Participated · Series D · May 2023

ElevateBio combines multiple R&D technology platforms — including Life Edit (a next‑generation gene‑editing platform), a proprietary iPSC platform, and RNA, cell, protein and vector engineering — with BaseCamp, its end‑to‑end genetic‑medicine cGMP manufacturing and process development business. The company offers turnkey scale and capabilities to accelerate discovery, development, and commercialization of cell and gene therapies and is also building an internal pipeline of cellular, genetic, and regenerative medicines. ElevateBio has formed partnerships to expand access to its platforms, including collaborations with Moderna and Novo Nordisk and a partnership with the California Institute for Regenerative Medicine, plus a new company to develop iPSC‑derived allogeneic immune cell therapies. Operational plans include expanding geographic reach and increasing cGMP manufacturing capacity to provide partners scalable access across the full product lifecycle. Financially, ElevateBio announced a $401 million Series D financing to further advance its technology platforms and BaseCamp manufacturing capabilities. The company states the proceeds will be used to accelerate platform development, manufacturing scale‑up, and strategic partnerships across the cell and gene therapy ecosystem. ElevateBio bridges academic research and commercialization to advance cell and gene therapies, focusing on developing its own therapeutics and partnering with research institutions and biotech companies. The company incubates frequent spin-outs, including AlloVir (with Baylor College of Medicine), HighPassBio (with Fred Hutchinson) and Life Edit Therapeutics (with AgBiome), with additional undisclosed spin-outs in development. ElevateBio also supports partners through production-scale manufacturing capabilities. Financially, the company more than doubled its prior round with a $525 million Series C after a $193 million Series B closed the prior year. The new capital will be used to expand R&D and manufacturing capacity and to continue creating spin-outs and partnerships. ElevateBio is based in Cambridge, Massachusetts. ElevateBio builds and operates a portfolio of companies focused on developing and manufacturing cell- and gene-based therapeutics. It specializes in new types of cellular and genetic therapies and spins out dedicated companies—each focused on a specific therapeutic approach. Subsidiaries include AlloVir, advancing T-cell immunotherapies against viruses that arise after stem cell transplantation and already in later-stage clinical trials, and HighPassBio, which targets relapse of leukemia after transplant with T-cell therapies. ElevateBio is expanding COVID-19–related research through an AlloVir agreement with Baylor College of Medicine to develop T-cell therapies to protect immunocompromised patients. The company is ramping up a roughly 140,000 square-foot Massachusetts facility focused on R&D that is nearing completion. Financially, ElevateBio closed a $170M Series B, bringing total capital raised to over $300M following a $150M Series A announced last year. ElevateBio is a Cambridge-based biotechnology holding company established to create and build a broad portfolio of cell and gene therapy companies through partnerships with academic researchers, medical centers, and entrepreneurs. The firm provides scientific founders centralized bench-to-bedside capabilities, including world-class scientists, drug development and commercialization expertise, and manufacturing facilities. ElevateBio BaseCamp is a single R&D, process development and cGMP manufacturing company that serves ElevateBio portfolio companies and selected strategic partners. BaseCamp is staffed with scientists and is building more than 100,000 square feet of facilities in Waltham, Massachusetts, including cGMP manufacturing suites, analytics and QC laboratories, and protein engineering, virology and immunology labs. The company closed a $150 million Series A financing co-led by the UBS Oncology Impact Fund (managed by MPM Capital) and F2 Ventures, joined by EcoR1 Capital, Redmile Group, and Samsara BioCapital. ElevateBio’s leadership team includes experienced biotech executives, MPM Capital incubated the company, and founding investors from its backers are actively involved in governance.

Led · Series A · May 2023

ReNAgade has built a platform combining proprietary delivery technologies, including novel lipid nanoparticles (LNPs), with a broad array of coding, editing, and gene insertion tools in an all‑RNA system. The company aims to address limitations in RNA therapeutics by enabling delivery of RNA medicines to tissues and cells previously inaccessible, substantially expanding the potential addressable disease market. ReNAgade has an established joint venture with Orna Therapeutics that pairs ReNAgade’s delivery platform with Orna’s circular RNA technology; Orna subsequently entered a collaboration with Merck that includes technologies developed under the JV. Founded by MPM BioImpact and based in Cambridge, Mass., ReNAgade assembled a leadership team led by CEO Amit D. Munshi and including CSO Pete Smith, COO Ciaran Lawlor, and CBO Brian Shuster. The leadership team collectively cites deep translational expertise in RNA modalities and the article references their collective contributions to 25 NDAs and 200 INDs. The company launched with a $300 million Series A financing to accelerate development of its RNA delivery platforms and therapeutic programs.

