Participated · Series C · Mar 2023

ONL Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapeutics to protect and improve vision in patients with retinal disease, specifically geographic atrophy (GA) associated with dry AMD. The firm targets a mechanism of action that prevents Fas-mediated death of retinal cells and inflammatory signaling pathways, which it cites as root causes of vision loss. Its lead candidate, ONL1204 Ophthalmic Solution, showed reductions in the rate of growth of GA lesions in a Phase 1b trial after six months with either a single injection or two injections 90 days apart versus sham. A consistent treatment effect was observed when comparing treated eyes to fellow eyes. The company is led by CEO David Esposito and co-founder and chief scientific officer David Zacks, M.D., Ph.D. ONL plans to use the new financing to expand development efforts and further advance its differentiated clinical program in GA. ONL Therapeutics is a clinical-stage biopharmaceutical company based in Ann Arbor, Michigan, developing first-in-class therapeutics to protect retinal cells from Fas-mediated cell death. Its lead asset, ONL1204 Ophthalmic Solution, is a novel small-molecule Fas inhibitor intended to protect photoreceptors and other retinal cells across a range of retinal diseases. ONL1204 has an active IND and has been granted orphan drug designation by the FDA for macula-off rhegmatogenous retinal detachment (RRD). The company is preparing to initiate a U.S.-based Phase 2 study in macula-off RRD next quarter and is conducting two ongoing Phase 1b studies in geographic atrophy (GA) associated with AMD and in progressing open-angle glaucoma (OAG) at sites in Australia and New Zealand. Preclinical work is ongoing to enable trials in other indications, including inherited retinal degeneration. The recently announced financing will support advancement of ONL1204 into Phase 2 and regulatory preparations for additional Phase 2 programs in GA and OAG. ONL Therapeutics, based in Ann Arbor, Michigan, is developing novel therapies to protect vision in patients with retinal disease. Its lead compound, ONL1204, is a novel small-molecule Fas inhibitor designed to protect key retinal cells, including photoreceptors, from Fas-mediated cell death. The company is building a platform of products intended for a range of blinding diseases, including retinal detachment, glaucoma, age-related macular degeneration (AMD), and inherited retinal degeneration (IRD). ONL1204 has been granted orphan drug designation by the U.S. FDA for retinal detachment, and the company has focused initial clinical plans on the acute indication of retinal detachment while pursuing preclinical work for chronic indications. Planned clinical activity includes completing a Phase 1 study in retinal detachment and initiating Phase 1b studies in open-angle glaucoma and dry AMD, plus a repeat-dose toxicology study to support accelerated chronic dosing. The company is led by CEO David Esposito and co-founder/CSO David Zacks, M.D., Ph.D. ONL Therapeutics is developing a platform of Fas inhibitors intended to protect key retinal cells and preserve vision across a range of retinal diseases. Its lead compound, ONL1204, is a novel, first-in-class small-molecule Fas inhibitor designed to protect photoreceptors and other retinal cells from cell death. ONL1204 has been granted orphan drug designation by the U.S. FDA for the treatment of retinal detachment. The company is preparing ONL1204 for a Phase I study in retinal detachment to be conducted in Australia later in 2019. ONL is pursuing a Series B to continue funding clinical development and to expand its Fas inhibitor pipeline into indications including glaucoma, age-related macular degeneration, and inherited retinal degeneration. Financially, ONL recently raised $3 million in a convertible note from a mix of current investors, management, and new investors to advance its clinical program. ONL Therapeutics is developing ONL1204, a novel first‑in‑class small‑molecule Fas inhibitor designed to prevent retinal cell death via direct and inflammatory signaling. The company is initially advancing ONL1204 toward clinical trials for retinal detachment, where the compound has received U.S. FDA orphan drug designation. Preclinical data and literature cited by the company support potential application of ONL1204 in glaucoma, wet and dry age‑related macular degeneration (AMD), non‑infectious uveitis and other retinal neuropathies. ONL closed a $4.25 million Series A and combined those proceeds with a recently announced $1.0 million grant from the National Eye Institute to finalize preclinical development. The financing also included conversion of a previously announced $1.0 million bridge loan. Funds will be used to complete preclinical work, prepare for first‑in‑human trials, and broaden research into other ocular indications with significant unmet need.

