Led · Debt Financing · Apr 2026

Apnimed is developing AD109, a first-in-class oral combination of aroxybutynin (an antimuscarinic) and atomoxetine (a selective norepinephrine reuptake inhibitor) intended to improve oxygenation by addressing the neuromuscular root cause of OSA. AD109 is formulated as a once-daily bedtime pill and has completed two pivotal Phase 3 trials, SynAIRgy and LunAIRo. Apnimed plans to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration in the second quarter of 2026. To support commercial readiness and a potential U.S. launch if approved, the company secured up to $150 million in a senior secured credit facility from funds managed by HealthCare Royalty Partners. The financing structure includes staged tranches tied to approval and sales milestones and a synthetic royalty on net sales. Apnimed is based in Cambridge, Mass.

Participated · Debt Financing · Jul 2015

Suneva Medical is described as a leader in regenerative aesthetics. The company focuses on developing, manufacturing and commercializing branded products for providers and their patients. It is a privately held aesthetics company. Suneva completed a $15 million capital raise, as reported. The company is based in San Diego, CA. Suneva Medical is an innovative aesthetics company based in San Diego that develops, manufactures and commercializes differentiated products for the general dermatology and aesthetic markets. It currently offers Bellafill, an FDA‑approved dermal filler for treatment of nasolabial folds and facial acne scars, and the Regenica skin care line designed to enhance skin’s natural repair and renewal mechanisms. The company is led by Chairman and CEO Nicholas L. Teti, Jr. The financing aims to strengthen Suneva Medical’s revenue growth and further support ongoing commercialization of its flagship products. Major equity shareholders include HealthCare Royalty Partners, Almirall, S.A. and Polaris Partners. Suneva Medical is a San Diego, CA–based aesthetics company that markets Bellafill, an FDA-approved dermal filler for the correction of moderate to severe atrophic, distensible facial acne scars on the cheek in patients over 21. The company is led by Chairman and CEO Nicholas L. Teti, Jr. Suneva is actively commercializing Bellafill and using financing to support the ongoing launch of the product. Recently it closed a $15M equity investment, completed a $20.4M growth-capital term loan, and expanded its working capital facility with Comerica Bank, strengthening near-term liquidity. Bellafill is the company's primary commercial asset and the focus of its sales and marketing efforts. Suneva Medical develops, manufactures and commercializes novel, differentiated products for the general dermatology and aesthetic markets. The company currently markets ArteFill in the US, Korea and Singapore; ReFissa and Regenica Skincare in the U.S.; and Bellafill in Canada. Led by Chairman and CEO Nicholas L. Teti, Jr., Suneva focuses on product development and commercialization within aesthetic medicine. The company recently raised new capital to support growth and working capital needs. The financing package includes equity and debt components and milestone-linked investments intended to advance product-related objectives. No revenue or user metrics were disclosed in the article.

Participated · Equity · Feb 2015

Invuity develops Intelligent Photonics™ devices and a broad product line of advanced visualization devices aimed at transforming care for minimal access surgery. Clinical applications cited include breast and thyroid oncology, plastics, spine, orthopedic, cardiothoracic and general surgery. Led by President and CEO Philip Sawyer, the company positions its technology to create a new standard of care in those surgical domains. The company intends to use newly raised capital to accelerate growth and to further commercial initiatives across its product line. Financially, Invuity closed a $20m funding round to support those commercial and growth plans. Invuity develops advanced medical devices that improve access and visualization in minimally invasive and minimal access surgeries. Its products incorporate proprietary Eigr technology into hand-held illumination devices and access systems for specialties including spine, orthopedics, breast and thyroid oncology, and plastic surgery. The company is headquartered in San Francisco, CA. Invuity reported that revenue has been more than doubling each year. Management says the recent financing will be used to accelerate commercial initiatives, accelerate product introductions, and expand the commercialization team. The deal structure combines equity and debt to provide a lower cost of capital and a less dilutive arrangement. Invuity is a San Francisco, CA-based developer of surgical visualization and illumination technology aimed at improving visualization in minimally invasive surgeries. Led by CEO Philip Sawyer, the company integrates its proprietary Eigr™ illumination technology into advanced access systems for a variety of surgical specialties. Its product portfolio combines illumination and access tools to support surgeons across specialties. In June 2012 the company closed a $25M Series D financing. Invuity intends to use the funding to expand development, manufacturing and commercialization efforts for its medical devices. In conjunction with the financing, Eric Roberts from Valence Advantage will join the company’s Board of Directors.

Led · Equity · Sep 2014

Cardiorentis AG is a Zug, Switzerland-based biopharmaceutical company focused on developing novel therapies for heart failure and related cardiovascular diseases. Its lead product is Ularitide, a Phase III treatment for acute decompensated heart failure (ADHF). The company received Fast Track status from the U.S. FDA for Ularitide in December 2015 and expected regulatory submissions in the second half of 2016. Cardiorentis raised CHF60m ($60m) in a Series B financing and intends to use the funds for the commercial build-out of Ularitide. Leadership is led by Chairman & CEO Dr. Johannes Holzmeister, and the company announced senior hires including Brent Furse as President U.S. & Global Chief Commercial Officer and Reto Wittwer as Chief Financial Officer. The financing supports the company’s transition toward regulatory filing and commercialization activities for Ularitide. Cardiorentis is a private biopharmaceutical company based in Zug, Switzerland, led by Johannes Holzmeister, M.D., who serves as CEO and CMO. The company has developed a disease-based technology platform that integrates protein biology to identify novel targets and rationally design small molecules and peptides. Its lead product, ularitide, is a chemically synthesized natriuretic peptide (urodilatin) in Phase III development as an intravenous infusion for acute heart failure. Ularitide induces natriuresis and diuresis by binding natriuretic peptide receptors (NPR-A, NPR-B and other receptors), increasing intracellular cGMP, relaxing smooth muscle, and causing vasodilation. Cardiorentis intends to use the €45M financing from HealthCare Royalty Partners to finance the registration program for ularitide. Ularitide is limited by United States law to investigational use only.

Led · Equity · Feb 2013

TearScience develops integrated in-office systems to identify and treat evaporative dry eye and is headquartered in Morrisville, North Carolina. Its product suite includes the LipiView Ocular Surface Interferometer, which measures the lipid layer thickness of the tear film, and the LipiFlow Thermal Pulsation System, which unblocks Meibomian glands during an in-office procedure. In its first year after product launch TearScience sold more than 100 systems and treated thousands of dry eye sufferers, demonstrating early commercial traction. The company targets the worldwide dry eye market (more than 100 million sufferers globally and roughly 23 million in the U.S.), noting that about 86% of cases are evaporative dry eye. TearScience aims to fully execute global commercialization efforts and establish its system as the standard of care for evaporative dry eye by addressing the root cause—Meibomian Gland Dysfunction—and restoring natural lipid production for a healthy tear film. TearScience is a medical device company that develops devices used by eye care professionals to diagnose and treat the most common form of chronic dry eye disease. The company has achieved CE Mark certification to market its devices in Europe and is currently seeking U.S. FDA clearance. Products are expected to be commercially available within the next 12 months. TearScience completed a $44.5M Series C financing to support commercialization. The funding will allow the company to commercialize its devices. The company is based in Morrisville, North Carolina.