Participated · Series D · Jun 2025

Allay Therapeutics is a clinical-stage biotech pioneering ultra-sustained analgesic products that combine validated non-opioid analgesics (bupivacaine) with biopolymers to deliver weeks of localized pain relief. Its lead candidate, ATX101, is an investigational formulation of bupivacaine designed to provide extended analgesia after surgery and is placed at the end of standard surgery to dissolve over weeks. The company is enrolling a 200-participant Phase 2b registration trial in total knee arthroplasty (TKA) initiated in February 2025, with results anticipated in Q4 2025 and a Phase 3 planned for 2026. ATX101 previously showed durable treatment effects versus standard-of-care bupivacaine in a prior dose-ranging Phase 2b, with less opioid use and improved function, and has received FDA Breakthrough Therapy designation. Allay has R&D teams in Singapore and the U.S., and its partner Maruishi Pharmaceutical is conducting a Phase I/II safety study in Japan and has expanded its license territory to South Korea and Taiwan. Proceeds from the recent financing and venture debt will advance the ATX101 Phase 2b registration trial and the company’s broader ultra-sustained pain platform. Allay Therapeutics is developing thin, coin‑sized biodegradable implants that are placed around an implanted knee joint to deliver a validated non‑opioid local anesthetic in a controlled fashion for up to three weeks. The company’s novel active ingredient–polymer architecture extends analgesic delivery an order of magnitude beyond existing local systems and the implants gradually dissolve as they release drug. Evonik supplies the biodegradable polymers used in the devices and has invested in the company, and Allay is positioning the technology as an alternative to systemic opioids to improve and accelerate recovery. Allay’s products are in early stages of clinical development and the firm is developing a portfolio of candidates based on the same drug‑polymer architecture for other orthopedic and soft‑tissue surgeries. The technology was developed in Singapore and Allay maintains R&D facilities there while being headquartered in San Jose, California. The company highlights the large U.S. market—more than 1.2 million knee joint interventions per year and an estimated $10 billion treatment volume for severe postoperative pain—against the backdrop of the opioid crisis. Allay Therapeutics is a clinical-stage biotechnology company pioneering ultra-sustained analgesic products to transform post-surgical pain management and recuperation. Its proprietary platform combines validated non-opioid analgesics and biopolymers to create dissolvable candidates that deliver targeted pain relief over weeks. The company’s lead candidate, ATX-101, is being advanced into a Phase 2b study in total knee arthroplasties in the United States. R&D teams in Singapore and the Bay Area have developed proof-of-concept implant variants, injectable formulations, on-demand self-dosing formulations, and formulations incorporating additional small molecules and local analgesics. Allay intends to advance at least one new clinical candidate into trials each year and is building manufacturing capabilities in the Bay Area to support future product launches. The company completed an oversubscribed $60M Series C to support clinical and platform development.

Participated · Series D · Jun 2025

SpyGlass Pharma is an Aliso Viejo, CA-based ophthalmic biotech developing a sustained‑release drug delivery platform to deliver three years of bimatoprost to targeted ocular tissues. The company completed enrollment in a Phase I/II study in the United States and continues to follow first‑in‑human patients over time. SpyGlass plans to share 24‑month follow‑up data at the American Academy of Ophthalmology meeting later this year. It intends to begin two registrational Phase III trials later this year and to work closely with the U.S. Food and Drug Administration to advance the program through Phase III toward commercial approval. The company is led by President Dr. Malik Y. Kahook and CEO Patrick Mooney. Its recent $75M Series D financing will support advancement of the platform through the readout of the two planned registrational Phase III trials. SpyGlass Pharma is an Aliso Viejo, CA-based ophthalmic therapeutics company developing an IOL-mounted, controlled-release drug delivery platform capable of delivering multiple years of therapy. The company was co-founded by Dr. Malik Y. Kahook, MD and Glenn Sussman, and is led by CEO Patrick Mooney. Its technology was developed in the Sue Anschutz-Rodgers Eye Center at the University of Colorado School of Medicine and was spun out post-Series A funding from New Enterprise Associates. SpyGlass intends to use the proceeds from the Series C to support multiple U.S. clinical trials of its drug delivery platform. The platform is designed to provide controlled release of therapeutics over multiple years. The company recently raised $90M in a Series C financing to advance its clinical programs.

