Participated · Seed · Feb 2021

Asalyxa Bio develops nano-engineered, immune cell-targeted therapeutics built on its proprietary PANTHER technology platform. The PANTHER platform enables targeted delivery of therapeutic compounds directly to neutrophils and other key immune cells, and can deliver existing and novel drugs. Its lead program, ASX-100, is a neutrophil-targeted formulation being developed for the resolution of Acute Respiratory Distress Syndrome (ARDS). Proceeds from the recent seed financing will be used to advance ASX-100 into first-in-human clinical trials. The company is led by president and CEO Marc Appel and is advancing drug-development programs across multiple disease areas driven by dysregulated immune signaling.

Participated · Equity · Nov 2020

Shoulder Innovations is a medical device company focused on shoulder arthroplasty that designs and commercializes implants and systems for shoulder replacement. Its core product platform centers on the patented InSet™ glenoid design, which testing has shown can significantly reduce glenoid implant micro-motion and simplifies the surgical technique, potentially reducing complications and increasing implant longevity. The company has also developed an anatomic reverse shoulder system designed to work with and maximize the available rotator cuff rather than substitute for it. Shoulder Innovations says it has expanded its product line and strengthened its sales organization and has emerged as a pure‑play leader in shoulder arthroplasty. Financially, the company closed a $40 million Series E equity financing led by U.S. Venture Partners to support commercialization and product development. Proceeds will be used primarily to advance commercialization of the InSet™ Total Shoulder and Reverse Shoulder Arthroplasty Systems, support new product development, and for general corporate purposes. Shoulder Innovations Inc. (SI) is a privately held medical device company based in Grand Rapids, Michigan and described as a leader in the shoulder replacement implant market. The company develops shoulder replacement implants and is supported by a broad team of innovators with experience in the shoulder space. SI announced it has closed an oversubscribed $42 million Series D financing. The financing round was led by Gilde Healthcare Partners. Returning investors included US Venture Partners, Lightstone Ventures and the cultivate (MD) Accelerator Capital fund; new investors include Gilmartin Capital and Aperture Venture Partners. The article does not disclose revenue, user metrics, or detailed use of proceeds. Shoulder Innovations develops a glenoid fixation solution for anatomic shoulder arthroplasty, commercialized as the InSet glenoid. Founded in 2009 and based in Holland, Mich., the company secured issued patents, 510(k) clearance and published multiple peer‑reviewed articles supporting the technology. In 2015 Genesis Innovation Group partnered with the company to provide capital and operational leadership, and Shoulder Innovations recorded its first commercial sale of the InSet glenoid in 2016. Continued investment led by Genesis and its cultivate(MD) Capital Funds and leadership from industry veterans supported ongoing growth and innovation. The company is led by CEO Rob Ball and has completed a $21.6M equity financing to further commercialization. The financing also prompted expansion of the board to six members, including new Series C representatives and two independent directors. Shoulder Innovations is a Holland, Mich.-based medical device company that develops and commercializes shoulder replacement systems. Led by Executive Chairman Rob Ball, the company leverages a patented inset glenoid design to commercialize a shoulder replacement implant system focused on improving outcomes related to glenoid loosening. It designs and commercializes innovative products aimed at improved patient care and reduced overall cost to the healthcare system. The company closed a $2.5M Series A equity funding round and intends to use the funds to accelerate new product development and to acquire inventory and assets to accelerate growth of its current Inset platform technology.

