Led · Equity · Nov 2018

PellePharm is a rare-disease company focused on developing treatments for severe and underserved skin conditions, including Gorlin Syndrome and high-frequency basal cell carcinoma (BCC). Its lead program is patidegib topical gel 2%, which is entering a global Phase 3 trial for prevention and treatment of Gorlin Syndrome. PellePharm announced a strategic development and commercialization collaboration with LEO Pharma to advance these programs and broaden patient access. As part of the agreement, LEO initially committed $70 million comprised of equity financing and financial R&D support to fund the Phase 3 study. Under the deal PellePharm and its stockholders could receive up to an additional $690 million in merger consideration and regulatory and commercial milestone payments. PellePharm stockholders are also eligible for a double-digit royalty after achieving certain commercial milestones, and LEO holds an option to acquire all shares in PellePharm. PellePharm is developing topical patidegib, a first-in-class gel formulation of a proprietary hedgehog pathway inhibitor to mitigate basal cell carcinoma (BCC) tumor burden, including in Gorlin Syndrome. In a UK double-blind, placebo-controlled Phase 2 trial, topical patidegib produced 12 complete responses across treatment arms versus zero in the vehicle arm and showed meaningful reductions in the hedgehog biomarker GLI1. The formulation produced zero detectable plasma levels after topical application and elicited none of the systemic class-specific side effects seen with oral hedgehog inhibitors. The gel is stable at room temperature for at least two years and is intended for chronic, at-home management to reduce surgeries and scarring. PellePharm completed enrollment in a second Phase 2 trial in sporadic BCCs with topline data expected in Q4 2017 and intends to begin discussions with the FDA to initiate a Phase 3 trial in the first half of 2018. The company has raised an aggregate $23.5 million to date, including a third closing of a $20 million Series B led by BridgeBio.

Participated · Series A · Aug 2015

SkinVision offers iOS and Android apps that let users photograph moles and receive a visual analysis using an algorithm based on fractal geometry and seven criteria, returning a red/orange/green risk rating. The app has been downloaded about 200,000 times since its 2011 launch and the company’s database contains in excess of 1 million pictures. SkinVision holds CE certification in Europe and cites a 2014 Ludwig Maximilian University study showing 83% overall accuracy with the red rating and sensitivities of 73% (red) and 92% (red+orange). The business has evolved into a solutions platform monetized primarily via monthly subscriptions (with some free usage available), a model that has generated negative app reviews for some users. Management says the technology will be expanded beyond moles to other serious skin conditions, and the company plans geographic expansion and efforts to establish ties with national healthcare systems. SkinVision states it does not use customer data for commercial purposes.