Participated · Equity · Jun 2021

Parametrix Insurance is a digital infrastructure insurer specializing in coverage for cloud and data-center downtime and cyber incidents. Its platform continuously monitors performance of more than 7,000 cloud-based technology providers and about 750 data centers, generating over one billion data points each month to quantify risk and automate claims. Policies offer pre-agreed, rapid payouts when defined outages occur, eliminating the need for traditional loss adjustment. The company recently expanded beyond cloud downtime to cover any computer-system failure and has launched a cyber insurance product that embeds digital business-interruption protection within standard cyber policies. Parametrix focuses on large enterprises, including Fortune 500 clients, and distributes its products through insurance brokers rather than direct sales. Management reports revenue in the “tens of millions of dollars” and says the business has tripled annually while operating with a lean 30-person team split between Israel and the United States.

Led · Series A · Feb 2021

Orna Therapeutics was created in 2019 by MPM and BioImpact Capital based on MIT research and is developing circular RNA (oRNA) platforms for vaccines and therapeutics. Its circular RNA approach is designed to offer greater stability than linear mRNA and to produce larger quantities of therapeutic protein in vivo. Orna also develops proprietary lipid nanoparticles and has a joint venture with ReNAgade Therapeutics for RNA delivery. The company’s pipeline targets infectious diseases, oncology, and other illnesses, and the collaboration announced covers multiple programs across vaccines and cancer. Orna plans to accelerate development through a landmark collaboration and expects to derive royalties on approved products. Financially, Orna announced a $221 million Series B at a valuation above $1.5 billion and will receive $150 million upfront under the collaboration plus up to $3.5 billion in development, regulatory, and sales milestones. Orna Therapeutics is dedicated to designing and delivering a new class of fully engineered circular RNA (oRNA) therapeutics. Its proprietary platform combines molecular design and delivery technologies to create oRNAs that drive protein expression. The company aims to treat a wide range of diseases including cancer, autoimmune, and genetic disorders. Orna was founded on research from MIT and was seeded and incubated by MPM Capital; founders include Robert Alex Wesselhoeft, Raffaella Squilloni, and Professor Dan Anderson. Thomas M. Barnes, Ph.D., serves as CEO and the company is supported by an experienced board of directors and scientific advisors. Orna completed an $80M Series A financing to advance its oRNA platform.

Participated · Series C · Dec 2020

Cullinan Oncology is a biopharmaceutical company developing a diversified pipeline of targeted oncology and immuno-oncology therapies with transformative potential for cancer patients. The company assembles a portfolio of single-asset oncology opportunities through both internal and external means. It operates a unique, cost-efficient model that leverages a central management team and shared services to drive speed and efficiency. Cullinan announced the closing of an oversubscribed $131.2 million Series C financing. SVB Leerink served as the exclusive placement agent for the private placement. The financing reinforces the company's capital base as it pursues advancement of its portfolio of oncology assets. Cullinan Oncology builds a diversified portfolio of internally developed and externally sourced oncology assets, advancing both small molecules and biologics. The company focuses on efficiently developing single-asset opportunities through strategic partners and a shared-services platform. Its pipeline includes Cullinan Pearl, an oral tyrosine kinase inhibitor targeting EGFR exon 20 mutations, and a mix of targeted small molecules, first-in-class immunotherapies, bispecific antibodies and multifunctional fusion proteins. Since its founding in October 2017, Cullinan has progressed seven assets through in vivo proof-of-concept studies or into human clinical testing. The company completed a $98.5 million Series B to support ongoing clinical trials across its portfolio. Recent leadership moves include hiring Jon Wigginton, M.D., as Chief Medical Officer and promoting Jennifer Michaelson, Ph.D., to Chief Development Officer, Biologics. Cullinan is based in Cambridge, Mass., and emphasizes distributing risk and maximizing optionality through its portfolio approach. Cullinan Oncology was created by MPM Capital to develop high-value oncology therapeutics using a capital-efficient, portfolio-based model. The company builds and manages a diversified pipeline of internally developed and externally sourced oncology assets under a single experienced team. Its scalable approach minimizes fixed costs and inefficiencies via strategic partnerships and a shared services platform. Cullinan intends to capitalize on scientific breakthroughs across a broad range of cancer targets and therapeutic modalities to drive better patient outcomes. The company emphasizes distributing risk while maximizing optionality across multiple programs. The organization is led by a senior team of oncology researchers and biopharma executives, including co-founder and CSO Patrick Baeuerle and CEO Owen Hughes.