Participated · Series A · Jun 2026

Serapha Bio launched to develop a one-and-done gene-editing treatment for Alpha-1 Antitrypsin Deficiency (AATD). The company emerged via a reverse merger with Boundless Bio and simultaneous financing that totaled $230 million. Founding investors RA Capital and RTW Investments arranged a $138 million Series A and an additional $92 million tied to the reverse merger. Boundless Bio, founded in 2019, had researched extrachromosomal DNA and faced difficulties with its lead program prior to the merger. Serapha also negotiated a licensing deal with a Chinese drug company as part of its launch and capital plan.

Participated · Series C · Oct 2025

Veradermics is a late clinical-stage, dermatologist-founded biopharmaceutical company focused on first-in-class treatments for common dermatologic conditions. Its lead candidate, VDPHL01, is an extended-release, non-hormonal oral minoxidil tablet positioned to become the first FDA-approved oral therapy for pattern hair loss in both women and men. VDPHL01 is currently being evaluated in three Phase 3 trials after encouraging Phase 2 male data showed average hair count increases of 37.5 hairs/cm² at two months and 47.3 hairs/cm² at four months, with 90.5 % of participants reporting improved coverage and no serious adverse events. The formulation aims to sustain minoxidil exposure to follicles while avoiding cardiac risk–related concentration spikes seen in immediate-release versions. Proceeds from the recent financing will fund completion of Phase 3 registrational trials and a planned New Drug Application submission to the FDA. Beyond VDPHL01, Veradermics is building a pipeline of differentiated dermatology products that combine proven mechanisms with innovative delivery technologies to enhance efficacy, safety, and patient convenience.

Participated · Series C · Apr 2025

Biolinq is a healthcare technology company developing precision intradermal biosensors to improve metabolic health. Its initial product is a wearable biosensor patch with an array of tiny electrochemical microsensors that measure glucose continuously just beneath the skin’s surface, providing real-time feedback via a color-changing indicator light on the upper forearm. The device is designed to combine glucose monitoring with activity and sleep information to support people with Type 2 diabetes not on insulin. Biolinq’s platform is positioned for future multi-analyte sensing capabilities and the company says it has spent the last decade developing the underlying technology. The company recently completed a US pivotal trial and submitted for regulatory review; its intradermal glucose sensor remains investigational and is not yet FDA cleared. A $100 million Series C will finance the company’s push from development toward commercial readiness as it pursues US regulatory approval; Biolinq is headquartered in San Diego. Biolinq develops a wearable patch that uses an array of tiny electrochemical microsensors placed in the intradermal space to measure glucose and relative activity from just beneath the skin surface. The device is designed for simplicity and user feedback, with an intuitive on-device display that notifies users when glucose is within or outside target ranges. Its sensor array is engineered for redundancy, reliability and multi-analyte capabilities without the use of introducer needles or bleeding. Biolinq describes the intradermal glucose sensor as investigational and not yet cleared or approved by the FDA. The company is headquartered in San Diego, CA. Proceeds from the completed financing will fund completion of a U.S. pivotal clinical trial this year and support a subsequent FDA submission. Biolinq is developing a wearable biosensor platform whose first product is a needle-free, intelligent continuous glucose sensor with a novel integrated display on the device. The device leverages semiconductor-industry innovation to miniaturize electrochemical sensors into a micro-array of miniature biosensors roughly 25 times smaller than conventional glucose sensors, enabling redundant measurements for reliability. Early feasibility studies demonstrated the microarray patch can track glucose continuously for up to seven days in people with diabetes. Biolinq’s approach includes multiplexed sensing capabilities and immediate biosensor feedback designed to simplify diabetes management and support future consumer health and wellness applications. The company is advancing clinical, regulatory, manufacturing and commercialization milestones to expand the sensing category. Financially, Biolinq completed a $100 million Series B financing, described as a record private capital raise in the continuous glucose monitoring space, with a broad syndicate of strategic and financial investors. Biolinq is developing a skin-applied, minimally-invasive electrochemical biosensor platform that analyzes interstitial fluid to provide actionable health information. Its first commercial product aims to let people with diabetes continuously monitor blood glucose without the pain and hassle of traditional continuous glucose monitoring systems. The platform is wirelessly enabled and designed to simultaneously measure multiple biomarkers, enabling a pipeline of biomonitoring products. Biolinq plans to use new financing to support growth of its technology platform and to fund additional clinical studies. The company completed its first clinical study in 2018 and reports promising initial clinical results. Biolinq was founded in 2012 and is located in San Diego. Biolinq develops a skin-applied, minimally-invasive electrochemical biosensor platform that analyzes biomarkers in interstitial fluid. Its wirelessly-enabled, nickel-sized biosensor patch is designed to continuously monitor multiple biomarkers and its first commercial product targets blood glucose monitoring without the pain and hassle of traditional CGM systems. The company emphasizes factory calibration (no finger sticks), low cost-of-goods, high manufacturing uniformity, and ease of use. Biolinq intends to leverage its novel manufacturing approach to increase access to CGM and simplify diabetes management. The platform’s ability to simultaneously measure multiple biomarkers supports plans to build a pipeline of additional biomonitoring products. Biolinq was founded in 2012 (as Electrozyme, LLC) and is located in San Diego.

