Participated · Series A · Mar 2018

Cernostics is a Pittsburgh, PA–based company advancing the TissueCypher® Barrett’s Esophagus Assay. The assay predicts risk of development of esophageal cancer in patients with Barrett’s esophagus and provides actionable information to gastroenterologists, pathologists and patients. Led by CEO Mike Hoerres, the company focuses on next‑generation cancer diagnostics and prognostics. Cernostics raised $2.5M in a Series A1 financing and has now brought total funding to $13M. The company intends to use the new funds to intensify clinical and market development studies for its assay. Backers include Illumina Ventures, UPMC Enterprises, Novitas Capital, Geisinger Health System, the Pittsburgh Life Sciences Greenhouse and Ben Franklin Technology Partners of Northeastern PA. Cernostics develops the TissueCypher™ platform, which uses digitally scanned biopsy-slide images to measure and analyze more than 13,000 features per patient sample, including multiple protein biomarkers. The platform produces individualized, actionable scores that indicate diagnosis, prognosis, or response to therapy. The company has developed a test for patients with Barrett’s Esophagus that identifies high-risk individuals who are nearly 10 times more likely to progress to esophageal cancer within five years compared with low-risk patients. Cernostics says the test could enable earlier intervention for high-risk patients and spare low-risk patients from frequent, unnecessary endoscopies and treatments. The company is led by CEO Mike Hoerres and intends to use the new funding to grow and accelerate introduction of its Barrett’s Esophagus diagnostic test. Prior investors include Geisinger, Ben Franklin Technology Partners of Northeastern Pennsylvania, and the Pittsburgh Life Sciences Greenhouse. Cernostics develops TissueCypher, a molecular diagnostic that simultaneously evaluates multiple cells and processes in a single biopsy to assess risk of progression from Barrett’s esophagus to esophageal cancer. The company is working with Geisinger Health System and collaborating with the University of Pennsylvania, University of Pittsburgh and the Academic Medical Center in Amsterdam for clinical validation. Its partnership with the Academic Medical Center provides access to one of the largest Barrett’s esophagus patient registries, which Cernostics is using alongside other data to complete validation studies. Cernostics is also applying the TissueCypher technology to develop tests for lung, breast and colon cancers. Financially, the company received a $100,000 follow-on grant from Ben Franklin Technology Partners of Northeastern Pennsylvania and previously raised a $1.4 million Series B in the third quarter last year. The Series B funding is being used to speed commercialization of its lead diagnostic. Cernostics develops TissueCipher Pathology, a diagnostic approach that combines digital imaging pathology, fluorescence biomarkers, informatics and EMR systems to predict risk of progression from Barrett’s esophagus to esophageal cancer. The company aims to speed up testing, reduce costs, improve test quality and enable individualized patient treatments, and intends to replace a current test that generates false positives and can’t detect abnormal cell structures. Cernostics is based in Danville, Pennsylvania, and formed a partnership with Geisinger Health System in 2010. Earlier this year it added two scientific advisers: Dr. John M. Inadomi of the University of Washington and Robert F. Murphy of Carnegie Mellon University. Financially, Cernostics raised $1.4 million in a recent financing and has previously received investments from Ben Franklin Technology Partners of Northeastern Pennsylvania. Cernostics has developed a systems approach to evaluating tissues via anatomic pathology that simultaneously measures immune, stromal, stem cell and tumor biomarkers on a single slide while preserving tissue structure. The company is developing molecular diagnostic and prognostic tests, including a test to predict the risk of developing esophageal cancer in patients with Barrett’s Esophagus. Cernostics intends to validate that test using biopsy specimens and clinical data from Geisinger Health System, Danville, to select and refine biomarkers and complete software development. Leadership cited in the article includes CEO Mike Hoerres and Rebecca Critchley-Thorne, Ph.D., Director of Biomarker & Diagnostic Development. The company plans additional clinical validation studies that will support commercialization of the test via Cernostics’ clinical reference laboratory. Financially, the company received a $100K loan to fund the validation work.

Participated · Series B · Jul 2017

Carmell Therapeutics, a spinout from Carnegie Mellon University in Pittsburgh, develops regenerative-medicine technologies based on patented Plasma-based Bioactive Materials (PBMs) manufactured from human blood plasma. Its PBMs concentrate natural regenerative factors to promote healing, reduce infections and complications, and can be formed into putties, pastes, scaffolds, plugs, screws and sheets. The company’s lead product candidate is Bone Healing Accelerant. Carmell closed a $4M Series B to advance that candidate into phase III clinical development. The company positions its technology to save healthcare costs by improving healing across multiple clinical settings. Carmell Therapeutics develops biologically active plastics made from blood plasma intended to promote healing of bone and connective tissue. Its first product is an arthroscopically placed surgical scaffold placed between bone and tendon to treat rotator cuff and tendon injuries; the scaffold deteriorates over four to six weeks while delivering the body’s growth and regenerative factors. The company is also developing a bone putty as a second product. Carmell plans to use the recent Series A proceeds to set up a manufacturing facility and collect data for a pilot study and hopes a successful pilot will support a larger Series B to fund a clinical trial and pursue federal regulatory clearance. The company disclosed an equity first close of $3 million in an SEC filing and said it will accept additional investments to round out the round; nine investors participated. Carmell was founded in 2007 to commercialize technology developed by Carnegie Mellon University and Allegheny General Hospital and is based in Pittsburgh; CEO Alan West previously served as a Boston Scientific vice president of R&D.