Participated · Seed · Mar 2019

GreenMark Biomedical develops products that use small sub-micron particles produced from food-grade starch as carriers for medical and dental applications. Its lead product, the LumiCare Caries Detection Rinse, contains fluorescently labeled starch particles that target the porous subsurface of carious lesions and illuminate them using a dental curing light to aid early detection. Early identification before cavitation is intended to enable non-surgical management options and improved long-term oral health outcomes. The company is also developing treatment products that load essential minerals into the starch particles to restore the enamel subsurface, rather than only sealing the enamel surface like fluoride. GreenMark has begun a soft launch of LumiCare and is pursuing scale-up and clinical validation of its products. The company operates offices and lab facilities in East Lansing and Ann Arbor, Michigan, and recently raised bridge financing to support ongoing development. GreenMark Biomedical develops a patented nanoparticle-based diagnostic for detecting active dental caries. Its product uses fluorescently labeled starch particles that target active caries and illuminate under a standard dental curing light. The test is designed for use by dental professionals as part of the routine dental exam. Early identification before cavitation aims to enable non-surgical management options, reducing patient discomfort and improving long-term oral health outcomes. The company plans to further develop and commercialize the technology using recently secured funding. GreenMark is based in East Lansing and Ann Arbor, Michigan.

Participated · Seed · Mar 2019

GreenMark is developing regenerative dental products that use patented sub-micron particles produced from food-grade starch to deliver calcium and phosphate for mineral restoration of dentin and enamel. Its lead product line, CrystLCare™ Biorestorative (launched Fluoride-Free first), includes dissolvable sensitivity strips designed to occlude dentinal tubules and restore early-stage caries noninvasively. The company also markets LumiCare™ Caries Detection Rinse and a half-dose LumiKids™ Rinse that use fluorescent-labeled particles to illuminate porous subsurface lesions for early detection. Independent third-party testing cited in the article shows the dissolvable strips can combat dental sensitivity and restore early caries lesions without drilling. GreenMark frames its approach as biomimetic: enzyme-degradable starch carriers release calcium and phosphate to form in-situ apatite crystals, addressing subsurface lesions that some fluoride products only superficially seal. The company emphasizes non-surgical, preventive care to preserve teeth and improve long-term oral health outcomes. GreenMark Biomedical develops nanoparticle‑based dental products that identify and non‑invasively treat early dental "pre‑cavities" using bioresorbable, food‑grade starch particles. Its diagnostic product uses fluorescently labeled starch particles that target active caries and illuminate them with a standard dental curing light; treatment products are designed to load and deliver essential minerals to the enamel subsurface. The company is developing and commercializing its technology in collaboration with researchers at the University of Michigan. GreenMark emphasizes non‑surgical management of early caries to reduce invasive procedures and improve long‑term oral health outcomes. The company operates an office in East Lansing and lab facilities in Ann Arbor, Michigan, and is progressing development alongside multiple state and federal grants and NIH support.

Participated · Seed · May 2012

Axonia Medical is developing proprietary tissue-engineered nerve grafts (TENGs) that recapitulate nervous system anatomy to bridge lost nervous tissue and jump-start regenerative mechanisms. The company’s platform targets functional repair of peripheral and central nervous system injuries, including peripheral nerve injury, spinal cord injury, traumatic brain injury and stroke. Axonia’s lead program focuses on peripheral nerve injury after traumatic injury and tumor resection, areas with significant unmet medical need due to limited existing treatment options. The technology leverages discoveries by scientific founder Dr. Douglas H. Smith at the University of Pennsylvania and the company emphasizes an established intellectual property position. Management plans to use the seed funding to accelerate development, demonstrate efficacy in large animal models and position products for human clinical testing. Axonia is privately held and located in Kalamazoo, Michigan.