Participated · Series D · Sep 2022

Delphinus Medical Technologies is a pioneering medical imaging company that developed the SoftVue 3D Whole Breast Tomography System, featuring the first circular array transducer technology. SoftVue is a radiation-free, no-compression, single-scan ultrasound tomography device intended to be used adjunctively with screening mammography for asymptomatic women with dense breast tissue and received FDA PMA approval in October 2021 for that indication. The company says SoftVue, when paired with screening mammography, can identify up to 20% more cancers while reducing false positives, unnecessary callbacks, and biopsies; dense breast tissue affects roughly 40% of women and can obscure cancers on mammograms. Delphinus continues to expand its commercial and clinical footprint, adding Corewell Health as a clinical site and installing systems at the University of Rochester Medical Center. The company was founded as a spin-out of the Karmanos Cancer Institute and is headquartered in Novi, Mich. Recent funding is intended to help scale operations and broaden the company’s impact on the global healthcare community. Delphinus Medical Technologies developed SoftVue, a 3D whole-breast ultrasound tomography system featuring a circular-array transducer that images the entire breast with a single scan. SoftVue exams use no radiation and require no compression, and the device is completed in a single scan. SoftVue has a PMA indication as an adjunct to digital mammography for asymptomatic women with dense breast tissue and is reported to identify up to 20% more cancers with greater accuracy and potentially fewer biopsies than FFDM alone. The exam can be performed at the same appointment as a screening mammogram, enabling a streamlined workflow and rapid delivery of results. Delphinus is headquartered in Novi, Mich., was founded as a spin-out of the Karmanos Cancer Institute, and has sold its first SoftVue system to the Karmanos Cancer Institute in Detroit. The company is pursuing worldwide commercialization of SoftVue to address the unmet clinical need in dense-breast screening. Delphinus Medical Technologies develops SoftVue, an automated whole-breast ultrasound system that uses a circular array transducer to image the entire breast without radiation or compression. SoftVue captures multi-dimensional, 360-degree cross-sectional ultrasound slices and has received sequential U.S. FDA clearances as a B-mode ultrasonic imaging system. The company positions SoftVue as a supplemental screening tool for women with dense breast tissue, aiming to detect cancers missed by mammography while reducing false positives. Delphinus plans a large multi-site clinical study prospectively imaging 10,000 women across eight centers to support a PMA application for a supplemental screening indication. The business is headquartered in Plymouth, Mich., with a satellite office in Sunnyvale, Calif. Its recent financing will fund regulatory efforts and commercialization of SoftVue. Delphinus Medical Technologies is a Michigan-based company and a 2009 spin-off of the Barbara Ann Karmanos Cancer Institute focused on commercializing the SoftVue whole breast ultrasound tomography system. SoftVue is a patented whole-breast ultrasound tomography imaging device that provides no radiation, no compression, and is not dependent on operator skill. The technology was invented by Peter Littrup, M.D., and Neb Duric, Ph.D., of Karmanos and Wayne State University, and the intellectual property was transferred to Delphinus via a worldwide license. Delphinus has filed for FDA clearance; SoftVue had not received market clearance at the time of the article. The company says SoftVue has potential to improve breast cancer diagnosis and plans future advancements beyond diagnosis to interventional techniques for biopsy and screening. The recent $11 million equity and debt financing will further development and support commercialization efforts upon clearance. Delphinus develops SoftVue, a tomographic ultrasound system and risk-assessment tool that uses multi-parametric ultrasound and computer algorithms to detect benign and malignant breast masses, including in dense tissue. The SoftVue technology was created and refined at the Karmanos Cancer Institute over about 10 years, and Karmanos currently holds the only prototype. The company secured $8M in venture capital to begin commercialization and to design and build the first 10 clinical machines. Proceeds will fund further clinical research to validate initial findings and pursue U.S. Food and Drug Administration approval. Management includes CEO William C. Greenway, CMO Peter Littrup, M.D., and CTO Neb Duric, Ph.D. Delphinus has also received grants from organizations including the Avon Foundation, NCI/NIH, Susan G. Komen, and state and private donors.