Participated · Equity · Dec 2024

Indapta Therapeutics is a clinical-stage biotechnology company developing differentiated allogeneic natural killer (g-NK) cell therapies for blood and solid-tumor cancers and autoimmune diseases. Its lead candidate, IDP-023, has completed enrollment in the safety run-in portion of a Phase 1 trial in Non-Hodgkin’s Lymphoma and Multiple Myeloma. In responding myeloma patients the mean maximum decrease in serum M-protein or light chain was 73%, with three patients showing reductions of 84% or greater. Cohorts testing IDP-023 in combination with monoclonal antibodies targeting CD20 or CD38 are currently enrolling. The company secured FDA clearance of an IND to study IDP-023 with ocrelizumab in progressive multiple sclerosis and plans to initiate a Phase 1 MS trial in Q1 2025. Indapta’s proprietary g-NK platform is described as offering multiple mechanisms—enhancing B-cell depletion with antibodies, targeting HLA-E upregulated autoreactive cells, and potentially addressing EBV reservoirs—and the company recently announced a collaboration with Sanofi. It closed a $22.5 million financing to accelerate these clinical development programs. Indapta Therapeutics is a privately held biotechnology company developing a universal, allogeneic NK cell therapy platform based on G-NK cells to treat multiple types of blood cancers and solid tumors. Its G-NK cells are FcεRIγ-deficient, isolated from healthy donors, not genetically engineered, and exhibit increased antibody-dependent cellular cytotoxicity compared with conventional NK cells. Indapta has enhanced G-NK cells through subset selection and a proprietary manufacturing process to produce a banked, off-the-shelf product with reportedly higher efficacy, persistence and improved cryopreservation; in vivo studies have demonstrated safety and efficacy. The company is partnering with Lonza for process development and cGMP manufacturing to support clinical supply. Proceeds from the recent financing will be used to grow the team and advance the G-NK platform toward an IND and clinical trials. Indapta was founded in 2017 based on a discovery at UC Davis, with scientific founders Sungjin Kim and John Sunwoo.

