Led · Equity · Jul 2026

410 Medical develops advanced resuscitation technologies centered on its lead product, the LifeFlow infuser, which received FDA clearance in 2016. LifeFlow is used by more than 500 hospitals and EMS agencies and has been used to treat nearly 80,000 patients experiencing conditions like sepsis and hemorrhagic shock. The company was founded in 2013 and is based in North Carolina. In July 2026 410 Medical raised $12 million in growth financing led by Orlando Health Ventures to scale commercial operations and accelerate LifeFlow adoption. The company is also investing in a next-generation LifeFlow device planned for launch in 2027. The financing was supported by a syndicate of hospital and healthcare investors, reflecting continued commercial momentum.

Participated · Series C · Jan 2025

Francis Medical develops the Vanquish Water Vapor Ablation System, a proprietary water vapor thermal-energy therapy delivered via a transurethral procedure to ablate cancerous prostate tissue while minimizing damage to surrounding structures. The technology uses phase‑shift energy stored in sterile water vapor to convectively transfer thermal energy and aims to reduce side effects common to radical prostatectomy and radiation. The company reported VAPOR 1 early feasibility study results showing no serious or device-related adverse events and that 87% of treated patients had no remaining Gleason Grade Group 2+ clinically significant disease in targeted areas at six months. Francis is conducting the prospective, multicenter, single-arm VAPOR 2 pivotal study to evaluate safety and efficacy and plans to file for 510(k) clearance in July 2025. Proceeds from the oversubscribed $80 million Series C will fund the VAPOR 2 study and U.S. commercialization efforts, which the company expects to complete by the end of 2025. Vanquish holds FDA Breakthrough Device designation based on the strength of the VAPOR 1 data. Francis Medical is a Minneapolis MI-based medical device company developing an innovative, proprietary water vapor ablation therapy for the treatment of prostate, kidney, and bladder cancer. Its core product is a water vapor ablation device and associated therapy currently focused on prostate cancer. The company plans to use the Series B proceeds to fund development toward FDA 510(k) approval, including a pivotal clinical study (VAPOR 2) scheduled to begin enrollment in August 2022. The financing follows VAPOR 1, a prospective, multicenter, single-arm study that treated 15 patients with intermediate-risk, localized prostate cancer at four U.S. clinical centers. VAPOR 1 reported no serious adverse events, no device-related adverse events, and no unanticipated adverse device effects as its primary endpoint. Leadership includes founder and CTO Michael Hoey and president and CEO Michael Kujak. Francis Medical is developing a platform that uses water vapor energy to ablate targeted urological cancer tissue while preserving surrounding structures, aiming to minimize side effects versus other treatments. The company’s initial focus is prostate cancer. Francis Medical was founded in 2018 and is based in Minneapolis. The company was founded as a tribute to the inventor’s father, Francis Hoey, who died from prostate cancer. Coloplast’s investment is intended to help Francis Medical continue to develop its minimally invasive solution and expand its presence with customers and patients. The funding aligns with Coloplast Interventional Urology’s strategy to pursue organic and inorganic growth and to provide solutions in men’s health segments like prostate cancer. Francis Medical is a Minneapolis-based, privately held medical device company developing a proprietary vapor ablation therapy to treat endourology cancers, beginning with prostate cancer. Its technology delivers targeted, controlled doses of stored thermal energy as water vapor to ablate tissue in a minimally invasive procedure. Early feasibility clinical trials in the Dominican Republic, Paraguay and Panama informed the initial development. The company plans to use the $18.0 million Series A to initiate further development, support additional international clinical work, and run a U.S. IDE pilot study in late 2019. Francis announced Michael Kujak as CEO to expedite formation, product development and clinical work, while founder and CTO Michael Hoey continues to lead the technology effort. Hoey previously pioneered thermal water vapor ablation and co-founded NxThera, which was acquired by Boston Scientific with $306M upfront plus up to $100M in milestones.

Participated · Series C · Jun 2024

Endogenex develops a minimally invasive procedure that targets cellular pathology in the duodenum to restore metabolic signaling. Its Endogenex System applies highly controlled, non-thermal pulsed electric fields to the mucosa and submucosa to support healthy cell regeneration. The company is clinical-stage and has evaluated the technology in feasibility studies including REGENT-1 US, REGENT-1 Australia, and EMINENT in the Netherlands, with preliminary outcomes presented at medical conferences. Endogenex is led by CEO Stacey Pugh and is based in Minneapolis, MN. In June 2024 it closed an $88M Series C and in March 2026 raised a $50M Series C extension, bringing total Series C financing to $138M.

Led · Series B · Nov 2023

Arrivo BioVentures is advancing a pipeline of small-molecule therapeutics, including SP-624 for major depressive disorder and RABI-767 for predicted severe acute pancreatitis. SP-624 selectively activates the SIRT6 enzyme, an epigenetic mechanism, and Phase 2 data showed early, robust symptom alleviation in female subjects. RABI-767 is a pancreatic lipase inhibitor that in animal models prevents the cascade of fat necrosis and in Phase I was safe and well tolerated in healthy volunteers. Arrivo plans to use new capital to complete a Phase 2b/3 trial of SP-624, finish a Phase 2 proof-of-concept study for RABI-767, explore additional indications for SP-624, and advance activities necessary to file an NDA with the FDA for MDD. The company is led by CEO Steve Butts and notes a leadership team that has built and sold four companies over the past 15 years, with two products currently commercially available. Arrivo is based in Morrisville, N.C., and has raised $100M in total since inception.

Led · Series B · Nov 2023

Arrivo BioVentures is a Morrisville, NC-based biopharmaceutical company focused on developing biologics and small molecules. Its operating model searches for potential products that offer improvements in patient care across multiple therapeutic areas. Lead programs include SP-624, a small molecule that selectively activates the SIRT6 enzyme being developed as a first-in-class treatment for major depressive disorder, and RABI-767, a small molecule pancreatic lipase inhibitor for preventing progression to severe acute pancreatitis. SP-624 targets a novel epigenetic mechanism known to modulate gene expression, metabolism and DNA repair. The company raised $45M in a Series B that brought total funding to $100M and intends to use proceeds to advance SP-624 through completion of a Phase 2b/3 trial and to complete a Phase 2 proof-of-concept study of RABI-767. The company is led by CEO Steve Butts. Arrivo BioVentures is a privately held drug development company based in Morrisville, N.C., on the edge of Research Triangle Park. The firm focuses on identifying and advancing biologics and small molecules, sourcing candidates in or ready for early human clinical trials. Management plans to develop four to six new drug candidates over the next several years and to in-license and initiate projects for clinical proof-of-concept and the subsequent valuation inflection point. The company closed a preferred financing with $49 million in committed capital to fund those development projects. Committed capital will be accessed over the next five years as projects are identified and initiated. The founding team includes Steve Butts, Bill Wofford, Dr. Michael Ackermann and Dr. Jed Black, who will serve as a scientific advisor; the team cites prior exits at Aerial BioPharma, Neuronex and Addrenex as evidence of its development track record.