Participated · Equity · Aug 2026

Avere Therapeutics is advancing AVR-001 (HS-20118), a cyclic peptide IL-23R antagonist designed for once-weekly oral dosing to treat inflammatory diseases including plaque psoriasis, ulcerative colitis, and Crohn's disease. AVR-001 was licensed from Hansoh Pharmaceutical under an exclusive ex-Greater China agreement signed in June 2026 that included $120 million in upfront payments, up to $2.18 billion in development and sales milestones, and mid-single- to low-double-digit royalties. Hansoh generated Phase Ib data in moderate-to-severe plaque psoriasis showing Week 4 and Week 8 PASI and PASI 75 responses comparable on a cross-trial basis to once-daily icotrokinra, and reported a plasma half-life for AVR-001 of approximately 100 hours supporting once-weekly dosing. Avere announced a $500 million private placement (in addition to a $320 million concurrent placement tied to its merger with NextCure) and said the combined $820 million in pre-merger capital should fund the company's operating plan through 2029. The company is merging with NextCure and, upon closing in the second half of 2026, the combined company will trade on Nasdaq as AVRX with Hansoh expected to hold between 30% and 40% of the combined company and to appoint two directors to the board.

Participated · Series D · Jul 2026

AdvanCell develops targeted alpha radiopharmaceutical therapies built around a proprietary Lead-212 platform that combines secure isotope supply, automated manufacturing and scalable production. Its lead program, ADVC001, is a Lead-212 PSMA-targeted alpha therapy for metastatic prostate cancer that has shown encouraging Phase 1b anti-tumor activity and favorable tolerability and is currently in Phase 2 clinical development. The company emphasizes vertical integration — spanning isotope supply, advanced manufacturing and clinical development — to address supply and manufacturing constraints for targeted alpha therapies. With integrated operations across North America and Australia, AdvanCell plans to expand U.S. manufacturing infrastructure to support Phase 3 development and future commercial demand. The recent US $315 million Series D financing is intended to advance ADVC001 toward registrational development and accelerate the company’s growing pipeline of targeted alpha therapies.

Participated · Series D · Jul 2026

Leo Cancer Care develops an integrated upright platform that applies the same seating-based architecture across imaging, photon therapy and proton therapy. Its upright imaging system is FDA-cleared and is used for treatment planning and has planned future radiology applications. On the treatment side, its Marie® platform enables a compact upright proton therapy room by fixing the beam and rotating a seated patient, a design that Stanford Medicine used to deliver the world’s first compact upright proton treatment on June 4, 2026. The company reports adoption by leading centers including Stanford Medicine, Dana-Farber Cancer Institute and McLaren Health Care and says its approach can enable installations in existing radiotherapy vaults. Leo plans to use the $65M Series D to scale manufacturing, accelerate commercial deployment globally, and continue clinical and product development across its proton, photon and imaging offerings.

Participated · Series C · Jun 2026

Flare Therapeutics is a clinical-stage biotech headquartered in Cambridge, Mass., that focuses exclusively on drugging transcription factors using an integrated discovery platform to identify ligands to previously undrugged proteins. The company has prioritized FX-111, a first-in-class degrader targeting ARON for prostate cancer, which received IND clearance and is expected to enter clinical development in Q3 2026. FlareTx is also advancing an ARON RIPTAC program through preclinical development to complement FX-111 and expand its ability to address AR-driven prostate cancer. Separately, FX-909, an oral PPARG inhibitor targeting luminal lineage biology in urothelial cancer, is in a Phase 1B dose expansion and the company intends to progress it via an external partnership. The recent $85M Series C provides capital to advance these programs, support working capital and general corporate purposes. The company appointed Anna Protopapas as CEO concurrent with the financing to guide its next phase of clinical and corporate development.

Participated · Series A · Jun 2026

Serapha Bio launched to develop a one-and-done gene-editing treatment for Alpha-1 Antitrypsin Deficiency (AATD). The company emerged via a reverse merger with Boundless Bio and simultaneous financing that totaled $230 million. Founding investors RA Capital and RTW Investments arranged a $138 million Series A and an additional $92 million tied to the reverse merger. Boundless Bio, founded in 2019, had researched extrachromosomal DNA and faced difficulties with its lead program prior to the merger. Serapha also negotiated a licensing deal with a Chinese drug company as part of its launch and capital plan.