The Venture Codex

Participated · Series D · Sep 2018

PhaseBio Pharmaceuticals is a Malvern, PA-based clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies for orphan diseases, with an initial focus on cardiopulmonary disorders. Its lead candidate is PB2452, a potentially first-in-class reversal agent for the antiplatelet therapy ticagrelor. The company is also developing PB1046, an ELP-based once-weekly vasoactive intestinal peptide receptor agonist for the treatment of pulmonary arterial hypertension. PhaseBio leverages a proprietary ELP biopolymer technology platform intended to enable less-frequent dosing and improved pharmacokinetics. It closed a $34M Series D financing that included conversion of existing convertible promissory notes. The company intends to use the proceeds to advance clinical development of PB2452 and PB1046. PhaseBio is led by CEO Jonathan P. Mow. PhaseBio Pharmaceuticals develops therapies for the treatment of orphan diseases by leveraging its proprietary elastin-like polypeptide (ELP) biopolymer technology platform. Its lead development candidate, PB1046, is a once-weekly vasoactive intestinal peptide (VIP) receptor agonist for the treatment of pulmonary arterial hypertension (PAH). The company is clinical-stage and intends to use recent funding to advance its expanded clinical pipeline. PhaseBio secured financing in late 2017 that improved its near-term liquidity and supports ongoing clinical programs. The company drew on both debt and convertible note capital in the transaction. PhaseBio is based in Malvern, Pennsylvania. PhaseBio is a clinical-stage biopharmaceutical company developing biopolymer-based drugs for orphan diseases, with an initial focus on cardiopulmonary disorders. Its proprietary elastin-like polypeptide (ELP) platform is designed to control half-life, bioavailability and physical characteristics to enable less-frequent dosing and improved patient compliance. The company's lead candidate, PB1046, is a first-in-class weekly vasoactive intestinal peptide (VIP) receptor agonist being developed for pulmonary arterial hypertension and other cardiopulmonary indications, including cardiomyopathy associated with DMD/BMD and cystic fibrosis. PhaseBio closed $14.7 million in convertible notes to advance PB1046 and has the opportunity to increase the financing by up to $2.75 million from additional investors. The proceeds will support a Phase 2 study of PB1046 for PAH expected to initiate in the first half of 2017, continued evaluation in additional indications, and development of new pipeline products based on the ELP platform. The company is privately owned and headquartered with research laboratories in Malvern, PA. PhaseBio Pharmaceuticals, led by CEO Jonathan P. Mow, is advancing long-acting peptide therapeutics using its proprietary Elastin-Like Polypeptide (ELP) technology to extend half-life and stability while retaining native potency. Its lead programs include PE0139, a once-weekly basal insulin for type 2 diabetes, and PB1046, a recombinant vasoactive intestinal peptide candidate targeting cardiopulmonary pathways. The company plans to move PE0139 into Phase 2a testing for type 2 diabetes and to advance PB1046 into separate Phase 2a trials for heart failure and for cardiomyopathy in Duchenne and Becker muscular dystrophy. PhaseBio is headquartered in Malvern, Pennsylvania. In December 2015 it secured $40M in Series C funding to support these clinical programs. The company’s platform and pipeline strategy center on extending peptide half-life to enable less-frequent dosing and broaden therapeutic utility. PhaseBio is a clinical-stage biopharmaceutical company that uses an elastin-like polypeptide (ELP) platform to extend half-life, improve bioavailability and control pharmacokinetics of therapeutic proteins. Its lead candidates include Glymera (a GLP-1 analogue for type 2 diabetes), Vasomera (a VPAC2-selective/VIP agonist for hypertension, heart failure and pulmonary arterial hypertension) and Insumera (an ELP-fused mature insulin). The company announced a total of $48.4M raised in its Series B after receipt of a third tranche, with an additional $23M provided by existing investors. Proceeds are earmarked to support a Phase 2b study of Glymera, a Phase 1 study of Vasomera in stage 1–2 essential hypertension, additional preclinical work for Vasomera in heart failure and pulmonary hypertension, and to complete a Phase 1/2a study of Insumera. PhaseBio is privately held and headquartered in Malvern, Pennsylvania.