Participated · Series D · Aug 2024

Moximed's core product is the MISHA Knee System, the first implantable shock absorber designed to reduce about 30% of peak force on the knee with each walking step to relieve pain and preserve function in patients with medial knee osteoarthritis. The implant is placed during an outpatient procedure and has been shown to alleviate pain, improve function, and in some patients delay the need for total knee replacement. The company emphasizes a decade-plus of clinical research and development behind the technology and positions MISHA for patients with mild-to-moderate OA who seek joint-preserving options. Moximed intends to use recent financing proceeds to accelerate U.S. commercialization, expand commercial infrastructure, and broaden patient and surgeon access. The company highlights growing market opportunity given osteoarthritis prevalence in the U.S. and the product's clinical value proposition. Moximed is based in Fremont, California. Moximed, based in Fremont, California, commercializes the Misha knee system — described as the world’s first implantable shock absorber for the knee. The Misha device is designed for implantation during an outpatient procedure to alleviate pain, improve function, enable early weight bearing, and potentially delay total knee replacement for patients with mild-to-moderate osteoarthritis. The company says the system can preserve the native knee and address a treatment gap between conservative care and joint replacement. Moximed will use proceeds from the financing to pursue regulatory approvals and to establish commercial infrastructure for Misha. Results from the company’s pivotal study are slated for presentation on Sept. 22, 2020 at the Orthopedic Summit (OSET) in Boston. The article reports a $40M financing and additional debt financing support from Runway Growth Capital. Moximed develops unicompartmental shock-absorbing implants (KineSpring and Atlas systems) that absorb excess joint load without bone cutting or bone removal. The company reports treatment durability established to nearly nine years on initial patients, and the Atlas System is CE-marked in Europe. Moximed has fully enrolled its FDA pivotal clinical study of the KineSpring System and is currently enrolling a US IDE study of the Atlas System. The Atlas System is designed to provide approximately 30 lbs of unloading, is placed subcutaneously, and aims to preserve future treatment options. Moximed intends to use recent financing to complete FDA approval and support early US commercialization amid strong patient and surgeon interest. The company is backed by venture investors including NEA, Morgenthaler Ventures, Gilde Healthcare, GBS Venture Partners, Vertex Healthcare, Advent Life Sciences, and Future Fund. Moximed focuses on minimally invasive, joint‑preserving solutions for patients with knee osteoarthritis. Its core product is the KineSpring System, a subcutaneous joint‑unloading implant intended for pre‑arthroplasty patients who want to remain active. The KineSpring System is CE marked, available in major European markets, investigational in the U.S., and has been implanted in over 1,000 cases worldwide. The company announced a financing to support efforts to obtain FDA approval for KineSpring and to grow commercial sales in Europe. Moximed is backed by venture investors including Vertex Venture Holdings, New Enterprise Associates, Gilde Healthcare Partners, Morgenthaler Ventures, and GBS Venture Partners. Management cites clinical evidence from its GOAL Study and strong patient interest in joint‑preserving treatments.

Led · Series D · Jul 2024

Neuspera Medical is developing implantable neuromodulation devices intended to improve the lives of patients battling chronic illnesses. The company is advancing a discreet, minimally invasive, ultra-miniaturized implant designed to provide patients personal control and relief from urinary urge incontinence (UUI), a symptom of overactive bladder (OAB). The Neuspera System includes an ultra-miniaturized pulse generator attached to an electrode array. Led by CEO Steffen Hovard, the company emphasizes minimally invasive, patient-controlled therapy. Neuspera recently raised $23M in a Series D financing and intends to use the funds to further enhance growth through expected U.S. Food and Drug Association (FDA) premarket approval (PMA) of its system. Neuspera Medical is a San Jose, Calif.-based, clinical-stage, venture-backed medical device company that engineers miniaturized implantable neuromodulation technologies. The company leverages both exclusively licensed and proprietary power transfer techniques to build its platform. Its lead indication is Urinary Urgency Incontinence, a symptom of overactive bladder, and it describes its products as part of bioelectronic medicines. Neuspera intends to use the Series C proceeds to conduct the SANS-UUI pivotal clinical study. The company is led by Milton M. Morris, Ph.D., President & CEO. It closed a $65M Series C equity financing in July 2021. Neuspera Medical is a clinical-stage neuromodulation company based in San Jose, CA. The company engineers miniaturized implantable neuromodulation technologies using exclusively licensed and proprietary power transfer techniques. Its technology platform, described as bioelectronics medicines, aims to provide patients and physicians less invasive, more adaptable, and potentially earlier treatment options. Neuspera is led by Milton M. Morris, Ph.D., President & CEO. The company intends to use the financing to advance its clinical programs for its implantable neuromodulation technology platform. Neuspera focuses on product development and regulatory programs tied to milestone-driven funding tranches. Neuspera Medical is a clinical-stage medical device company based in San Jose, California that develops miniaturized implantable neuromodulation technologies. It engineers hermetically sealed implantable modules using exclusively licensed and proprietary power transfer techniques. The company describes its modules as more than 100 times smaller than other neuromodulation devices and says they may reduce implant procedure complexity, patient complication, and post-surgical pain. Neuspera positions its products within a bioelectronics medicines technology platform. Led by President & CEO Milton M. Morris, Ph.D., the company focuses on advancing product development and clinical programs. It held the initial closing of a $26M Series B equity financing to support those efforts.