bloodstream to treat acute respiratory distress syndrome (ARDS). The device is designed as a simpler, bedside alternative to venovenous (VV) ECMO and aims to minimize the risks and costs of traditional therapies by enabling insertion with a single dial for oxygen flow. Early proof-of-concept large-animal studies showed the catheter can provide significant oxygen levels, and the company plans to build a commercial prototype for in vivo safety and efficacy testing to support future IDE submissions. Long-term goals include reducing reliance on mechanical ventilation for ARDS patients, increasing ventilator-free days, and shortening ICU stays. VQ is a Duke University spin-out with intellectual property developed in collaboration between the Duke University School of Medicine and the Pratt School of Engineering. The leadership team includes CEO Galen Robertson and CMO Tobias Straube, with technical leads Stewart Farling and Marc Deshusses. Financially, VQ has combined equity funding, government contracts, and a strategic loan to advance prototype development.