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The Venture Codex

New Rhein Healthcare Investors

Two Logan Square, Suite 1930, 100 N. 18th Street, Philadelphia, PA, 19103, United States

Overview

New Rhein is a venture capital firm focused on healthcare therapeutics and medical devices. Its partners and associates are former industry executives with operational and transactional experience. New Rhein invests in businesses that utilize proven products in new applications (e.g., new indications, new dosage forms, 505(b2)). The company compiles syndicates of operationally focused investors who together bring a wealth of experience and a broad network of relationships to support its portfolio companies in the development, regulatory, reimbursement, marketing, and/or contract manufacturing. New Rhein provides an understanding of what would be attractive to strategic partners and works backward to help its portfolio companies build their value proposition. Prior New Rhein investments have included ophthalmic pharmaceuticals, molecular diagnostics, and respiratory drug/device inhalers.

Total investments
10
Lead investments
7
Investments · 12mo
3
Active investors
5
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Investment portfolio

  • Butterfly Medical

    Participated · Series C · May 2026

    Butterfly Medical develops the Butterfly® prostatic retraction device, a minimally invasive, implantable solution intended to mechanically retract the lateral lobes of the prostate to restore urine flow. The device has secured CE Mark certification for use in Europe and is not yet approved in the U.S., where it remains limited to investigational use. The company recently completed a pivotal trial and is pursuing U.S. regulatory filings as it prepares for commercialization. Management emphasized the platform's clinical data, ease of use, competitive cost of goods sold and lack of durable capital equipment as advantages for adoption. Leadership also noted that the company has advanced to a stage comparable to other minimally invasive BPH solutions while deploying significantly less capital. Butterfly plans to present its clinical progress publicly at AUA 2026 as part of its commercialization push.

  • Alveus Therapeutics

    Led · Series A · Mar 2026

    Alveus Therapeutics is advancing a pipeline of peptide-based treatments aimed at delivering durable weight loss and improved metabolic control. Its lead candidate, ALV-100, is a bifunctional molecule that combines glucose-dependent insulinotropic polypeptide receptor antagonism with glucagon-like peptide-1 receptor agonism, and is positioned to enter Phase 3 after characterization work funded by the new capital. A second program, ALV-200, is a highly selective amylin receptor 3 agonist, while the company is also progressing an oral amylin program expected to begin first-in-human studies within 18 months. Alveus focuses on therapies with sustained efficacy, improved tolerability, and reduced treatment burden compared with existing obesity drugs. The firm plans to run multiple development programs in parallel over the next 18–24 months to reach key value inflection points, including advancing ALV-100 to a Phase 3-ready state and moving early-stage assets into the clinic. Its recent $197 million Series A financing provides the capital to execute these objectives and expand its investor base.

  • Corsair Pharma

    Led · Series B · Sep 2023

    Corsair Pharma is a private biopharmaceutical company focused on developing prodrugs of treprostinil for treatment of PAH. Its core product is a once-daily transdermal patch intended to provide continuous and consistent blood levels of treprostinil comparable to an infusion pump. The patch delivers an inactive prodrug designed to cross the skin, enter the bloodstream, and convert rapidly to treprostinil in the liver. The company is focused on improving the therapeutic profile of medications and providing treatment options for patients. Led by Bobby Singh, Ph.D., President, CEO and Director, Corsair is advancing the patch through clinical development. The company recently completed a Series B financing to support clinical advancement of its program.

  • Theranica

    Led · Series C · Aug 2022

    Theranica is a prescribed digital therapeutics company based in Netanya, Israel and Montclair, NJ that develops advanced neuromodulation devices for migraine and other idiopathic pain conditions. Its flagship product, Nerivio, is an FDA-cleared, prescribed, smartphone-controlled, drug-free wearable worn on the upper arm to treat episodic and chronic migraine in people aged 12 and older. Nerivio utilizes remote electrical neuromodulation to trigger conditioned pain modulation and alleviate migraine headache and associated symptoms. The device is eligible for insurance coverage, can be prescribed by any certified U.S. healthcare provider, and is shipped to patients’ homes through several specialty pharmacies. Theranica intends to use the Series C proceeds to expand its commercial activity in the U.S. Leadership includes CEO Alon Ironi and Chairman and Co-Founder Dr. Shimon Eckhouse. Theranica develops Nerivio Migra, a novel remote neuromodulation device for acute treatment of migraine. The device is currently under review by the FDA and is labeled as an investigational device limited to investigational use in the United States. In October 2018 the company completed a pivotal study across 12 clinical sites in the US and Israel with almost 300 migraine patients; the study met its primary endpoint with high statistical significance and demonstrated high efficacy, safety and tolerability. Founded in 2016, Theranica plans to use new funding to mass-produce Nerivio Migra and, once cleared by the FDA, to deliver the device to millions of migraine patients in the USA. The company positions itself in the electroceuticals space targeting prevalent neurological conditions. Theranica Bio-Electronics develops advanced electroceuticals — drug-free solutions that combine electronics and wireless communication technologies with recent neurology research. Its product line starts with a device for the acute treatment of migraine. The company intends to use Series A proceeds to complete regulatory approval of its first migraine product and to bring that product to mass production. Theranica closed a $6M Series A in 2017. The company was established in 2016 and is based in Netanya, Israel. Founders include Alon Ironi, Ronen Jashek, Slava Barabash and Dr. Shimon Eckhouse. Theranica Bio-Electronics is a Netanya, Israel–based medical device company led by CEO and co-founder Alon Ironi. The company combines neuromodulation therapy with wireless technology to produce proprietary wearable solutions. Its therapeutic 'smart' patches contain a proprietary chip that delivers electrical pulses to neuro-modulate sensory nerves beneath the skin and are controlled by a smartphone app for personalized, portable care. The first commercial application, Nerivio Migra, is a non-invasive, disposable wearable patch used at migraine onset to provide pain relief and often eliminate pain. The company closed a seed financing round for an undisclosed amount. Backers included a group of angel investors led by Dr. Shimon Eckhouse, who will serve as Chairman. The company also assembled a medical advisory board with leading headache and pain experts.

  • American Injectables

    Led · Series A · Sep 2020

    American Injectables is a sterile injectable manufacturer of parenteral drugs with a facility focused on ready-to-use pre-filled syringes and vials. Led by new CEO Vern Allen, the company produces small-molecule 505b2 and 505j syringe and vial products and serves as an outsourced contract manufacturing partner for strategic pharmaceutical companies. It has built a new facility with state-of-the-art equipment and an integrated third-party analytical lab. American Injectables has an installed manufacturing capacity of 16 million units with expansion capability up to 50 million units. The company secured a $10m Series A commitment from New Rhein Healthcare Investors to scale production and launch several parenteral products. In response to COVID-19-related drug shortages, it will initially focus on manufacturing generic parenteral products and other essential medicines to meet heightened demand.

Team