Participated · Convertible Note · Aug 2019

ONL Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapeutics to protect and improve vision in patients with retinal disease, specifically geographic atrophy (GA) associated with dry AMD. The firm targets a mechanism of action that prevents Fas-mediated death of retinal cells and inflammatory signaling pathways, which it cites as root causes of vision loss. Its lead candidate, ONL1204 Ophthalmic Solution, showed reductions in the rate of growth of GA lesions in a Phase 1b trial after six months with either a single injection or two injections 90 days apart versus sham. A consistent treatment effect was observed when comparing treated eyes to fellow eyes. The company is led by CEO David Esposito and co-founder and chief scientific officer David Zacks, M.D., Ph.D. ONL plans to use the new financing to expand development efforts and further advance its differentiated clinical program in GA. ONL Therapeutics is a clinical-stage biopharmaceutical company based in Ann Arbor, Michigan, developing first-in-class therapeutics to protect retinal cells from Fas-mediated cell death. Its lead asset, ONL1204 Ophthalmic Solution, is a novel small-molecule Fas inhibitor intended to protect photoreceptors and other retinal cells across a range of retinal diseases. ONL1204 has an active IND and has been granted orphan drug designation by the FDA for macula-off rhegmatogenous retinal detachment (RRD). The company is preparing to initiate a U.S.-based Phase 2 study in macula-off RRD next quarter and is conducting two ongoing Phase 1b studies in geographic atrophy (GA) associated with AMD and in progressing open-angle glaucoma (OAG) at sites in Australia and New Zealand. Preclinical work is ongoing to enable trials in other indications, including inherited retinal degeneration. The recently announced financing will support advancement of ONL1204 into Phase 2 and regulatory preparations for additional Phase 2 programs in GA and OAG. ONL Therapeutics, based in Ann Arbor, Michigan, is developing novel therapies to protect vision in patients with retinal disease. Its lead compound, ONL1204, is a novel small-molecule Fas inhibitor designed to protect key retinal cells, including photoreceptors, from Fas-mediated cell death. The company is building a platform of products intended for a range of blinding diseases, including retinal detachment, glaucoma, age-related macular degeneration (AMD), and inherited retinal degeneration (IRD). ONL1204 has been granted orphan drug designation by the U.S. FDA for retinal detachment, and the company has focused initial clinical plans on the acute indication of retinal detachment while pursuing preclinical work for chronic indications. Planned clinical activity includes completing a Phase 1 study in retinal detachment and initiating Phase 1b studies in open-angle glaucoma and dry AMD, plus a repeat-dose toxicology study to support accelerated chronic dosing. The company is led by CEO David Esposito and co-founder/CSO David Zacks, M.D., Ph.D. ONL Therapeutics is developing a platform of Fas inhibitors intended to protect key retinal cells and preserve vision across a range of retinal diseases. Its lead compound, ONL1204, is a novel, first-in-class small-molecule Fas inhibitor designed to protect photoreceptors and other retinal cells from cell death. ONL1204 has been granted orphan drug designation by the U.S. FDA for the treatment of retinal detachment. The company is preparing ONL1204 for a Phase I study in retinal detachment to be conducted in Australia later in 2019. ONL is pursuing a Series B to continue funding clinical development and to expand its Fas inhibitor pipeline into indications including glaucoma, age-related macular degeneration, and inherited retinal degeneration. Financially, ONL recently raised $3 million in a convertible note from a mix of current investors, management, and new investors to advance its clinical program. ONL Therapeutics is developing ONL1204, a novel first‑in‑class small‑molecule Fas inhibitor designed to prevent retinal cell death via direct and inflammatory signaling. The company is initially advancing ONL1204 toward clinical trials for retinal detachment, where the compound has received U.S. FDA orphan drug designation. Preclinical data and literature cited by the company support potential application of ONL1204 in glaucoma, wet and dry age‑related macular degeneration (AMD), non‑infectious uveitis and other retinal neuropathies. ONL closed a $4.25 million Series A and combined those proceeds with a recently announced $1.0 million grant from the National Eye Institute to finalize preclinical development. The financing also included conversion of a previously announced $1.0 million bridge loan. Funds will be used to complete preclinical work, prepare for first‑in‑human trials, and broaden research into other ocular indications with significant unmet need.

Participated · Equity · Jul 2019

Ocuphire's lead product is Nyxol, a preservative-free ophthalmic formulation of phentolamine mesylate being developed as a once-daily eye drop for night vision disturbances (NVD), glaucoma, reversal of mydriasis and a fixed-dose combo for presbyopia. Nyxol has safety and efficacy data from five Phase 1 and Phase 2 trials and has demonstrated moderately reduced pupil size, significant intraocular pressure lowering, and convenient once-daily dosing. The company is enrolling double-masked, randomized, placebo-controlled Phase 2 trials in glaucoma (ORION-1) and reversal of mydriasis (MIRA-1), and is preparing a Phase 3 study in NVD (LYNX-1). Clinical results from ORION-1 and MIRA-1 are expected later this year; as of mid-July the company had enrolled more than 50% of the 40 patients in ORION-1. Ocuphire has built management, board, clinical and manufacturing partners, and a medical advisory board of ophthalmic KOLs to support development and commercialization. Proceeds from recent financing will be used to fund multiple late Phase 2 clinical trials of Nyxol.

