The Venture Codex

Led · Equity · Jul 2024

Dren Bio develops first-in-class antibody therapeutics built on its Targeted Myeloid Engager and Phagocytosis Platform, a bispecific antibody technology that induces targeted phagocytosis by engaging a myeloid phagocytic receptor. The platform is engineered for controlled myeloid activation only in the presence of target antigen and aims to enable deeper depletion of pathogenic cells with improved safety versus other modalities. Its lead candidates include DR-01, in a Phase 2 study in cytotoxic lymphomas and expanding into autoimmune indications, and DR-0201, in a Phase 1 study in B-NHL that showed favorable preclinical safety in non-human primates with no cytokine release syndrome or neurotoxicity observed. The company also maintains a preclinical pipeline of bispecifics focused on oncology, immunology, and neurology. Dren Bio plans to advance selected targeted myeloid engager programs into clinical candidate selection under a collaboration with Novartis, after which Novartis will assume remaining development, manufacturing, regulatory, and commercialization activities. Financially, the company secured a strategic collaboration that provides significant non-dilutive and dilutive capital and potential future revenue through milestone payments and royalties. Dren Bio is focused on discovering and developing therapeutic antibodies for cancer, autoimmune and other serious diseases. Its lead asset, DR-01, is intended to precisely eliminate a subset of immune cells and was being prepared for a first clinical trial in mid-2022. The company’s platform work includes a Targeted Myeloid Engager and Phagocytosis Platform that generates bispecific antibodies (example development candidate DR-0201) and an Enhanced ADCC program. Preclinical data show robust activity and favorable tolerability in non-human primates for early candidates. Management emphasizes the platform’s differentiated mechanisms versus T cell engagers, ADCC antibodies and antibody-drug conjugates and expects potential applicability in both oncology and non-oncology indications. With the new financing the company intends to advance DR-01 toward clinical proof-of-concept and expand discovery and development of additional candidates from its pipeline. Dren Bio develops protein-engineering technologies intended to deplete disease-causing cells, protein aggregates and other agents. Its lead programs are focused on hematologic neoplasms and solid cancers, and the company is also working in autoimmune disorders and diseases of protein aggregation. The company’s first program, DR-01, is an antibody-based therapy targeting rare leukemias, lymphomas and specific autoimmune phenotypes. The second program, DR-02, is an enhanced antibody-based platform designed to deplete cells and other disease-causing agents via a novel mechanism of action. Dren is led by CEO and co-founder Nenad Tomasevic, PhD, and is based in San Carlos, California. The company closed a $60M Series A and will use the proceeds to advance its two lead programs through early clinical development.

Participated · Series B · Oct 2022

Alto Neuroscience is a Mountain View, CA–based clinical-stage biopharmaceutical company focused on precision psychiatry therapies that pair digital biomarkers with novel CNS drugs. Its lead candidate, ALTO-207—a fixed-dose combination of pramipexole and ondansetron—hit primary and secondary endpoints in a 32-patient Phase 2a study for treatment-resistant depression and is slated to enter Phase 2b by mid-2026 and Phase 3 in early 2027. The firm also advances ALTO-101, which recently secured FDA Fast Track status for cognitive impairment associated with schizophrenia. Alto’s platform employs electroencephalography and cognitive testing to tailor treatments to individual patients. The company carries a market capitalization of about $164.6 million and reports a strong liquidity profile, with a current ratio of 18.43 and more cash than debt, though it is experiencing rapid cash burn. The newly raised capital should extend its runway and fund upcoming clinical milestones.

Led · Series A · Nov 2021

Mekonos has developed a novel chip-based technology platform—an integrated system-on-a-chip (SoC)—for targeted ex‑vivo gene engineering that enables single‑cell delivery and multiplexed payload delivery with localized dose control. The platform supports multi‑payload physical delivery (multiplexing) into cells with repeatable and localized dose control for precise and scalable cell engineering. Demonstration pilot projects with top pharmaceutical and research labs have shown high cell viability and uptake for delivery of CRISPR and other payloads into immune cells, stem cells, and other fragile cell types. The company intends to advance its MEMS, microfluidics, biology, and business development functions to commercialize the SoC and scale partnerships. Mekonos is led by CEO Anil Narasimha and is an alum of Berkeley Launch, Berkeley SkyDeck, Creative Destruction Lab, and was named a 2018 Fierce 15 startup. Mekonos is developing a system-on-a-chip (SoC) for targeted ex vivo gene engineering. The SoC platform, with IP from Stanford University, enables molecular delivery for gene editing and synthetic biology. The company completed a $4.6m financing and will use the proceeds to accelerate the SoC platform for current and new commercial partnerships. Mekonos recently completed pilots with top pharmaceutical companies and research institutes that demonstrated high efficacy of modified gene expression and cell viability. Led by Co‑Founder and CEO Anil Narasimha, PhD, the company aims to increase capacity, accelerate discoveries, and develop new pre-clinical assets in the cell and gene therapy space. Financially, it has completed a $4.6m financing round led by Novartis to support platform advancement and partnership expansion.

