Participated · Debt Financing · Feb 2024

SPR Therapeutics is a medical device company focused on providing non-opioid, minimally invasive pain treatments. Its core product, the SPRINT® PNS System, is a 60-day peripheral nerve stimulation therapy cleared for use up to 60 days and studied for low back, shoulder, post-amputation, and post-operative pain. The system is intended to recondition the central nervous system to deliver sustained pain relief without a permanent implant, nerve destruction, or risk of addiction. The device is indicated for symptomatic relief of chronic, intractable pain and various post-surgical and post-traumatic acute pains, but is not intended for cranial and facial nerve regions. Following an $85M financing (a $25M Series D-1 insider equity and a $60M debt facility), SPR plans to use proceeds to expand U.S. sales representation into additional territories and to support continued product development. The company is led by President, CEO and Founder Maria Bennett and is headquartered in Cleveland, OH with satellite offices in Chapel Hill, NC and Minneapolis, MN. SPR Therapeutics commercializes the FDA-cleared SPRINT® Peripheral Nerve Stimulation (PNS) System, a restorative 60-day treatment designed to provide significant and sustained pain relief without permanent implants, nerve destruction, or opioids. The SPRINT system is positioned for early use in the care continuum and has been studied for low back, shoulder, knee, post-operative, and post-amputation neuropathic pain. SPR says clinical trials and more than 30 peer-reviewed publications demonstrate improvements in pain, function, quality of life, and reduced opioid use. The company reports rapid commercial uptake — use more than doubled in the past year and the system has treated over 6,500 patients. SPR also holds over 200 issued and pending patents and emphasizes a large body of clinical evidence underpinning its offering. Headquartered in Cleveland, OH, with satellite offices in Chapel Hill, NC and Minneapolis, MN, SPR plans to expand commercial reach, support additional clinical research, and advance next-generation technology backed by new financing. SPR Therapeutics, based in Cleveland, Ohio, develops neurostimulation technologies for chronic and acute pain. Its FDA-cleared SPRINT® Peripheral Nerve Stimulation (PNS) system uses a threadlike wire placed through the skin connected to a wearable stimulator to activate target nerve fibers, offering a non-narcotic alternative without permanent implants or tissue destruction. The company plans to use the Series C proceeds to commercialize the SPRINT PNS system and to fund additional research across multiple indications, including post-surgical acute pain and chronic low back pain. SPR is led by founder, CEO and president Maria Bennett. The board recently added Nick Valeriani, an experienced healthcare leader who previously served as CEO of West Health and held executive roles at Johnson & Johnson. Prior to this round, SPR had approximately $10 million in prior equity financing and has received nearly $23 million in non-dilutive funding from the U.S. Department of Defense and the National Institutes of Health. SPR Therapeutics has developed a proprietary peripheral nerve stimulation technology platform aimed at treating acute and chronic joint pain and post-amputation pain. Its investigational SPR™ System positions electrodes in proximity to, but not directly contacting, peripheral nerves and is limited by U.S. law to investigational use. The platform includes two products: the SMARTPATCH™ system, intended for use up to 30 days, and the fully implantable MICROPULSE® system for long-term pain management if pain returns after Smartpatch therapy. The company plans to use new funding to commercialize its pain therapies built on this technology. SPR was founded in January 2010 as a portfolio company of NDI Medical, LLC and is led by President and CEO Maria Bennett. The company raised $5m in Series A financing to support those commercialization efforts. SPR Therapeutics makes a generator-based neurostimulation system that electrically stimulates a peripheral nerve to exercise a muscle and treat pain. The system is initially aimed at reducing shoulder pain in patients who have suffered strokes. Company leadership frames the device as a platform technology that could be applied to treat pain in multiple areas of the body. SPR has applied for the CE Mark and may receive European regulatory approval soon. Financially, SPR raised a $2.2 million Series A earlier in the year and has been approved for a $900,000 loan from the Ohio Department of Development to commercialize the technology and fund machinery, molds, tooling, and IP protection costs.

Led · Debt Financing · Mar 2019

BAMFi is an Atlanta, GA-based provider of fintech solutions focused on cash management and working capital for transportation, construction, oil and gas, and temporary staffing service providers. Led by CEO Todd Ehrlich, the company offers a proprietary payment processing and cash management engine that allows businesses to access capital quickly. Its platform aims to reduce days to pay, improve credit scores, build vendor relationships, and increase cash flow. BAMFi intends to use the recent financing, combined with an existing senior bank facility, to continue scaling adoption of its fintech solutions. The company closed a $30 million second-lien debt financing provided by Solar Capital Partners and its affiliates. BAM is an Atlanta, GA–based provider of cash management and working capital solutions to the transportation industry. Led by CEO Todd Ehrlich, the company offers technology, payments processing, and working capital loans tailored to the U.S. trucking sector. Its proprietary specialty finance software and operations platform, BAMwire™, is a payment processing and cash management engine that helps brokers book loads quickly, reduce days-to-pay, improve credit scores, and increase cash flow. BAM completed a $10M investment and said it will use the funds to expand sales, innovation, and product development. The company combines payments processing with financing to accelerate cash flow and credit performance for brokers.