Participated · Equity · Sep 2015

Tetra Discovery Partners is a clinical-stage biotechnology company that discovers mechanistically novel, allosteric inhibitors of phosphodiesterase 4 (PDE4) using structure-guided drug design. Its portfolio targets Alzheimer’s disease and other brain disorders and includes BPN14770, which is in a Phase 1 multiple-ascending dose study in healthy older (age 60+) volunteers. The company reported receipt of two NIH grants: a $2.0M Phase 2b SBIR grant (AG054243) supporting the BPN14770 study and a $3.0M grant (MH091791) supporting its depression discovery program. Financially, Tetra raised $5.0M in Series A venture funding, with conversion of two debt rounds bringing total Series A financing to $7.27M. The Series A was co-led by the Apjohn Group and Grand Angels, with participation from Dolby Family Ventures, the Alzheimer’s Drug Discovery Foundation and other private investors. Donald R. Parfet of Apjohn Group joined Tetra’s Board of Directors following the financing. The company is led by Chairman and CEO Mark E. Gurney, Ph.D., and is based in Grand Rapids, Michigan, with a business office in Cambridge, Massachusetts. Tetra Discovery Partners is developing a platform of drug products to treat cognitive impairment, targeting a family of enzymes known as Type 4 phosphodiesterases (PDE4). Its lead candidate targets PDE4D and is being developed for cognitive impairment in Alzheimer’s disease and schizophrenia, with potential application for Huntington’s disease. The company is led by CEO and founder Dr. Mark Gurney. Tetra is based in Grand Rapids, Michigan. It closed a $1M funding round to accelerate development and prepare for clinical trials planned for Fall 2015. The financing signals early-stage support from regional angel and commercialization investors as the company moves toward first-in-human studies. Tetra Discovery Partners uses structure-guided drug design to discover mechanistically novel, allosteric inhibitors of phosphodiesterase 4 (PDE4). Its research focuses on developing treatments for cognitive impairment in schizophrenia, depression, Alzheimer’s disease, Huntington’s disease and traumatic brain injury (TBI). The company intends to use the newly raised funds to support additional work aimed at filing its first Investigational New Drug (IND) application for a cognition drug candidate in 2015. Tetra maintains a business office at the Cambridge Innovation Center in Cambridge, Massachusetts and is led by Chairman and CEO Mark Gurney, Ph.D. It is a recipient of a National Institutes of Health (NIH) Blueprint Neurotherapeutics Network cooperative research agreement, part of a $50 million program across 15 NIH Institutes and Centers. The company also announced the formation of a Scientific Advisory Board composed of senior industry R&D and neuroscience leaders. Tetra Discovery Partners is a Grand Rapids, Mich.-based company that designs new therapeutics for major neurological conditions by modulating phosphodiesterase 4 (PDE4) in the brain. Led by founder and CEO Mark Gurney, Ph.D., Tetra develops PDE4 inhibitors aimed at treating Alzheimer’s disease, mild cognitive impairment (MCI), depression and cognitive deficits from traumatic brain injury (TBI). The company intends to use recent seed funding to advance an innovative drug for cognitive impairment in Alzheimer’s and a second program targeting depression and cognitive restoration after TBI. Tetra works with the NIH Blueprint Neurotherapeutics Network, a $50m program across 15 NIH institutes and centers that supports drug discovery collaborations with early-stage biotechnology companies and academics. Financially, Tetra closed a $1,041,000 seed round and recently received a $3m Phase II SBIR award from the National Institute of Mental Health. The SBIR award was matched by funding from the Biosciences Research & Commercialization Center, the Michigan PreSeed Capital Fund and the Michigan Emerging Technology Fund.