Participated · Series A · Apr 2017

Cirius Therapeutics (fka Octeta Therapeutics) is a clinical-stage pharmaceutical company focused on developing therapies to treat liver disease. Its lead product is MSDC-0602K, a second‑generation insulin sensitizer being evaluated for non-alcoholic steatohepatitis (NASH) and liver fibrosis. The company is actively enrolling patients in the Emminence Phase 2b clinical trial to evaluate MSDC-0602K. Cirius plans to use the proceeds from its recent financing to complete the ongoing Emminence trial. The company is led by newly appointed CEO Bob Baltera, CMO Howard Dittrich, M.D., and CBO Brian Farmer. Cirius is based in Kalamazoo, Michigan and San Diego, California and completed a Series A financing of up to $40m.

Participated · Series C · Jun 2015

NeoChord develops beating-heart mitral valve repair solutions for patients with mitral regurgitation. Its flagship product, the NeoChord Artificial Chordae Delivery System, enables a minimally invasive procedure on a beating heart without cardiopulmonary bypass or aortic cross-clamping and received CE market clearance in December 2012. In the United States the system is for investigational use only and is limited by federal law to investigational use. Founded in 2007 and led by President and CEO David Chung, the company is based in St. Louis Park, Minnesota. NeoChord plans to use the recent proceeds to accelerate development of its transcatheter chordal repair and edge-to-edge programs. Over the past 12 months the company has raised over $32m in equity. NeoChord is a medical technology company advancing beating-heart mitral valve repair, founded in 2007 by David Chung and based in St. Louis Park, Minnesota. Its flagship product, the NeoChord Artificial Chordae Delivery System (Model DS1000), enables minimally invasive transapical delivery of artificial chordae on a beating heart without cardiopulmonary bypass or aortic cross-clamp. The system received CE market clearance in December 2012 and in the United States is for investigational use only. The company intends to use the funds from the recent financing to accelerate development of its transcatheter chordal repair and edge-to-edge programs. The procedure provides real-time feedback that allows surgeons to precisely adjust chord length to reduce or eliminate mitral valve regurgitation while the heart is beating. David Chung serves as President and Chief Executive Officer. NeoChord, based in Eden Prairie, Minnesota and led by President & CEO David Chung, has developed a proprietary device enabling mitral valve repair on the beating heart using a minimally invasive approach. Its DS1000 device received CE marking in December 2012 for minimally invasive mitral valve repair via surgical implantation of artificial chordae tendinae. The company focuses on advancing clinical and regulatory work for its technology while pursuing commercialization. NeoChord closed a $20M Series C financing to support those efforts. The company will use the proceeds for clinical and regulatory advancements, sales and marketing, research and development, and working capital. The article does not report operating metrics such as revenue or user numbers. NeoChord is a medical technology company developing minimally invasive devices and procedures to treat mitral regurgitation. Its flagship DS1000 System, CE marked in December 2012, enables surgical implantation of artificial chordae tendinae and is approved for sale in Europe but is not available commercially in the United States. The company is also developing NeoNav imaging software and an Edge-to-Edge mitral valve technology; near-term clinical goals include completing enrollment in the TACT Registry and performing First-in-Man procedures for the Edge-to-Edge approach. NeoChord reports it is in-revenues in Europe, with initial reimbursement established in Germany and a rapidly growing queue of surgeons seeking training. Financially, the company completed a $3 million sale of Series B-2 Preferred Stock in March 2013 and later closed a $3 million credit facility, providing additional cash runway to pursue its clinical and product development milestones. The company is based in Eden Prairie, Minnesota. NeoChord is commercializing a minimally invasive cardiac surgery device that places artificial chords in the mitral valve to treat mitral regurgitation while the heart is beating. The procedure is designed to eliminate the need for sternotomy and cardiopulmonary bypass required in open heart surgery. NeoChord holds an exclusive license from the Mayo Clinic; the technology is currently approved only for clinical use. The company recently raised $5 million and is seeking an additional $6 million according to a regulatory filing. Management intends to use proceeds to secure European approval, prepare a U.S. investigational device exemption application, and fund the subsequent pivotal U.S. trial. Investors include Clarian Health Ventures, Heron Capital and TGap Ventures; the company is based in Minnesota.

