Participated · Series E · Jul 2024

Imperative Care is a commercial-stage medical technology company focused on advancing treatments for thromboembolic disease, including ischemic stroke and other vascular diseases caused by blood clots. Its commercially available product portfolio includes the Zoom Stroke System, the Symphony Thrombectomy System, and the Prodigy Thrombectomy System, which have been used in more than 78,000 procedures. The company is also developing the Telos endovascular robotic platform, currently in development and not approved for sale. Imperative Care said the $100 million convertible note financing will support commercialization of its existing stroke and vascular portfolios, next‑generation product development, and clinical evidence generation. The company is based in Campbell, Calif., and announced a new board appointment tied to the financing.

Participated · Equity · Feb 2024

Freenome develops blood-based screening tests for early cancer detection using a multiomics platform that combines computational biology, machine learning, and other technologies. Its initial programs focus on colorectal and lung cancers, with single-cancer and tailored multi-cancer tests under development. The platform is also being evaluated with biopharma and diagnostic partners to non-invasively detect minimal residual disease (MRD) augmented by biological insights. The company has registrational studies underway, including PREEMPT CRC (>40,000 participants) and PROACT LUNG (up to 20,000 participants), plus multi-cancer research programs such as the Vallania Study (more than 6,200 participants) and additional studies totaling >10,000 paired RWD participants. Freenome intends to use the newly raised funds to advance its pipeline of single-cancer and multi-cancer early detection tests. The company is led by CEO Mike Nolan and is based in San Francisco, CA. Freenome develops a multiomics platform that uses routine blood draws to detect cancer in its earliest stages. Its core product is a blood test for colorectal cancer (CRC) being validated in the large prospective registrational study PREEMPT CRC, which is nearing completion of enrollment. The company plans to commercialize the CRC screening test and expand the platform to detect other cancers, and has reported promising data in pancreatic cancer detection. Freenome combines molecular biology, computational biology, and machine learning to identify disease-associated patterns among circulating cell-free biomarkers. Financially, Freenome announced a $300M Series D and has raised over $800M in total financing since its 2014 founding. The new funding is intended to support commercialization and further development of multi-cancer tests. Freenome has developed a comprehensive multiomics platform to detect cancer early from a routine blood draw, beginning with a colorectal cancer screening test. The platform integrates genomics, transcriptomics, methylomics, and proteomics with advanced computational biology and machine learning to recognize disease-associated patterns among circulating cell-free biomarkers. Freenome launched the PREEMPT CRC FDA registrational clinical trial in May 2020 to support approval of its first front-line blood test for colorectal cancer screening and precancerous lesion detection. The company intends to use proceeds from the financing to accelerate PREEMPT CRC toward approval, reimbursement, and commercialization, advance a pipeline of blood tests for additional cancers, and continue building its proprietary multiomics platform. Financially, Freenome closed an oversubscribed $270 million Series C that brings total financing to over $500 million since the company’s launch. The company is headquartered in South San Francisco, California. Freenome has built a multiomics platform that integrates assays for cell-free DNA, methylation, and proteins with computational biology and machine learning to detect early signs of cancer from a routine blood draw. The company’s first test targets colorectal cancer and uses a multidimensional view of tumor- and immune-derived signatures to improve sensitivity and specificity. Freenome reported promising clinical results at Digestive Disease Week showing high sensitivity and specificity in a cohort of mostly early-stage colorectal cancer patients. The company plans a pivotal validation study and intends to submit to the FDA and CMS under the Parallel Review Program for its colorectal cancer screening application. Proceeds from its recent financing will also fund expansion of laboratory infrastructure and software to support growth and future development. Freenome is headquartered in South San Francisco and was founded in 2014. Freenome is a health-technology company combining machine learning, biology and computer science to develop non-invasive disease screening assays based on cell-free DNA and other analytes. The company has collaborated with more than 25 research partners, including UCSD Moores Cancer Center, UCSF and MGH, and has processed thousands of samples through research and clinical trials. Freenome is working with five pharmaceutical companies to validate its software for clinical trial stratification and precision prescribing. The company is focused on scaling its technology and improving screening accuracy for lung, colorectal, breast and prostate cancers, with plans to address additional cancers and diseases. Proceeds from the Series A financing are being used to accelerate clinical trials, expand research, and advance its first products toward regulatory review. Headquartered in South San Francisco and launched in 2014, Freenome has raised more than $70 million since founding.

