The Venture Codex

Led · Seed · Jul 2026

Aurenar's core product, V-Link, is a simple, wireless, single-use transauricular vagus nerve stimulation device designed to modulate the body's inflammatory response in critically ill patients. The platform was developed from research at Washington University School of Medicine and has received FDA breakthrough device designation. Clinical work cited by the company includes a randomized subarachnoid hemorrhage (SAH) trial reporting a greater than 40% reduction in moderate-to-severe vasospasm, lowered pro-inflammatory cytokines, improved functional outcomes, and a companion analysis showing a 20% drop in 30-day modifiable hospitalization costs; a separate large-vessel occlusion (LVO) ischemic stroke trial reportedly showed consistent anti-inflammatory effects and a clean safety profile. V-Link's wireless design is intended to simplify use by neuro-intensive care physicians and ICU nursing staff to support faster onboarding and adoption. Headquartered in St. Louis, Aurenar plans to use its newly raised seed capital to complete device development, V&V testing, and regulatory submissions ahead of pivotal trials.

Led · Series C · Jan 2025

Francis Medical develops the Vanquish Water Vapor Ablation System, a proprietary water vapor thermal-energy therapy delivered via a transurethral procedure to ablate cancerous prostate tissue while minimizing damage to surrounding structures. The technology uses phase‑shift energy stored in sterile water vapor to convectively transfer thermal energy and aims to reduce side effects common to radical prostatectomy and radiation. The company reported VAPOR 1 early feasibility study results showing no serious or device-related adverse events and that 87% of treated patients had no remaining Gleason Grade Group 2+ clinically significant disease in targeted areas at six months. Francis is conducting the prospective, multicenter, single-arm VAPOR 2 pivotal study to evaluate safety and efficacy and plans to file for 510(k) clearance in July 2025. Proceeds from the oversubscribed $80 million Series C will fund the VAPOR 2 study and U.S. commercialization efforts, which the company expects to complete by the end of 2025. Vanquish holds FDA Breakthrough Device designation based on the strength of the VAPOR 1 data. Francis Medical is a Minneapolis MI-based medical device company developing an innovative, proprietary water vapor ablation therapy for the treatment of prostate, kidney, and bladder cancer. Its core product is a water vapor ablation device and associated therapy currently focused on prostate cancer. The company plans to use the Series B proceeds to fund development toward FDA 510(k) approval, including a pivotal clinical study (VAPOR 2) scheduled to begin enrollment in August 2022. The financing follows VAPOR 1, a prospective, multicenter, single-arm study that treated 15 patients with intermediate-risk, localized prostate cancer at four U.S. clinical centers. VAPOR 1 reported no serious adverse events, no device-related adverse events, and no unanticipated adverse device effects as its primary endpoint. Leadership includes founder and CTO Michael Hoey and president and CEO Michael Kujak. Francis Medical is developing a platform that uses water vapor energy to ablate targeted urological cancer tissue while preserving surrounding structures, aiming to minimize side effects versus other treatments. The company’s initial focus is prostate cancer. Francis Medical was founded in 2018 and is based in Minneapolis. The company was founded as a tribute to the inventor’s father, Francis Hoey, who died from prostate cancer. Coloplast’s investment is intended to help Francis Medical continue to develop its minimally invasive solution and expand its presence with customers and patients. The funding aligns with Coloplast Interventional Urology’s strategy to pursue organic and inorganic growth and to provide solutions in men’s health segments like prostate cancer. Francis Medical is a Minneapolis-based, privately held medical device company developing a proprietary vapor ablation therapy to treat endourology cancers, beginning with prostate cancer. Its technology delivers targeted, controlled doses of stored thermal energy as water vapor to ablate tissue in a minimally invasive procedure. Early feasibility clinical trials in the Dominican Republic, Paraguay and Panama informed the initial development. The company plans to use the $18.0 million Series A to initiate further development, support additional international clinical work, and run a U.S. IDE pilot study in late 2019. Francis announced Michael Kujak as CEO to expedite formation, product development and clinical work, while founder and CTO Michael Hoey continues to lead the technology effort. Hoey previously pioneered thermal water vapor ablation and co-founded NxThera, which was acquired by Boston Scientific with $306M upfront plus up to $100M in milestones.