Led · Debt Financing · Nov 2016

aTyr Pharma is a San Diego-based biotherapeutics developer focused on therapeutics addressing severe and rare diseases, including muscular dystrophy. The company is advancing therapeutic programs targeted at those indications and other areas. In November 2016 the company secured additional financing in the form of a credit facility. The $20M facility was provided to improve the company’s near-term financial flexibility. aTyr said the proceeds will be used to pay off existing indebtedness and for general corporate purposes. No operational metrics or detailed program timelines were disclosed in the article. aTyr Pharma discovers and develops Therapeutics based on Physiocrines, naturally occurring extracellular signaling regions of tRNA synthetases, with a focus on immune-modulating treatments for rare diseases. Its lead clinical candidate, Resolaris, is an investigational Physiocrine-based drug currently in a Phase 1b/2 trial for facioscapulohumeral muscular dystrophy (FSHD). The company plans to use recent financing proceeds to advance Resolaris through clinical trials and to expand development into additional indications. aTyr has built an intellectual property estate of 24 issued patents and over 200 pending patent applications that it owns or exclusively licenses. The privately held biotech was founded by Professors Paul Schimmel and Xiang-Lei Yang of The Scripps Research Institute. In conjunction with the financing, aTyr added Srinivas Akkaraju, M.D., Ph.D., a general partner at Sofinnova Ventures, to its board of directors. aTyr Pharma is a San Diego-based developer of protein-based therapeutics focused on treatments for immune disorders. The company is advancing its first therapeutic program toward clinical development. The program is aimed at rare autoimmune diseases and a rare disease pipeline in immune disorders. aTyr said new financing will support that clinical development. The company is led by John Medlein. Specific terms of the financing were not disclosed. aTyr Pharma develops biologic therapeutics based on physiocrines, a recently elucidated class of endogenous human proteins. The company focuses on addressing diseases across blood, immune and metabolic disorders by advancing physiocrine drug candidates. aTyr raised $23M in a Series C equity financing to accelerate development of its preclinical pipeline and push candidates into clinical trials. The round was led by Domain Associates with participation from Alta Partners, Cardinal Partners and Polaris Ventures. The company was founded by Dr. Paul Schimmel and John Clarke. In conjunction with the financing, Dr. James C. Blair will join the board alongside John Clarke, Dr. David Mack, Dr. John Mendlein, Dr. Amir Nashat, Dr. Paul Schimmel and Dr. Jeff Watkins. aTyr Pharma is a San Diego-based company developing biopharmaceuticals focused on inflammation, autoimmune, hematopoietic, and metabolic disorders. On July 28, 2009, the company disclosed it had raised $12M in an additional funding round. The funding came from existing investors, including Alta Partners, Cardinal Partners, Polaris Ventures, and Paul Schimmel. That $12M was raised on top of $12M from the same venture backers in April 2007. No operating metrics, planned use of proceeds, or other financing terms were provided in the article.

Led · Debt Financing · Jul 2015

Rapid Micro Biosystems develops the Growth Direct® platform, a growth-based, fully automated system for microbial detection in pharmaceutical, biologics, vaccine, and cell & gene therapy manufacturing. The system is designed to improve data integrity, regulatory compliance, and the efficiency of global QC processes by detecting contamination more quickly than traditional methods. A majority of the global top-20 pharmaceutical companies use the Growth Direct® System, and the company reports accelerating adoption as manufacturers expand drug and vaccine production. Rapid Micro Biosystems positions its technology to reduce errors, decrease risk of contamination events and product recalls, and maximize manufacturing capacity. The company is headquartered in Lowell, Massachusetts, with global locations in Germany and the Netherlands. Recent fundraising supports continued global expansion and commercialization of its automated QC platform across biopharma and advanced therapy manufacturing. Rapid Micro Biosystems develops the Growth Direct™ platform, a fully automated, growth-based system that automates the majority of standard microbial QC tests and delivers results in roughly half the time of manual methods. The platform is used by a majority of the top 20 biopharma companies and supports biologics, sterile injectables, cell and gene therapies, and vaccine manufacturing. Growth Direct reduces human handling, enables remote monitoring and data reporting, and is positioned to help manufacturers meet stricter regulatory and capacity demands. The company has its global headquarters and U.S. manufacturing in Lowell, Massachusetts, and additional global locations in Germany and the Netherlands. Rapid Micro Biosystems completed a $120 million financing to support commercial expansion, global supply chain and manufacturing capability, and product development. Among planned developments is a rapid sterility test being advanced through a partnership with BARDA to shorten final product release timelines. Rapid Micro Biosystems is a Lowell, MA-based provider of automated, growth-based rapid microbial detection technology for the healthcare product manufacturing sector. Led by CEO Robert Spignesi, the company develops the Growth Direct™ system, a growth-based platform that automates traditional microbial testing to detect contamination and improve quality control. Its products target manufacturers of pharmaceuticals, biologics, biotechnology products, medical devices, and personal care products. The company secured $60M in equity financing to support its operations. Rapid Micro intends to use the funds to accelerate global commercial expansion, expand operational capability, and drive product innovation. Rapid Micro Biosystems develops the Growth Direct™ System, an automated, non-destructive rapid detection and enumeration technology for microbial quality control in pharmaceutical and related manufacturing. The system accelerates detection and enumeration for sterility testing, environmental monitoring, and bioburden testing while eliminating manual steps and analysis. Growth Direct uses the natural autofluorescence of microbes, requires no reagents, and is stated to be the first automated technology addressing all microbial quality control applications while fitting current regulatory practices. The technology is in use by some of the largest organizations in the world. The company plans to use new investment to expand global commercial and manufacturing operations, with a strategic focus on growing commercial and operational capabilities in Asia, specifically Singapore. Management cites the expansion as supporting broader adoption of the Growth Direct system in pharmaceutical and medical technology plants across the region. Rapid Micro Biosystems delivers the Growth Direct System, an automated, non-destructive rapid detection and enumeration technology for microbial quality control in pharmaceutical manufacturing and related industries. The system automates sterility testing, environmental monitoring, and bioburden testing, using microbes' natural autofluorescence and requiring no reagents; the detection technology was first developed and patented by Dr. Don Straus, Ph.D. Growth Direct is used by some of the largest companies in the industry and is designed to fit with current regulatory practices to accelerate adoption. In July 2015 the company closed $19 million in senior credit facilities — a $16 million term loan with Solar Capital and a $3 million revolving credit facility with Comerica Bank — to provide working capital. Management said the financing provides additional flexibility to invest in new opportunities and to accelerate global commercialization and expansion of the technology.