Participated · Series D · Sep 2023

Beta Bionics develops the iLet Bionic Pancreas, an autonomous insulin delivery system that streamlines diabetes management and reduces the burden on patients, caregivers and physicians. The company focuses on advanced diabetes management solutions and related product development. It plans to use new funding to support expanded commercialization of the iLet Bionic Pancreas and to develop its product pipeline. Financially, Beta Bionics closed a $60M Series E financing to advance those plans. The company is based in Irvine, California. No operating metrics were disclosed in the article. Beta Bionics designs, develops, and commercializes the iLet Bionic Pancreas, an autonomous insulin delivery platform that can operate in single-hormone and bi-hormonal configurations. The iLet uses adaptive, self-learning control algorithms together with continuous glucose monitoring and pump technology to autonomously compute and administer insulin and/or glucagon. The system is intended to mimic the body’s natural glycemic control and reduce the burden of diabetes management for patients and physicians. Led by CEO Sean Saint, the company is organized as a for-profit public benefit corporation and is a Certified B Corporation. Beta Bionics says it will use newly raised capital to expand operations and further its development efforts. The company is based in Concord, MA. Beta Bionics is a clinical-stage medical technology company based in Concord, MA, led by CEO Dr. Ed Damiano. The company designs, develops, and plans to commercialize the iLet® Bionic Pancreas System, which uses adaptive, self-learning control algorithms with continuous glucose monitoring and pump technology to autonomously compute and administer insulin and/or glucagon. Beta Bionics is preparing for regulatory submissions and commercialization pending FDA clearance. The company intends to use the new financing for product development, regulatory submissions, and commercialization preparations for the iLet following FDA clearance. Prior financings include Series B and B-2 rounds in 2018 and 2019 that raised approximately $126 million. Beta Bionics is developing and commercializing the iLet Bionic Pancreas System, a dual-chamber, autonomous, pocket-sized wearable that automatically controls blood-sugar levels. The iLet embeds clinically tested mathematical dosing algorithms driven by lifelong autonomous learning to calculate and dose insulin and/or glucagon using continuous glucose monitor data; users initialize it by entering only their body weight. The device can be configured as an insulin-only, glucagon-only, or dual-hormone system, and the company is pursuing regulatory approval first for the insulin-only device followed by the dual-hormone configuration. Previous home-use studies in adults and children with type 1 diabetes showed dramatic improvements in glycemic control, including reductions in blood-glucose levels, hypoglycemia, and glycemic variability. Financially, Beta Bionics has raised just over $126 million across its Series B and B2 equity financings, with the most recent $63 million Series B2 closing in July 2019. The company will use proceeds to complete final product development, conduct phase 3 clinical trials, submit regulatory filings, and prepare for commercial launch. Beta Bionics develops the iLet, a pocket-sized autonomous dual-chamber bionic pancreas that calculates and doses insulin and/or glucagon using data from a continuous glucose monitor. The iLet uses dosing algorithms developed in the Damiano Lab and incorporates machine-learning AI to autonomously regulate glucose. Beta Bionics plans to begin a pivotal Phase 3 development program in the second half of 2019 and is collaborating with Zealand Pharma to use dasiglucagon as the glucagon component. Prior clinical studies showed the dual-hormone system increases time in the normal glucose range, reduces hypoglycemic events, and lowers the need for corrective carbohydrate intake. Founded in 2015 as a for-profit Massachusetts public benefit corporation and a Certified B Corporation, Beta Bionics is based in Boston with certain operations in Irvine, California. Zealand Pharma’s strategic equity investment supports the company’s continued development and Phase 3 plans.