Participated · Series C · Sep 2017

Cheetah Medical develops and sells 100 percent non-invasive fluid management monitoring technologies for use in critical care, operating room and emergency department settings. Its core product, the CHEETAH Starling SV, provides immediate, dynamic assessments of fluid responsiveness to guide clinician treatment decisions. The company reports its systems are used in more than 400 hospitals in the U.S. and in 30 countries worldwide, and cites research linking effective fluid management to shorter ICU stays and lower costs. Cheetah intends to use new capital to retire debt and to invest in sales, marketing and clinical efforts as it works to become a standard of care in management of critically ill patients. Financially, the company secured a $20 million senior secured term loan with $18 million funded at closing and a $2 million tranche available in Q1 2019 subject to milestones. SWK characterized the financing as minimally dilutive, flexible capital to help grow commercial operations and broaden adoption of its hemodynamic monitoring solution. Cheetah Medical, based in Newton, Massachusetts, develops 100% noninvasive hemodynamic monitoring technologies for use in critical care, operating rooms, general care floors, and emergency departments. Its core products—the CHEETAH NICOM and STARLING SV—use a proprietary algorithm to deliver accurate hemodynamic profiles that help clinicians guide volume management and resuscitation decisions. The company cited a recent University of Kansas Medical Center study demonstrating value from stroke-volume–guided resuscitation for sepsis patients as a driver of expected demand. Cheetah says investments in U.S. sales and marketing are already driving "exciting revenue growth" and plans to use new capital to expand its commercial footprint and field presence in the United States. The technologies are positioned to enable more confident therapy decisions, improve patient outcomes, and drive economic efficiencies. Cheetah Medical develops the CHEETAH NICOM Hemodynamic Management System, a non-invasive platform to measure key hemodynamic parameters. The system is currently available in more than 60 countries, including the United States. Leadership includes Chris Hutchison (President and CEO) and Stephen Reeders (Chairman). Financially, the company secured an initial $5M investment provided by growth equity firm HighCape Partners. That $5M represents an extension of a previously announced $9M fundraising round that closed in February 2014. No other financial metrics or future plans were disclosed in the article. Cheetah Medical manufactures a management system that offers a non-invasive means to measure key hemodynamic parameters based on its proprietary bioreactance technology. The company is based in Newton Center, Massachusetts and its system is available in more than 60 countries. On Feb. 25, 2014, Cheetah Medical closed a $9M round of funding. The round was led by Fletcher Spaght Ventures with participation from Springfield Investment Management, MVM Life Science Partners, Robert Bosch Venture Capital and Ascension Health Ventures. The company intends to use the funds to expand its sales and marketing activities in the U.S. and internationally. The business is led by Stephen Reeders and Chris Hutchison (President and CEO, Chairman). Cheetah Medical develops NICOM, a noninvasive hemodynamic monitoring system built on its patented BIOREACTANCE technology. NICOM is FDA cleared and has received a CE Mark. The system is deployed for Goal Directed Fluid Management in over 100 hospitals in the U.S. and is used in other international markets. The company completed a $14.5M financing to support its commercialization efforts. Management said it will use the capital to accelerate NICOM’s commercialization in the U.S. and internationally. The company has appointed Chris Hutchison as President and CEO and William T. Denman, MBChB, FRCA as Chief Medical Officer.

Participated · Equity · Sep 2015

HistoSonics develops a non-invasive therapeutic platform based on histotripsy, a focused-ultrasound technology that uses acoustic cavitation to mechanically destroy and liquefy targeted tissue. Its flagship product, the Edison® Histotripsy System, received U.S. FDA De Novo clearance for the destruction of liver tumors and has seen expanding clinical adoption at academic medical centers and health systems. Use of the system outside the liver remains investigational while the company pursues regulatory clearances for additional organs. HistoSonics has submitted a De Novo request to the FDA for kidney tumors and is advancing toward an anticipated FDA submission for pancreatic applications. The company is focused on commercializing the Edison System in the U.S. and select global markets while expanding indications into kidney, pancreas, prostate and other organs. HistoSonics maintains offices in Ann Arbor, MI, Madison, WI, and Minneapolis, MN, and was valued at $3.75 billion in its most recent financing.