Participated · Equity · Sep 2021

Credence MedSystems develops innovative drug delivery systems and connected health solutions from Menlo Park, Calif. Its lead products are the Companion Safety Syringe System and the Dual Chamber Reconstitution System, which provide usability and safety features to end-users and operational efficiencies to pharma manufacturers. The platforms also offer sustainability advantages through reduced use of plastic and a smaller footprint compared with conventional approaches. Credence is advancing a connected health portfolio including the Credence Connect Auto-Sensing Injection System, which automatically captures and transmits injection information to smartphones and the cloud to support chronic disease management and clinical trial compliance. The recent $39.9 million financing will fund scaling of production capacity for the Companion and Dual Chamber systems, development of additional platform products, and acceleration of connected health programs. Management has stated an immediate focus on implementing production capacity to meet pent-up demand, including GMP production for clinical use. Credence MedSystems is an innovator in injectable drug delivery devices focused on providing pharmaceutical customers a simplified path to commercialization of best-in-class delivery systems. Its core offering is the Companion Safety Syringe System, which combines Credence components with existing syringe or cartridge barrels and other primary package components to protect users against accidental needlestick, prevent reuse, and provide end-of-dose cues. The Companion is available in luer needle, staked needle and dual chamber reconstitution configurations, and the needle automatically retracts into the syringe after injection. The company said it will use the $12.8 million Series B proceeds to scale its lead product and increase manufacturing capability to commercial volumes. Credence also plans to progress development on other pipeline products, including a Dual Chamber Reconstitution Safety Syringe and a connected health platform. The company is based in Menlo Park, Calif., and emphasizes an "Innovation Without Change" approach that preserves customers' existing processes and supply chain strategies. Credence MedSystems is a drug delivery technology company focused on injectable medication delivery and safety. Its current commercial focus is the Companion passive needle-safety pre-fillable syringe platform, offered in staked-needle, luer-needle, and dual-chamber reconstitution configurations. The Companion provides end-of-dose cues and an automatic needle retraction that permanently disables reuse, and is compatible with existing syringe barrels and closure components to reduce implementation risk for drug manufacturers. Credence reports several active collaborations with multinational pharmaceutical and biotechnology manufacturers and generates revenue from Development Agreements. Management says the company is rapidly gaining customer traction and has other advanced products in development, including systems targeting biologics delivery. The company will use new financing to advance projects toward commercialization and to continue R&D on next-generation delivery products.

Participated · Series A · Jun 2021

NuvoAir combines remote monitoring technology, proprietary biomarkers, a data-driven infrastructure, and clinician care teams to deliver continuous, relationship-based care for complex patients, initially targeting respiratory diseases such as COPD and asthma. The company recently launched the Aos inhaler sensor as part of its service offering. NuvoAir also offers a decentralized clinical-trials solution that brings trials into patients' homes to reduce burden on patients and study sites. It partners with health plans and risk-bearing providers with the goal of aligning incentives under a value-based care framework. NuvoAir will use the proceeds from its latest financing to expand its platform and team, accelerate launches of clinical services with providers and Health Plans, and launch new clinical trial partnerships globally. The company has offices in Boston, MA, and Stockholm, Sweden. Financially, NuvoAir completed an extension to its Series A that brings the round total to $25 million. NuvoAir builds a digital care platform for respiratory illnesses that combines a Bluetooth-enabled spirometer, an inhaler-attached sensor, Fitbit integration and a machine-learning cough-monitoring app. The product is used by health plans, insurers and healthcare systems to manage severe respiratory patients and reduce care costs, and is licensed to pharma and CROs for decentralized clinical trials on a per-user basis. The company reports 500% growth in Q1 2021 and claims its solution reduces urgent consultations by more than 39%. NuvoAir says more than 500 million people suffer chronic respiratory diseases and that managing these conditions costs roughly $300 billion annually. The startup plans to use its new funding to accelerate expansion in the U.S. and Europe, develop new products and services, and support its partner and customer base for decentralized clinical trials. NuvoAir develops digital therapeutics for respiratory diseases, including a smartphone-connected spirometer and software called Aria. Aria sends patients personalized care suggestions based on their condition and its algorithms provide insights to patients, physicians and pharmaceutical companies. The company has collected more than 500,000 spirometry tests in the last three years that feed its machine-learning models. NuvoAir aims to make respiratory diseases measurable and more treatable and plans to bring new smart devices to market. Established in 2015, NuvoAir recently closed a $3 million financing round led by Industrifonden with participation from existing investor Investment AB Spiltan. CEO Lorenzo Consoli said the investment and partnership can significantly advance the company’s focus on digital therapeutics and improve physicians’ clinical decisions. Pond Healthcare Innovation makes Air Smart, a small portable spirometer that connects to a smartphone via the audio jack and lets users export data to share with physicians. The company sells the device direct to consumers for €69 and reported selling thousands of units last year across 20 countries. Air Smart can export results as PDFs for physicians, holds a CE mark, and currently has no FDA clearance. Pond was founded in 2014 as a design firm and pivoted into medical devices in 2016 after working with Novartis. CEO Lorenzo Consoli joined from Novartis to lead Pond. The company plans to use new funding to build its team, continue product development, step up commercialization, and do more with the lung-health data Air Smart collects.