Led · Equity · Jan 2023

Monogram Health is a value-based specialty provider of in-home evidence-based care and benefit management services for patients with polychronic conditions, including chronic kidney disease and end-stage renal disease. Led by CEO Mike Uchrin, the company deploys an in-home care delivery model and a technology-driven array of evidence-based clinical services such as complex case and disease management, utilization management, and medication therapy management. Monogram has numerous value-based partnerships with health plans and risk-bearing providers to care for patients across 34 states and all insurance products. The company raised $375M in growth funding. It intends to use the proceeds to support widespread deployment of its in-home kidney and polychronic care delivery model and to expand its tech-driven clinical services. Monogram Health provides benefit management and at-home care delivery focused exclusively on chronic kidney disease (CKD) and end-stage renal disease (ESRD). The company partners with health plans to deliver an evidence-based renal care model of clinical managed services, including complex case and disease management, utilization management, and medication therapy management. Leveraging a technology and managed-services platform, Monogram's multidisciplinary clinical team of nurses, nephrologists, dieticians, pharmacists, and social workers coordinates with a patient’s entire care network to slow disease progression and manage individualized needs. Monogram currently operates its renal disease clinical managed services across 20 U.S. states and has built a national network of nephrologists that includes hundreds of specialists. In April the company opened an operations center in Arizona to support its growth in Western states. The company intends to use the Series B proceeds to accelerate business expansion. Monogram Health delivers an at-home renal care model and data-driven care management solutions including complex case management, utilization management, and medication therapy management for patients with chronic kidney and end-stage renal disease. The company partners with health plans, physician practices, dialysis providers and clinically integrated health systems to create personalized care plans and a national network of nephrologists. Monogram uses next-generation artificial intelligence and evidence-based criteria to delay disease progression, optimize transitions to dialysis or transplant, and improve outcomes. It currently operates renal disease care management programs across 20 states and reports a readmission rate for its patients that is half the national average. About 90% of Monogram patients are enrolled in Medicare Advantage plans. Monogram is based in Nashville, Tenn., and is privately held by Frist Cressey Ventures and Norwest Venture Partners. Monogram Health provides kidney disease care management through in-home visits and ongoing clinical engagement, using teams of nurses, social workers, nephrologists, and geriatricians. The company partners with health plans and a national network of nephrologists to deliver cost-effective, integrated care and to improve patient outcomes. Monogram uses next-generation artificial intelligence, clinically integrated care delivery, and personalized care planning to delay disease progression and support transitions to dialysis or pre-emptive transplant. It operates renal disease care management programs for thousands of patients across the U.S., including Humana Medicare Advantage and Commercial members in Louisiana and Mississippi. Monogram emphasizes home-based care to reduce hospitalizations and support vulnerable patients during the COVID-19 pandemic. The company is based in Nashville, Tenn.

Participated · Equity · Feb 2022

Nalu Medical is a Carlsbad, California–based medtech company focused on innovative, minimally invasive, non‑pharmacologic solutions for chronic neuropathic pain. Its Nalu Neurostimulation System uses a battery‑free, miniaturized implantable pulse generator (micro‑IPG) powered wirelessly by an externally worn Therapy Disc and controlled via a smartphone app. The micro‑IPG delivers capabilities similar to larger IPGs while offering advanced waveforms, extensive programming options, upgradability, and an expected service life of 18 years. The system is FDA‑cleared for both spinal cord stimulation (SCS) and peripheral nerve stimulation (PNS). The company plans to use recent proceeds to accelerate commercial growth, expand clinical and health‑economic evidence, continue product development, scale operations, and build clinical data to support expanded access and payor coverage. B Capital noted the company is at a time of high revenue growth, and Nalu recently completed an $85M Series E equity raise. Nalu Medical develops a proprietary neurostimulation system that delivers electrical pulses via a fully featured, battery-free, miniaturized implantable pulse generator (IPG) to modulate pain signals before they reach the brain. The system is FDA-cleared for both Spinal Cord Stimulation (SCS) and Peripheral Nerve Stimulation (PNS) indications and is controlled through a smartphone-based remote app with an externally worn Therapy Disc for wireless power. Nalu emphasizes a small-form-factor IPG that offers advanced waveforms, extensive programming, upgradability, and an expected service life of 18 years. The company positions its technology as an alternative for patients who have failed conventional treatments, providing pain relief without the need for opioids. Nalu is expanding commercialization and pursuing clinical research to drive growth and broaden patient access. The company has received industry recognition, including placement among the world’s top 100 new products by R&D Magazine in 2021. Nalu Medical develops and commercializes minimally invasive neurostimulation systems to treat chronic neuropathic pain. Its Nalu Neurostimulation System includes a fully featured, battery-free, miniaturized implantable pulse generator (IPG) that is powered wirelessly by an externally worn Therapy Disc and controlled via a smartphone-based remote control app. The system is FDA-cleared for both Spinal Cord Stimulation (SCS) and Peripheral Nerve Stimulation (PNS) indications, with trial devices intended for ≤30-day stimulation trials prior to permanent implantation. Led by President and CEO Earl Fender, the company focuses on expanding clinical evidence and continuing product development. Nalu intends to use new financing to scale commercial operations, accelerate growth, expand clinical evidence, and support ongoing product development and general corporate purposes.