Participated · Equity · Dec 2025

Addition Therapeutics is a spin-out from Professor Kathleen Collins’ laboratory at the University of California that focuses on an all-RNA, non-viral lipid nanoparticle (LNP) PRINT delivery platform. The technology is designed to produce "PRINTed" therapeutics targeting both chronic and rare diseases. Initial disease-related non-human primate studies are scheduled for 2026 as the company advances its preclinical pipeline. The company is led by CEO Ron Park, M.D., with a leadership team that includes CSO Francine Gregoire, CBO Priya Parameswaran, and other senior executives across operations, IP, and culture. Addition plans to deploy its latest capital to expand operations and scale R&D programs. To date, the company has secured $100 million in external financing, though no revenue or user metrics were disclosed in the article.

Participated · Series B · Mar 2024

Engrail Therapeutics is a clinical-stage pharmaceutical company focused on precision neuroscience and the development of transformational therapies for patients with neuropsychiatric and neurodevelopmental diseases. Its pipeline targets conditions with high unmet need, including anxiety disorders, depression, posttraumatic stress disorder, and rare neurodegenerative diseases. The company is advancing multiple programs through clinical development and is conducting an ongoing ENX-102 Phase 2 study in generalized anxiety disorder. Management states the Series B funding will propel advancement of the pipeline through multiple clinical stages and enable delivery of value-creating milestones. Engrail was incubated with support from Pivotal Life Sciences and aims to become a leader in neuroscience. Engrail Therapeutics is a neuroscience company that acquires, develops and commercializes patient-centric therapies, with lead compounds that are subtype-selective GABA-A modulators. The company is advancing a diverse pipeline, including lead assets ENX-101 and ENX-102 as well as internal preclinical programs. Earlier this year Engrail initiated a Phase 1b study for ENX-101 and a Phase 1a study for ENX-102. Engrail will use proceeds from its recent financing to accelerate clinical development and build out clinical development capabilities. The company operates via a flexible transaction model—licensing, co-development and company acquisitions—to acquire assets with validated mechanisms for nervous system diseases. Engrail was founded in 2019 and is supported by a long-term capital commitment from Nan Fung Life Sciences. Engrail Therapeutics focuses on acquiring, developing and commercializing therapies for diseases of the nervous system. Its lead pipeline asset is ENX-101, a subtype‑selective GABAA modulator that the company plans to advance clinically. Engrail applies a "science‑first" approach to identify compounds with validated mechanisms and a lower‑risk path to market. The company uses a flexible transaction model — including licensing, co‑development and company acquisitions — to build a diversified portfolio. Engrail closed a $32 million Series A to support ENX-101’s clinical development and is backed by a long‑term capital commitment from Nan Fung Life Sciences. Founded in 2019 and based in San Diego, Engrail emphasizes clinical strategy, regulatory planning, intellectual property and commercial positioning.

Participated · Series A · Dec 2021

DermBiont is a clinical-stage biotechnology company advancing targeted topical therapeutics to treat dermatological indications. Its lead pipeline comprises SM-020, a topical AKT kinase inhibitor for seborrheic keratoses (SKs), and SM-030, a topical PKC-beta inhibitor for melasma and other hyperpigmentation disorders. The company reported successful Phase 2 proof-of-concept results: SM-030 gel 0.64% achieved greater efficacy than 4% hydroquinone, and SM-020 gel 1.0% twice daily produced responses in over 80% of SKs with complete clearance of over 50% of lesions in the most effective regimen. Proceeds from the Series B financing will be used to advance the clinical development of SM-020 and SM-030 and are expected to fund the company through the end of its Phase 2 meetings with the U.S. FDA, anticipated in the second half of 2024. Planned clinical activity in the next 12 months includes a Phase 2b randomized, double-blind vehicle-controlled SK trial in 60 subjects, a Phase 2b open-label DPN trial in 10 subjects, a Phase 2 open-label extension in 25 subjects, and a Phase 2b observer-blinded, placebo-controlled melasma trial in 138 subjects. The company aims to commercialize first-in-class topical therapies that address the root causes of common skin diseases and will use the new capital to accelerate those programs. DermBiont is a clinical-stage biotechnology company developing targeted topical therapeutics that address the root causes of skin diseases. The company also pursues biotherapeutics to repair microbiome imbalances, leveraging computational biology and a proprietary bioinformatics platform to identify clinically meaningful dysbiosis. DermBiont acquired Chromaderm and its clinical-stage topical PKC-beta inhibitor ruboxistaurin (SM-030) to expand its pipeline for disorders of excess melanin production. A Phase 1 topical trial under a U.S. IND demonstrated that SM-030 can inhibit UV-induced melanin production, and oral ruboxistaurin has prior Phase 1–3 clinical data showing an excellent safety profile. DermBiont plans to start Phase 2 clinical trials of the topical formulation early in 2022 and recently appointed Dr. Emma Taylor as Chief Medical Officer. The company raised $28 million in a Series A2 financing in parallel with the Chromaderm acquisition. Jeni Lee of Pivotal Life Sciences joined DermBiont’s board as part of the transaction. DermBiont is a Boston, MA-based clinical-stage therapeutics company focused on discovering and developing live bacterial products to treat skin diseases. Its lead product, DBI-001, is a live bacterial candidate in clinical trials for fungal skin infections, including interdigital athlete’s foot, moccasin athlete’s foot, and onychomycosis. The company also maintains a discovery platform built on a library of over 5,000 microbes isolated from human skin and a large NextGen sequencing dataset across healthy and diseased skin. Co-founded in 2017 by Karl Beutner, M.D., Ph.D., Robert Brucker, Ph.D., and Nichola Eliovits, DermBiont was incubated and funded by Olive Tree Capital before joining the 7th cohort of the Illumina Accelerator program in mid-2018. It closed an $8M Series A to support ongoing clinical trials and discovery efforts. The financing will advance its lead program and sustain discovery work leveraging its microbial library and sequencing data.

Participated · Series B · Nov 2021

aptihealth is a health tech behavioral health provider. The company delivers behavioral health services supported by clinical science, technology, and services to connect patients, providers, community organizations, and health plans. aptihealth has closed a $50 million Series B funding round. Investors in the round included Takeda Digital Ventures, Pivotal Life Sciences, Vista Credit Partners, Olive Tree Ventures, Claritas Capital, and What If Ventures. The company plans to use the fresh capital to expand investment in clinical science, technology, and services to make it easy, effective, and efficient for stakeholders to work together securely.