The Venture Codex

Led · Seed · Sep 2022

BioCircuit develops and commercializes medical devices for tissue repair and neuromodulation, including its FDA 510(k)-cleared Nerve Tape®, a patented suture-less solution for surgical nerve repair. The company is also developing a therapeutic neuromodulation device intended to improve gait in patients with spinal cord injuries, stroke, and other neurological conditions, with first human use scheduled in 2023. Funds from the recent round will be used to commercialize Nerve Tape and to advance the therapeutic device’s development. BioCircuit emphasizes ease-of-use and reliability to enhance therapeutic targeting, diagnostic precision, and surgical consistency. The company is led by CEO Michelle Jarrard and is based in Atlanta, GA. To date it has attracted $7+ million in NIH grants and, including this round, $13.5+ million in private financing.

Participated · Equity · Dec 2021

Venus Concept develops medical aesthetic device platforms and hair restoration technologies, including Venus Versa and ARTAS iX. The company operates in over 60 countries and targets demand for non‑invasive and minimally invasive procedures. Management is focused on optimizing the capital structure and streamlining operations to pursue sustained profitability. On September 26, 2024 Venus Concept exchanged $15 million of senior debt for equity as part of that effort. The company issued 203,583 shares of Series Y preferred stock in the transaction. Total debt obligations were reduced to approximately $34.6 million, down from $46 million three months earlier and $74.9 million at the end of 2023. Venus Concept has raised $115.72 million to date, was founded in 2009, and is based in Weston, Florida. Venus Concept Inc. announced receipt of $16.998967 million in funding from Masters Special Situations, LLC, Essex Woodlands Management, Inc., HealthQuest Capital, Masters Capital Management, L.L.C. and other investors. Concurrent with the financing, the company entered into a stock purchase agreement for a non‑brokered private placement. The private placement covers 9,808,418 common shares of par value $0.0001 and 3,790,755 preferred non‑voting shares. The transaction therefore involves issuance of both common and preferred equity securities. The announcement and disclosure focus on the financing and share issuance rather than operational or product details. Venus Concept develops, commercializes, and delivers aesthetic technologies and related practice enhancement services using a subscription-based business model. The company’s devices are designed to expand beyond traditional dermatology and plastic surgery markets into non-traditional settings such as family practice, general practice, internal medicine, obstetrics and gynecology, and medical spas. Venus Concept sells its devices in over 60 countries and operates 27 direct global offices. The company has expanded its subscription platform and employs over 400 global employees. Led by Chairman and CEO Domenic Serafino, Venus Concept plans ongoing product development to serve the aesthetic marketplace. The company intends to use recent funding to grow its subscription business and to expand and mature its direct office footprint. Venus Concept develops and distributes technology devices for skin tightening, body contouring and skin rejuvenation for the face, neck and body. Led by CEO Domenic Serafino, the company markets devices intended for pain-free aesthetic treatments. It operates through 14 offices worldwide. The company received a $20M senior secured term loan to support the ongoing commercialization of its device line. The financing was provided to back sales and commercialization efforts for its portfolio of aesthetic devices. Venus Concept is a leader in the global aesthetics market offering differentiated, comprehensive aesthetic solutions delivered through a partnership model with physicians. The company emphasizes best-in-class patient outcomes and dedicated customer service. Recent shareholder activity brought significant U.S. investor backing and was described by management as transformative. Management changes include Domenic Serafino assuming the role of Chairman and additions of senior regulatory and medical affairs leaders. Co-founder Oded Ron Edoute stepped down as Chairman but will continue working on development of the Chinese and Hong Kong markets. The company is positioning its leadership and investor base to support continued growth in target markets.

Participated · Series D · Jun 2015

Celtaxsys is a privately-held, clinical-stage drug discovery and development company building a pipeline of first-in-class immuno-modulators for serious inflammatory diseases. Its lead candidate, acebilustat, is a once-daily oral small-molecule inhibitor of Leukotriene A4 Hydrolase (LTA4H) designed to reduce neutrophil-driven inflammation. Acebilustat is in Phase 2b testing for cystic fibrosis (CF); the Phase 2b trial is fully enrolled and top-line results were expected in mid-2018. Acebilustat has Orphan Drug Designation for CF in both the United States and the European Union. Two-week dosing in a Phase 1b study showed reductions in sputum neutrophils, neutrophil elastase, DNA and serum CRP. The company has scientific and financial support from the Cystic Fibrosis Foundation and the recent financing is intended to accelerate Phase 3 clinical and manufacturing preparatory activities. Celtaxsys is a clinical-stage drug development company advancing therapies for inflammatory diseases. Its lead candidate, CTX-4430, is a once-daily, oral anti-inflammatory being developed to preserve lung function in cystic fibrosis patients. CTX-4430 has received Orphan Drug Designation in both the US and the EU. The company is preparing a Phase 2 trial assessing the safety and efficacy of CTX-4430 in patients with moderately severe acne vulgaris, with top-line results expected by the end of Q1 2016. The recent financing will support that Phase 2 program. Greg Duncan serves as President and CEO.