Led · Debt Financing · Jan 2015

Trevi Therapeutics, Inc. announced it expects to receive $3 million in funding from New Enterprise Associates. The company entered into a securities purchase agreement with existing investor New Enterprise Associates 16, L.P., a fund managed by New Enterprise Associates. The announced funding is expected to be provided under that securities purchase agreement. The article does not disclose Trevi's product details, operating metrics, or use of proceeds. No additional investors, financing terms, past rounds, founding year, or location were reported in the article. Trevi Therapeutics is a late-stage clinical development company focused on Nalbuphine ER, an oral extended‑release synthetic opioid with a dual mu receptor antagonist and kappa receptor agonist mechanism intended to treat chronic pruritus. The company is pursuing development in prurigo nodularis and uremic pruritus, conditions for which there are no approved therapies in the US or EU. Trevi announced positive blinded Phase 2 results in prurigo nodularis and a statistically significant reduction in itch intensity in a Phase 2/3 trial in uremic pruritus. It also completed six‑month and one‑year open‑label extension studies that showed tolerability and durability of effect. The company recently completed a $50.5M Series C financing to advance Nalbuphine ER into pivotal studies. Trevi was founded in 2011 and is headquartered in New Haven, Connecticut. Trevi Therapeutics is a late-stage clinical development company focused on developing Nalbuphine ER for chronic pruritus conditions. The company is pursuing two clinical indications: uremic pruritus and prurigo nodularis, both of which currently have no approved therapies in the US or EU. Nalbuphine ER is an oral extended-release opioid with a dual opioid receptor agonist/antagonist mechanism that has shown efficacy in animal studies and human clinical trials. Trevi initiated a pivotal trial in uremic pruritus in mid-2014 and expected to report results in mid-2015. The company believes Nalbuphine ER could have broad utility in treating chronic pruritus. Trevi closed a $15 million senior secured term loan to support completion of its ongoing clinical trials. Trevi Therapeutics is developing Nalbuphine ER, an oral extended-release opioid with a dual agonist/antagonist mechanism, for chronic pruritus. The company is pursuing two indications: uremic pruritus and prurigo nodularis, for which there are no approved therapies in the US or EU. Trevi is continuing enrollment in a pivotal uremic pruritus trial expected to enroll approximately 360 patients in the U.S. and plans to initiate European sites by year-end. The company also anticipates initiating a pivotal trial in prurigo nodularis this quarter. Nalbuphine ER has shown efficacy in animal studies and human clinical trials, and Trevi expects top-line results from the uremic pruritus trial in mid-2015. Financially, Trevi completed a $26 million Series B financing (second and final closing of $11 million) led by TPG Biotech and existing angel investors. Trevi Therapeutics was founded in 2011 and is based in New Haven, CT. The company is developing T111, an oral extended‑release opioid with a dual agonist/antagonist mechanism of action that has shown efficacy in animal and human studies. Trevi is pursuing uremic pruritus as its lead indication, a persistent and debilitating itching in dialysis patients for which there are no approved therapies in the U.S. or Europe. With a $10 million Series A from TPG Biotech, Trevi intends to advance T111 into clinical development for uremic pruritus. Prior to the Series A, the company received funding from angel investors and a seed investment from TPG Biotech to support preclinical testing, regulatory activities, initial clinical planning and IP prosecution. Trevi plans to initiate an efficacy clinical trial in uremic pruritus patients in the first quarter of 2014 and has TPG Biotech representatives on its board.