Led · Series A · Feb 2024

Vektor Medical builds vMap, an AI-based, non-invasive arrhythmia analysis platform that uses a 12-lead ECG to localize arrhythmia sources and provide actionable insights to electrophysiologists. vMap is FDA-cleared and is being used by leading EPs in the U.S. to streamline ablation procedures and improve patient outcomes. The company plans to expand commercialization efforts, increase clinical support, and drive additional clinical studies to demonstrate clinical impact. Vektor is also pursuing reimbursement efforts to broaden access to the technology. The company is headquartered in San Diego. Its recent $16 million Series A will fund these commercialization and clinical initiatives.

Participated · Equity · Feb 2024

Basking Biosciences is a clinical-stage biopharmaceutical company developing BB-031, a first-in-class, reversible RNA aptamer that targets von Willebrand Factor (vWF) with rapid onset and short duration of effect. The company reported positive Phase 1 results in 2023 showing safety, tolerability, no serious adverse events, and dose-dependent inhibition of vWF. Basking plans to initiate a Phase 2 proof-of-concept trial (the RAISE trial) in acute ischemic stroke patients in 2024. It is also advancing BB-025, a rapid-acting reversal oligonucleotide, through a Phase 1 clinical program. Basking will use the proceeds from its recent financing to accelerate clinical development of BB-031 and BB-025. The company leverages two decades of translational RNA aptamer research from the lab of Dr. Bruce Sullenger. Basking Biosciences is developing the first reversible thrombolytic therapy for acute ischemic stroke (AIS). Its lead candidate, DTRI-031, is an RNA aptamer that inhibits von Willebrand Factor (vWF); the company is co-developing a matched oligonucleotide reversal agent, DTRI-025, for rapid, as-needed neutralization. The paired therapy aims to extend the treatment window for thrombolysis to 24 hours post stroke onset and expand the population eligible for acute intervention. DTRI-031 has demonstrated potent vessel recanalization in multiple murine and canine preclinical models. The program was expected to enter human clinical trials in Q2 2021. Basking was founded in 2019 and is advancing clinical development after an initial $5.4M Seed financing.

Participated · Series B · Nov 2023

Arrivo BioVentures is a Morrisville, NC-based biopharmaceutical company focused on developing biologics and small molecules. Its operating model searches for potential products that offer improvements in patient care across multiple therapeutic areas. Lead programs include SP-624, a small molecule that selectively activates the SIRT6 enzyme being developed as a first-in-class treatment for major depressive disorder, and RABI-767, a small molecule pancreatic lipase inhibitor for preventing progression to severe acute pancreatitis. SP-624 targets a novel epigenetic mechanism known to modulate gene expression, metabolism and DNA repair. The company raised $45M in a Series B that brought total funding to $100M and intends to use proceeds to advance SP-624 through completion of a Phase 2b/3 trial and to complete a Phase 2 proof-of-concept study of RABI-767. The company is led by CEO Steve Butts. Arrivo BioVentures is a privately held drug development company based in Morrisville, N.C., on the edge of Research Triangle Park. The firm focuses on identifying and advancing biologics and small molecules, sourcing candidates in or ready for early human clinical trials. Management plans to develop four to six new drug candidates over the next several years and to in-license and initiate projects for clinical proof-of-concept and the subsequent valuation inflection point. The company closed a preferred financing with $49 million in committed capital to fund those development projects. Committed capital will be accessed over the next five years as projects are identified and initiated. The founding team includes Steve Butts, Bill Wofford, Dr. Michael Ackermann and Dr. Jed Black, who will serve as a scientific advisor; the team cites prior exits at Aerial BioPharma, Neuronex and Addrenex as evidence of its development track record.