Participated · Series D · Apr 2014

ProNAi Therapeutics, founded in 2004 in Michigan, develops DNA interference (DNAi®) therapeutics using single‑stranded, unmodified DNA oligonucleotides delivered via a differentiated lipid delivery system (SMARTICLES®). Its lead candidate, PNT2258, is a 24‑base single‑stranded DNA oligonucleotide encapsulated in a pH‑tunable anionic liposome that targets the BCL2 gene; preclinical studies demonstrated activity both as a single agent and in combination with other therapies. Clinically, PNT2258 has shown early evidence of systemic anti‑tumor effect and has been administered to 35 patients across a Phase I study and a pilot Phase II study. The company plans to use new financing to advance PNT2258 into multiple Phase II studies in relapsed or treatment‑refractory non‑Hodgkin’s lymphoma (including DLBCL, Richter’s transformation, and follicular lymphoma), support manufacturing, advance preclinical candidates, and build its organization in Michigan. ProNAi reports a broad pipeline of DNAi leads against over 40 oncology and non‑cancer targets (including CMYC, KRAS, PD‑1 and Hep B) and pursues a strategy of establishing multiple partnerships across its portfolio. The company emphasizes that combining genetic specificity with effective IV delivery addresses nucleic acid delivery challenges faced by competitive programs. ProNAi Therapeutics develops nucleic acid therapeutics using proprietary DNA interference (DNAi) technology. Its lead candidate, PNT2258, is a first-in-class DNAi agent that targets the oncogene BCL2 and is in Phase II trials for BCL2-driven lymphomas. The company reports clinical activity to date — 3 complete responses and 1 partial response among 8 diffuse large B‑cell and follicular lymphoma patients, with additional tumor shrinkage and disease stabilization in the remainder. ProNAi plans to expand single-agent Phase II studies to refractory or relapsed DLBCL and FL and to initiate front-line combination studies later in the year. Management emphasizes a capital-efficient clinical strategy and intends to pursue multiple partnerships across a pipeline of DNAi leads for over 30 cancer and non-cancer targets, including CMYC and KRAS. The company is headquartered in Plymouth, Mich. ProNAi Therapeutics develops nucleic acid-based DNA-interference therapies designed to silence disease-causing genes. Its lead candidate, PNT2258, uses pieces of DNA and liposomal delivery technology licensed from Marina Biotech to block target gene activity inside cells. PNT2258 entered a phase 1 trial in September 2010 to evaluate safety and tolerable dosing in patients with tumors lacking effective treatments; results were expected later in the year, with a planned phase 1/2 to follow. The company is exploring additional targets in inflammation and genetic diseases. Financially, ProNAi was reported to be on its way to raising $1 million according to a recent U.S. SEC filing, and lists investors including Sigvion Capital, Apjohn Ventures, Amherst Fund, Grand Angels, Bioscience Research Commercialization Center, Michigan Technology Tri-Corridor and the 21st Century Jobs Fund. Founded in 2004, ProNAi is headquartered in Kalamazoo, Michigan. ProNAI Therapeutics develops DNA-driven gene-silencing cancer therapeutics, notably PNT2258. PNT2258 entered a Phase I study in September that is scheduled to run through next year. The company says the proceeds from its current fundraising will likely pay for this trial and other studies. Regulatory filings report the company has raised nearly $1.7 million toward a potential $12 million fundraise. COO Robert Forgey previously said the company had raised nearly $1 million to pay for the trial. ProNAI has raised about $17 million to date from investors including Apjohn Ventures and Sigvion Capital. ProNAi is a Kalamazoo, Mich.-based biotechnology company focused on intravenous cancer therapeutics. The company develops drugs based on "nucleic acid interference" to fight cancer. Its lead candidate, PNT2258, could enter early-stage clinical trials against skin and prostate cancer later this year. Financially, ProNAi has raised $2 million toward a $4 million bridge round and aims to raise a $25 million second round later this year. The bridge financing includes investors such as Apjohn Ventures, Sigvion Capital, Amherst Fund, Grand Angels, the Michigan Economic Development Corp., the Biosciences Research Commercialization Center and the Michigan Technology Tri-Corridor. The article discloses no operating metrics or prior funding rounds.

Participated · Series A · Apr 2014

Bjond offers BjondHealth, a suite of workflow automation, decision support, and behavior change tools designed to improve care management and drive behavior change among chronically ill and worried well people. The platform bundles workflow automation with decision-support and behavior-change features to support care managers and patients. The company is led by CEO David Blauer and operates out of Boston, MA and Columbus, OH. Bjond intends to use new funding to accelerate implementation of BjondHealth’s latest version. The company closed a Series A financing to support product development and deployment.