Led · Series A · Feb 2024

Healionics is a privately held Seattle medical-device company developing STARgraft, a synthetic biomaterial vascular graft intended to improve vascular access for dialysis patients. STARgraft is designed to resist occlusion and infection, two common failure modes of existing grafts. The company positions the graft against a large clinical need: more than 550,000 U.S. patients require frequent dialysis and the U.S. spends roughly $50 billion annually treating kidney failure. Healionics was awarded a $1.25 million Small Business Innovation Research grant from the National Heart, Lung, and Blood Institute to support commercialization. The award is part of the NIH Commercialization Readiness Pilot Program, which provides additional technical assistance and late‑stage R&D support. Healionics intends to use the funds to complete testing, pursue regulatory clearance, and prepare for market launch. Healionics Corporation is a privately held medical device company in Seattle developing biomaterial-based products, notably the STARgraft vascular graft. STARgraft is based on proprietary synthetic biomaterial technology designed to resist occlusion and infection. The product targets reliable vascular access for dialysis patients, addressing frequent graft failure and infection. More than 550,000 people in the U.S. require dialysis, and the country spends roughly $50 billion annually to treat kidney failure—underscoring the market need. Healionics recently closed a $5.5 million Series A-3 equity financing to advance the program. Proceeds will be used to complete an ongoing human trial and to pursue regulatory clearance and commercialization of STARgraft. Management cited excellent clinical results to date in the human trial and plans to move toward regulatory approval and commercial launch. Healionics develops the STARgraft vascular graft and a pipeline based on its STAR® biomaterial, which the company says resists infection and scarring. The company completed an initial human study last year and is conducting a follow-on human study now. Led by CEO Mike Connolly, Healionics is preparing to commercialize STARgraft for safer dialysis access by addressing infection and occlusion issues of current devices. The company intends to use the new financing to complete the ongoing human study and pursue FDA market clearance. Healionics is clinical-stage and focused on translating its platform biomaterial into implanted-device solutions for patients with kidney failure. Healionics develops the STARgraft vascular graft intended to improve dialysis access by resisting occlusion and infection. The company’s STAR biomaterial platform is already in human use as a commercial implant for glaucoma treatment and has shown promising preclinical results for other implantable applications. In preclinical studies STARgraft demonstrated improved ability to maintain blood flow compared to on-market vascular grafts. The company has initiated its first human study of STARgraft and is working toward regulatory approval and commercial launch of the product. To support that clinical program, Healionics completed a $4.5M convertible note financing. Company leadership thanked a number of angel and venture investors as well as existing backers for their participation in the round. Healionics develops STARgraft, a vascular graft aimed at addressing dialysis access failures in patients with kidney failure. In multiple preclinical studies STARgraft demonstrated much better reliability than on-market devices, with the potential to reduce cost, illness and death among dialysis patients. The company’s broader pipeline is based on its STAR biomaterial platform, which the article says can prevent scarring and infection and improve performance of implantable devices. STAR biomaterial is already in human use as a commercial implant for glaucoma treatment and has shown promising preclinical results for other applications. Management intends to use proceeds from the recent financing to support the company’s first human study of STARgraft. The company is based in Seattle, Washington.

Led · Equity · Jan 2024

Seneca Therapeutics is developing SVV-001, an oncolytic virus that selectively binds tumor endothelial marker 8 (TEM8), infects and kills tumor cells, and elicits a systemic anti-tumor immune response. Preclinical studies reportedly show SVV-001 can convert immunologically 'cold' tumors into 'hot' tumors and, when combined with nivolumab and ipilimumab, eradicate tumors and extend survival. The company has started a Phase I/II trial (NCT06889493) assessing SVV-001 plus nivolumab and ipilimumab in high-grade neuroendocrine neoplasms and plans a companion diagnostic to identify TEM8-expressing patients. The trial design includes three single-ascending dose cohorts, two multiple-ascending dose cohorts, and a planned 15-patient expansion, with enrollment of 21–30 patients in the dose cohorts. Seneca anticipates initial data readout in the second half of 2026 or the first half of 2027. The recently closed financing provides cash runway through 2027 to complete the ongoing trial. Seneca Therapeutics is a clinical-stage biopharmaceutical company based in Blue Bell, Pennsylvania focused on developing novel oncolytic immunotherapeutics and armed derivatives for difficult-to-treat solid tumors. Its first candidate is Seneca Valley Virus (SVV/SVV-001), an oncolytic immunotherapeutic that replicates in and eliminates tumor cells. In October 2022 the company received FDA clearance to begin a Phase I/II clinical study of SVV-001 in combination with a checkpoint inhibitor in 2023. The company is advancing plans to test armed derivatives that selectively express gene products inserted into the SVV-001 genome to create additional anti-tumor effects. Seneca has been funded through angel and bridge financing to support its clinical programs. Seneca Therapeutics is developing a pipeline of cancer agents based on the nonpathogenic Seneca Valley Virus isolate 001 (SVV-001). The company says SVV-001 selectively kills cancer cells expressing the TEM-8 receptor and stimulates immune responses, and is being paired with a companion diagnostic. SVV-001 has demonstrated safety and efficacy in dozens of relevant animal tumor models and shown safety and promising signs of efficacy in clinical trials. The first product, SVV-001 itself, was anticipated to enter later-stage clinical trials in 2021. The company notes that $30M has been invested into SVV since its discovery in 2001. Leadership includes CEO James Hussey (joined 2020) and founder/CSO Dr. Paul Hallenbeck.

