The Venture Codex

Participated · Series D · Feb 2023

Xeltis develops implantable vascular and cardiovascular devices based on its Restorex® platform, which uses an advanced polymer implant that transforms into the patient’s own tissue and is gradually absorbed. Its lead product, aXess™, is an implantable blood vessel for hemodialysis vascular access that has received CE Mark approval and is being commercially deployed in Europe. The company is enrolling a US pivotal trial of aXess™ (now >50% enrolled) and is preparing for FDA submission and a US market launch. Xeltis plans to use recent funding to support European commercial rollout, upscale manufacturing and advance its XABG and XPAD clinical programs. Financially, the company raised €50m in 2025 from the European Investment Bank and existing shareholders and added €20.5m in 2026 from new and existing investors to fund its next phase of clinical, regulatory and commercial execution.

Participated · Series B · Aug 2022

Founded in 2013 in Niel, Belgium, eTheRNA has developed an integrated set of proprietary capabilities providing an end‑to‑end solution to design, develop, and manufacture next‑generation mRNA products. Its platform includes proprietary molecular designs, lipid biochemistry expertise, customized lipid nanoparticle formulations (cLNPs), mRNA‑based T cell adjuvants, and advanced manufacturing processes. The company says it will leverage this suite of capabilities to serve partners in both early‑stage research and later‑stage development under a partnership‑driven business model. eTheRNA intends to use the funds from the recent financing to expand investment in its integrated mRNA technology platform and pursue new partnership initiatives. It plans to accelerate near‑term revenue growth through technology licensing and mRNA cGMP manufacturing services for multiple partners. Concurrent with the financing the company announced the departure of CEO Steven Powell and the appointment of COO Bernard Sagaert as interim CEO. eTheRNA, based in Niel, Belgium, develops immunotherapies from its proprietary mRNA TriMix platform, which comprises three mRNAs that together amplify immune responses. The company has also developed a proprietary lipid nanoparticle (LNP) platform to enable intravenous delivery of (neo)antigens. Its TriMix and LNP technologies have shown preclinical and clinical activity across major cancer types and are being positioned to act synergistically with standard-of-care treatments. eTheRNA plans to start clinical development of its internal intravenous mRNA delivery programs and to explore partnering opportunities. In infectious diseases, eTheRNA is leading an international consortium developing a cross-strain protective SARS-CoV-2 mRNA vaccine for high-risk populations. The company intends to use new financing to advance multiple therapeutic programs through to clinical proof-of-concept and to support continued development and commercialization of its proprietary mRNA technologies.