Led · Equity · Oct 2013

Cognition Therapeutics uses disease-relevant screening and novel chemistry platform approaches to produce a pipeline of new small-molecule drug candidates targeting protein misfolding diseases of the nervous system. Its lead clinical candidate is a highly brain-penetrant, orally bioavailable small-molecule receptor antagonist that blocks memory deficits in Alzheimer’s disease models. The company is led by CEO Dr. Hank Safferstein. Cognition completed a $12M Series B financing to support its programs. The proceeds will be used to advance its lead Alzheimer’s program into Phase 1 clinical studies by the end of 2015. The company is based in Pittsburgh, PA. Cognition Therapeutics is a drug discovery company developing disease-modifying therapies for central nervous system disorders, with a focus on Alzheimer’s disease. The company uses proprietary, biologically-relevant screening technology across biology and chemistry platforms to discover novel drug targets. Its platforms have produced compounds that selectively block soluble Abeta oligomer–induced toxicity on synapses without affecting normal Abeta expression or function. Mechanism-of-action studies have revealed strategies to target receptors and pathways central to Alzheimer’s pathology. The company was founded in 2007 and is led by CEO Hank Safferstein, Ph.D., J.D. Financially, Cognition Therapeutics has received multiple financings, including a recent $138K funding commitment and prior Series A1 financing. Cognition Therapeutics is a Pittsburgh-based drug discovery company focused on novel small molecules intended to block the central toxicity of proteins in Alzheimer’s and other neurodegenerative diseases. The company has developed multiple screening strategies to identify candidate compounds that target disease pathways. Led by President and CEO Hank Safferstein, Ph.D., J.D., Cognition aims to advance its lead compounds toward Investigational New Drug (IND) candidate status. Financially, the company recently closed a $2.5M Series A1 financing comprised of new investment and conversion of convertible debt. The proceeds are earmarked to bring compounds to IND-candidate readiness. In conjunction with the financing, Dr. Nada Jain of Golden Seeds and Mark Breedlove of Keystone Profiles joined the company’s board of directors. Cognition Therapeutics focuses on detecting Abeta proteins implicated in Alzheimer’s and developing molecules to block their harmful effects. The company is developing tests to identify those proteins and therapeutic molecules intended to stop or reverse Alzheimer’s-related degeneration. Cognition says its discoveries could also be applied to other neurodegenerative diseases. The underlying advancements are licensed from California State University Channel Islands. Cognition moved to Pittsburgh about two years ago from California. The company has raised $1.2 million in a Series A to further study its tests and treatments.

Led · Equity · Oct 2013

Complexa is a clinical-stage biopharmaceutical company based in Radnor, Pa., led by President and CEO Josh Tarnoff. The company is advancing CXA-10, an oral nitrated fatty acid (NFA) compound that upregulates Nrf2 and inhibits NF-κB to reduce inflammation and fibrosis. Complexa leverages a proprietary platform to develop endogenous NFAs to restore anti-inflammatory and tissue-repair pathways in diseases with high oxidative stress. Its lead program targets focal segmental glomerulosclerosis (FSGS) and pulmonary arterial hypertension (PAH), with a Phase 2 trial of oral CXA-10 in FSGS expected to start in early 2018. The company completed a $62M Series C to fund clinical development of CXA-10 and to advance a second compound toward an IND for a yet-to-be-disclosed indication. Complexa is a clinical-stage, platform anti-inflammatory and fibrotic disease-focused biopharmaceutical company based in Pittsburgh, PA. Its proprietary technology centers on the synthesis and therapeutic application of endogenous nitro-fatty acids (NFAs) and related structure/function mediators. The company’s lead compound is CXA-10, being developed in two formulations: an intravenous formulation currently in Phase I for a form of acute kidney disease, and an oral formulation for a form of chronic kidney disease for which an IND will be filed later this year. Complexa is led by President and CEO Josh Tarnoff. The company will use proceeds from its recent financing to further advance clinical development of both CXA-10 formulations. No operating metrics were disclosed in the article. Complexa, founded in 2008 and based in Pittsburgh, develops nitrated unsaturated fatty acids to treat inflammatory and metabolic disorders. Its initial clinical focus is acute and chronic kidney disease, and its lead compound, CXA-10, is targeted at contrast imaging–induced nephropathy (CIN), a form of acute kidney injury. CIN can lead to extended hospitalization, dialysis, or death. The company also has several proprietary second‑generation drug candidates that are structurally distinct from CXA‑10 and are being developed to target significant inflammatory and metabolic conditions. These candidates are intended to facilitate future partnering opportunities. Financially, Complexa raised $200K in the reported financing, a follow‑on investment from Pittsburgh Life Sciences Greenhouse (PLSG). PLSG, managing member of the PLSG Accelerator Fund, has invested a total of $550,000 into the company.

Led · Series A · Jun 2012

Quantum OPS is an orthopedic technology company serving operating-suite professionals. Its first product, the Quantum Shoulder Positioning System, enables clinicians to immobilize, stabilize, and position patients of all sizes for shoulder surgery. The company intends to use recent funding to accelerate sales of that system and to launch new products. Its development pipeline includes a surgical arm positioner, an arthroscopic knee positioner and other positioning accessories. Quantum OPS closed a $1.05M Series A to support these commercial and product-development efforts. The company is led by CEO Keith Harper.