Participated · Equity · Sep 2024

Candid Therapeutics is advancing a pipeline of bispecific T-cell engager (TCE) antibodies that selectively direct T cells to eliminate disease-causing B cells and plasma cells in autoimmune disorders. Its lead candidate, cizutamig, targets BCMA and CD3 and has been administered to 87 patients (47 with autoimmune diseases), showing favorable tolerability with only mild cytokine release syndrome; Phase 2 studies in myasthenia gravis and rheumatologic interstitial lung disease are slated for 2026. Additional assets include CND261, a CD20-directed TCE already tested in over 100 patients, and CND319, a dual CD19/CD20 engager expected to enter first-in-human trials in mid-2026, plus a preclinical BCMA/CD19 program. The company is led by Chairman, President and CEO Dr. Ken Song and, following a planned merger with Rallybio, will trade on Nasdaq under the ticker CDRX. An oversubscribed private financing of more than $505 million, together with Rallybio’s cash, will leave the combined entity with roughly $700 million at closing, providing funding runway through 2030. These resources are earmarked to advance multiple clinical milestones, including the Phase 2 trials for cizutamig and early-stage studies for next-generation TCEs.

Participated · Series A · May 2024

Averto Medical is a clinical-stage medical device company developing the ColoSeal™ intraluminal colonic diversion system to transform gastrointestinal care. Its first product, ColoSeal, enables procedures such as colorectal cancer resection without creating an invasive temporary diverting stoma. Early clinical data have shown promising results addressing a multi-billion dollar market opportunity. The company is led by CEO and founder Kenton Fong and is based in San Francisco. Averto, formerly known as Savage Medical, plans to use the newly raised funds to support growth of clinical testing of ColoSeal toward regulatory approvals. In connection with the financing, Ken Song, MD was named Executive Chairman and Dan Puckett and Bihua Chen joined the board of directors. Savage Medical is a San Francisco, CA–based clinical-stage medical technology company led by CEO Kenton Fong, M.D. The company is advancing the ColoSeal System™, which enables minimally invasive colorectal tumor removal and aims to eliminate the need for two open surgeries in today’s standard of care. Savage Medical intends to use its recent funding to support the ongoing clinical trial of the ColoSeal System. The company has been selected as a UCSF Rosenman Innovator company and a MedTech Innovator company. It has also been the recipient of U.S. National Cancer Institute (NCI) and U.S. National Science Foundation (NSF) Small Business Innovation Research (SBIR) grants. Financially, Savage Medical has raised over $3M in total funding.