Participated · Series A · Nov 2022

Archax is a UK-regulated digital asset exchange and tokenization firm that operates an in-house tokenization platform. The company has integrated the Stellar blockchain into its tokenization tool and launched a tokenized Aberdeen money market fund on the Stellar network. The Stellar Development Foundation invested in Archax as part of a broader partnership to accelerate tokenization of real-world assets, though the firms did not disclose the investment size. Last month Archax acquired BaFin-regulated Deutsche Digital Assets to expand into crypto exchange-traded products in Europe. The company is positioning itself to serve the rapidly growing tokenized real-world-asset market, which the article cites as having doubled to $26 billion and projected to reach $1 trillion by 2030. The article does not disclose operating metrics, revenue, or valuation for Archax. Archax is an FCA-regulated UK digital securities exchange, brokerage and custodian focused on institutional clients. Its custody services are already live and the exchange platform is live while it onboards initial issuances ahead of a planned formal launch in 1Q 2023. The platform offers spot trading in Bitcoin and Ethereum and intends to list a range of tokenised assets and regulated crypto ETPs that settle in Crest with ISIN codes. Archax is working with abrdn to tokenise funds and enable institutions to trade regulated instruments representing underlying crypto assets. Membership targets broker members, family offices, hedge funds, private banks, wealth managers, investment banks, prop trading firms and market makers. Technology for the regulated market is provided by Aquis Technologies' AME and AMS running in the Equinix LD4 datacentre, while Archax has built its own matching engine, front end and APIs. Archax operates a regulated digital securities exchange and custody platform, having secured FCA approval as a key part of its go‑to‑market strategy. The company completed its exchange platform build and obtained its FCA licence in August, milestones investors cited as central to the business. Archax has raised funding to meet regulatory capital requirements needed to launch the platform. It closed an oversubscribed $8 million seed round after initially targeting $5 million, reflecting strong investor demand. Management and investors have framed the licence and capital as foundations for launching and expanding a worldwide ecosystem of next‑generation digital assets under FCA regulation.

Participated · Series B · Oct 2022

FEMSelect develops EnPlace®, a minimally invasive, meshless system for pelvic floor ligament fixation cleared by the FDA to manage symptomatic uterine prolapse. The technology enables a procedure in under 30 minutes, and clinical studies report women can return to normal activities within a few days. FEMSelect has partnered with LiNA Medical USA and has spent the past year educating physicians on the technology. The company obtained a CMS procedure code earlier this year, enabling healthcare facilities to receive reimbursement for the procedure. EnPlace is currently available in more than 25 US states. FEMSelect plans to use the Series B proceeds to support growth and market penetration of EnPlace, primarily in the US; the company is led by Co-CEOs Debbie Garner and Renee Selman. POP Medical Solutions Ltd. develops NeuGuide, a minimally-invasive, meshless and dissectionless surgical system to treat pelvic organ prolapse (POP). NeuGuide combines a Nitinol-based anchor, surgical sutures and an innovative attachment method and has received FDA clearance. The device was tested in a 15-patient trial in Israel and is currently being used by US physicians in a post-marketing study. POP plans to use new funding to complete the post-marketing study, obtain European CE Mark certification, transfer the product to mass production, and build a US commercial organization for an early 2019 launch. CEO Deborah Garner leads the company and MABA founder Bernie Rudnick will join POP's board as part of the financing.

Participated · Series C · Jul 2020

LumiThera is a Seattle-based commercial-stage medical device company developing the Valeda Light Delivery System, a multi-wavelength photobiomodulation (PBM) treatment for ocular disorders including dry age-related macular degeneration (AMD) and diabetic retinopathy. The company has been granted CE Mark authorization for Valeda in the European Economic Area, but Valeda is not approved by the U.S. Food & Drug Administration. LumiThera is completing enrollment in two prospective, randomized, double-masked clinical trials: LIGHTSITE II in Europe and LIGHTSITE III in the U.S., and is planning additional trials for diabetic macular edema and AMD. It raised approximately $14M in a Series C financing. The company intends to use the proceeds to commercialize Valeda, complete LIGHTSITE III enrollment, and pursue U.S. regulatory clearance. Led by President and CEO Clark Tedford, Ph.D., LumiThera focuses on office-based PBM treatments delivered by eye care specialists. LumiThera is a Seattle-based clinical-stage medical device company developing non-invasive photobiomodulation (PBM) treatments for ocular disorders using light-emitting diodes. Its lead product is the LT-300, an ophthalmologist LED office-based instrument being developed to treat dry age-related macular degeneration (AMD). The company is conducting the LIGHTSITE I study, a prospective, randomized, double-masked clinical trial in 30 dry AMD subjects using the LT-300 light delivery system. LumiThera plans to use recently raised funds to further develop the LT-300, pursue regulatory clearances in select countries outside the USA including the CE mark in Europe, and expand clinical and commercial activities. The company completed a $5.5M Series B round led by WaterStone Capital with participation from RPR Venture. Clark Tedford, Ph.D., serves as President and CEO.