Participated · Series E · Jan 2014

Metabolon provides metabolomics and lipidomics solutions that support life‑science research, diagnostics, therapeutic development, and precision medicine applications. Its platform includes a Global Discovery Panel enabled by a proprietary metabolomics reference library and scalable, customizable multiomics offerings that span discovery through clinical trials and product life‑cycle management. The company cites more than 20 years of activity, 10,000+ projects, and 3,000+ publications, and holds ISO 9001:2015, CLIA, and CAP certifications. Led by CEO Rohan (Ro) Hastie and based in Morrisville, NC, Metabolon positions itself as a global leader in metabolomics. The company intends to use recent financing to enhance growth initiatives, expand research and development, and further develop its metabolomics platform. It also plans to support global expansion, market penetration initiatives, and strategic partnerships. Metabolon is a Morrisville, NC-based provider of scalable, customizable metabolomics and lipidomics solutions supporting customer needs from discovery through clinical trials and product life-cycle management. Led by CEO Rohan (Ro) Hastie, the company serves research, diagnostic, therapeutic development, and precision medicine applications. Its offerings include a Global Discovery Panel enabled by a proprietary metabolomics reference library and scientific, technology, and bioinformatics techniques developed over more than 20 years. Metabolon reports completing 10,000+ projects and being cited in over 3,000 publications, and holds ISO 9001:2015 and CLIA certifications. The company recently raised $25M and intends to use the funds to accelerate commercialization activities and continue advancing its R&D roadmap. Metabolon provides scalable, customizable metabolomics solutions from discovery through clinical trials and product life-cycle management using its Precision Metabolomics™ Platform and proprietary reference library. Over more than 20 years the company has completed 10,000+ projects and contributed to 2,000+ publications, and holds ISO 9001:2015 and CLIA certifications. Its technology deciphers thousands of discrete chemical signals to reveal biological pathways and phenotype-level insights that other 'omics cannot. The company recently closed a $72 million combined debt and equity financing to support growth. Management says the incremental funding will accelerate growth, expand the client base, and fund R&D programs in machine learning for novel biomarker discovery and to expand its precision medicine platform. Metabolon also announced the appointment of Robert A. Cascella to its board alongside independent members Todd Schermerhorn and Jan Lundberg. Metabolon develops proprietary metabolomics platforms and informatics to deliver biomarker discoveries, diagnostic tests, and precision medicine products. The company plans to use the financing proceeds to further develop and commercialize its pipeline of precision medicine offerings based on its metabolomics technology. Metabolon serves clients across pharmaceutical, biotechnology, consumer products, agriculture, nutrition, academic, and government sectors. It has conducted more than 5,000 independent and collaborative studies and has over 600 peer-reviewed publications. Founded in 2000 and led by president and CEO John Ryals, Ph.D., the company is based in Research Triangle Park, N.C. Financially, Metabolon has raised approximately $80M to date and closed a new financing to support its commercialization efforts. Metabolon is a metabolomics firm in the precision medicine space that develops phenotyping technology to determine individual drug metabolism and response. Its core product uses metabolomics profiling to inform drug-response and precision-treatment decisions. The company announced a collaboration last year with Human Longevity Inc. According to a Wall Street Journal report, Metabolon generated about $25 million in revenue last year. It has been backed by roughly $50 million in private funding from investors including Aurora Funds Inc., Fletcher Spaght Ventures LP, Syngenta Ventures, Sevin Rosen Funds, Harris & Harris Group Inc., and Keating Capital Inc. Company representatives had not provided details on how the new funding will be used.

Led · Series B · Oct 2013

Swift Biosciences is an Ann Arbor, Michigan-based developer of technologies for genomics and personalized medicine. Led by CEO David Olson, PhD, the company recently entered the next-generation sequencing (NGS) market with its Accel-NGS line of sample-preparation products. It also developed myT® Primer technology for specific mutation detection, which has been non-exclusively licensed to a global diagnostic company. Swift plans to use the $7M Series B to expand sales and marketing and to accelerate new product introductions. The Series B was led by Fletcher Spaght Ventures and included Renaissance Venture Capital Fund, the Mercury Fund, Michigan Accelerator Fund and other Michigan-based individual investors. Peter Kleinhenz of Fletcher Spaght Ventures joined the company's board in conjunction with the financing. Swift Biosciences develops molecular biology reagents for research and diagnostic applications, with products designed to be compatible with customers' current instrumentation. The company's reagents aim to provide innovative ways to examine disease-related genes. The new $3M Series A financing will accelerate development and customer testing of those reagent products. The Series A was led by DFJ Mercury with participation from Michigan-based individual investors who also provided the company's January 2010 seed funding. As part of the financing, Daniel Watkins of DFJ Mercury will join Swift Biosciences' board of directors. Swift Biosciences is based in Ann Arbor, Michigan.