The Venture Codex

Participated · Series C · Aug 2013

Dicerna develops RNAi-based therapeutics built on its Dicer Substrate Technology™ platform and EnCore™ Drug Delivery System to target genetically-defined and previously undruggable intracellular targets. The company plans to launch several Dicer Substrate pharmaceuticals into clinical development over the next two years and anticipates first human trials beginning in early 2014. Proceeds from its recent financing will be used to advance two or more programs into the clinic, progress other preclinical programs, and continue development of targeted delivery systems. Dicerna has collaborations and alliances with global pharmaceutical companies to support its research and development efforts. The company is an early-stage, preclinical business and the press release notes it incurs and expects to continue to incur significant operating losses. Dicerna is based in Watertown, Mass. Dicerna Pharmaceuticals develops second-generation RNAi therapeutics and delivery technologies. The company is advancing an in-house oncology program toward clinical development while progressing multiple other preclinical programs. Dicerna is developing proprietary delivery platforms, including a lipid nanoparticle system and a novel lipid platform. It is also working on targeted delivery systems that combine its Dicer Substrate siRNA molecules with targeting moieties such as peptides, aptamers, or antibodies. The company recently completed a second closing of its Series B equity financing, bringing the round total to $29M. Proceeds will be used to advance the oncology program, progress preclinical programs, and continue development of its delivery technologies. Dicerna Pharmaceuticals is a Watertown, Massachusetts-based RNAi-focused biopharmaceutical company developing novel therapeutic agents and drug delivery systems using its proprietary Dicer Substrate Technology and Dicer Substrate siRNA (DsiRNA) molecules. The company develops conjugated drug delivery systems that combine DsiRNA with targeting moieties such as peptides, aptamers, or antibodies, potentially allowing direct delivery into specific cells. Dicerna plans to use the financing to advance its lead in-house oncology program toward clinical development and to progress other preclinical programs. The capital will also be used to continue development of its conjugated delivery platforms. The company’s strategy centers on applying its DsiRNA platform across multiple disease areas and improving targeted delivery to enhance therapeutic index.

Participated · Series D · May 2012

Mitralign develops direct transcatheter mitral and tricuspid valve repair systems, including the Trialign System and the Mitralign Percutaneous Annuloplasty System (MPAS). MPAS received CE mark approval in February for the treatment of functional mitral regurgitation (FMR). The Trialign System is currently enrolling patients in an early feasibility IDE study in the US and is not approved for sale or distribution. With $39.8 million raised to date in a Series E equity financing, the company plans to pursue US and CE regulatory approval for Trialign while preparing for commercial launch of MPAS in Europe. The funding will be used to accelerate clinical trials in both the United States and Europe and to expand the company’s tricuspid clinical data set. Mitralign is a venture-backed medical innovation company located near Boston, Massachusetts. Mitralign makes the Mitralign System, a catheter-delivered device that deploys pairs of anchors which are cinched together to restore the mitral valve's shape in patients with functional mitral regurgitation. The company completed enrollment of 61 FMR patients in a European clinical trial and is collecting follow-up data for a CE Mark submission. Management said it will continue to enroll patients in active clinical studies to accrue additional data for the medical community. Mitralign expects to report results from the trial before the end of 2014. Financially, the Tewksbury, Mass.-based company raised about $8.1 million in a recent equity round and previously closed a $35 million Series D in May 2012. Mitralign has developed a catheter-based, percutaneous direct annuloplasty system intended to repair functional mitral regurgitation by reducing mitral annulus size and bringing leaflets closer together. The system delivers a pair of surgical implants into the mitral annulus via catheter; the implants are cinched and can be customized in location, extent of cinching, and number to suit patient anatomy. The company is conducting clinical studies to evaluate the technology for first-line percutaneous and trans-apical treatment of FMR and is completing a CE Mark study. Proceeds from the financing will support completing the CE Mark study, securing the CE Mark, and initiating sales in the EU. The press release cites a large addressable market, noting more than 2.5 million people in the U.S. with moderate or severe FMR and an expectation from an investor that a PMVR market could exceed $1 billion. Mitralign was founded by the Accelerated Technologies (ATI) medical device incubator and is based in Tewksbury, Massachusetts. Mitralign develops a catheter-based mitral valve repair device intended to treat mitral regurgitation in patients with congestive heart failure. The company is advancing development of its mitral valve repair technology and is using external financing to support operations. Mitralign secured a $5m senior secured credit facility to provide working capital as it progresses device development. The financing was provided by GE Capital, Healthcare Financial Services. Leadership emphasized the lender's industry expertise and fit with the company's needs. The company is based in Tewksbury, Massachusetts.

Participated · Series C · Jan 2012

Glori Energy develops and deploys the AERO™ (Activated Environment for Recovery of Oil) System to increase oil recovery from existing wells by optimizing non‑potable water to activate indigenous reservoir microbes. The company sells its AERO service and plans to expand that service business while acquiring shut‑in or low‑producing mature fields for redevelopment using its technology. Glori intends to deploy the system in acquired fields to demonstrate proven results that will drive product revenue and customer adoption. The AERO System aims to recover trapped oil with minimal new footprint or capital investment. The company emphasizes sustainable, efficient recovery leveraging existing wells and water sources. The article lists Houston as the company’s location in the announcement.

Participated · Equity · Sep 2010

superDimension develops minimally invasive interventional pulmonology devices. Its flagship product, Electromagnetic Navigation Bronchoscopy (ENB), uses a catheter inserted through the throat and GPS-like technology to biopsy lung lesions and lymph nodes in a single outpatient procedure. The company completed a $24.8M combined debt and equity financing to support its business. The financing consisted of a $9.8M equity round and a $15M credit facility. Proceeds are intended to strengthen commercial infrastructure and expand the sales and marketing team. The company is based in Minneapolis, MN.

Participated · Series D · Feb 2010

Seahorse Bioscience develops the Seahorse Extracellular Flux (XF) Analyzer and XF Stress Test Kits to simplify cellular bioenergetic studies. The XF Analyzers non‑invasively profile metabolic activity in minutes, enabling physiologic cell‑based assays for basal oxygen consumption, glycolysis rates, ATP turnover and respiratory capacity in a single experiment to assess mitochondrial dysfunction. The company sells analytical instruments, biomanufacturing systems and consumable labware to scientists at academic institutions, pharmaceutical and biotech organizations, and OEM manufacturers of assay kits and lab instruments. Seahorse has served the life‑sciences industry since 2001 and is based in North Billerica, Massachusetts. The firm disclosed a $9.4 million venture capital raise in a filing with the Securities and Exchange Commission. Four separate investors participated in the offering. Seahorse Bioscience develops and commercializes the XF Series instruments that measure cellular energy consumption and related lab products. The XF Series has been used by researchers to study metabolic deficiencies linked to neurological diseases, obesity, diabetes, cancer and cardiovascular disease. Seahorse also offers workstations using disposable plastic cards with cell-culture chambers that mimic bench-scale bioreactor conditions, plus related consumables and custom lab equipment. Proceeds from the recent round will fund expansion of global sales and marketing and hiring at its Chicopee, Mass. manufacturing facility. The company is privately held and does not disclose revenues. The financing described was the company’s fourth funding round.