The Venture Codex

Participated · Series A · Oct 2020

R3 Vascular is a Mountain View, CA-based medical device company that has developed fully bioresorbable sirolimus-coated vascular scaffolds. Its MAGNITUDE® scaffold is intended for below-the-knee (BTK) peripheral artery disease (PAD) and combines stent-like mechanical support with sirolimus drug delivery and eventual resorption. The scaffolds are made from an ultra-high molecular weight polylactic acid polymer and, together with the company’s stent design and proprietary processing techniques, enable thinner, stronger, and more flexible scaffolds even at longer lengths. The company raised $87M in Series B funding led by affiliates of Deerfield Management with participation from existing shareholders including 415 Capital and a strategic investor. R3 Vascular will use the proceeds to support the ELITE FDA IDE pivotal trial of MAGNITUDE®, additional research and development, global regulatory submissions, manufacturing scale-up, and initial commercialization. The company is led by newly announced President and CEO Christopher M. Owens. R3 Vascular develops fully bioresorbable vascular scaffolds (BVS) with a sirolimus coating intended for below-the-knee (BTK) treatment of peripheral artery disease (PAD). The company’s polymeric BVS platform is described as achieving ‘DES-like’ mechanical performance at the sub-100-micron level across scaffold diameters and has been validated in multiple clinical trials. R3 combines scaffold support with drug elution to provide acute mechanical support and anti-inflammatory benefits while resorbing over time to allow potential vessel re-intervention. Proceeds from the recent financing will support clinical trial work to advance next-generation BTK interventional therapies for PAD. The company is privately held and headquartered in Mountain View, Calif., with additional operations in Munich, Germany. Leadership changes accompanying the raise include the appointment of Kamal Ramzipoor as CEO.

Participated · Series C · Oct 2020

AZTherapies is an advanced clinical-stage biopharmaceutical company developing novel small molecules and biologic therapies intended to change neurodegenerative disease progression. Its lead candidate, ALZT-OP1, employs a multi-modal approach that targets neuroinflammation; the Phase 3 COGNITE trial in early Alzheimer’s disease is fully enrolled. The company expected trial completion in late 2020 with results anticipated in the first quarter of 2021. After the lead program, AZTherapies is advancing candidates for ALS and post-ischemic stroke cognitive impairment and is pursuing an innovative CAR-Treg program with potential broad application across neurodegenerative diseases. On the financing side, the company recently closed a $33.6M Series C-1 financing and earlier this year received $11.2M from a Series C Preferred Stock financing that raised aggregate gross proceeds of $37.5M. The company is led by Chairman and CEO David R. Elmaleh, Ph.D. AZTherapies' lead candidate is ALZT-OP1, a multi-modal therapy built on targeting neuroinflammation and microglia to slow or stop neurodegeneration. The company has a fully enrolled pivotal Phase 3 trial, COGNITE, being conducted under a Special Protocol Assessment with the U.S. FDA. Proceeds from the recent financing are intended to fund completion of COGNITE and ALZT-OP1 pre-commercial efforts. AZTherapies is also advancing a broader pipeline, including AZT-101, which the company plans to move into a Phase 2 trial for post-ischemic stroke cognitive impairment and a Phase 1/2a trial in ALS. The company is privately held and headquartered in Boston, Massachusetts. Management highlighted the financing will support completing the Phase 3 trial by the end of 2020 and continued pipeline advancement.

Led · Series B · Feb 2020

Viseon develops intraoperative visualization technologies, including its MaxView® 4K platform and 4K-ADV products, to support open and minimally invasive surgery. The company focuses on enhancing intraoperative visualization, ergonomics, training, workflow and OR efficiency. It is privately owned and says its technologies provide clinical and economic benefits to hospitals and surgery centers. Viseon plans further 4K-ADV product development and broader application of its newer technologies to expand market opportunities. Deployment and adoption are increasing in the spine market, with 2024 year-to-date growth up more than 22% versus the same period in 2023. The company cites support from clinicians, its distributor network and existing investors as drivers of continued expansion and distribution. Viseon has developed a portfolio of proprietary visualization and illumination technologies and single-use disposable access devices intended for a range of minimally invasive spine surgery (MISS) procedures. The devices are positioned to replace large capital equipment such as surgical microscopes and endoscopes and to address visualization challenges in cervical, thoracic, lumbar and lateral access procedures. The company has initiated limited commercial use of its technology and reports early positive surgeon response while collecting additional clinical feedback in the U.S. Viseon is assembling a Clinical Advisory Board, has amassed a significant intellectual property portfolio, and has completed a large series of clinical use. The company is assessing international commercialization opportunities and plans to scale manufacturing and commercialization. Viseon was founded in early 2017 as a spin-out from Rebound Therapeutics and is located in Irvine, California. Viseon Spine is a privately held medical device company founded in early 2017 as a spin-out from Rebound Therapeutics and is located in Irvine, California. The company is developing proprietary visualization and illumination technologies and single-use, disposable access devices for minimally invasive spine surgery (MISS). Viseon positions its devices as potential replacements for surgical microscopes and endoscopes across posterior cervical, thoracic, lumbar and advanced lateral access procedures to improve visualization and ergonomics. The firm has assembled a Scientific Advisory Board, amassed 13 patents, and completed pre-clinical studies supporting initial human use scheduled to begin soon. The disposable products aim to reduce capital equipment cost, OR footprint, maintenance and calibration expense, sterilization risks, scheduling inefficiencies and user ergonomic burdens. The $5.0 million Series A financing will support ongoing product development, worldwide regulatory approvals, clinical evaluations, and initial manufacturing scale-up and commercialization efforts.

Led · Series A · Sep 2018

Specialty Renal Products (SRP) is a medical device company and subsidiary of Nephros focused on products for patients with renal disease, notably a hemodiafiltration (HDF) system for ESRD. SRP's first‑generation device is currently the only FDA‑cleared HDF system in the United States. The company is developing a second‑generation HDF system and intends to use the proceeds from the financing to complete development, initial commercial production, and a planned initial launch in late 2019. SRP closed a $3 million Series A financing in September 2018 led by Wexford Capital and Arbor Capital, with participation from company management. Following the financing, parent company Nephros will retain a 62.5% equity interest in SRP. SRP is based in South Orange, New Jersey, and operates within Nephros's broader medical‑device portfolio.

Participated · Series B · Jul 2017

Shape Memory Medical develops a proprietary shape memory polymer platform intended for endovascular embolization; the low-density, highly porous material is delivered compressed via catheter and self-expands upon contact with blood to promote organized thrombus formation and adapt to complex vascular anatomy. The company’s IMPEDE and IMPEDE-FX Embolization Plugs and IMPEDE-FX RapidFill have CE Mark approval, the IMPEDE products are approved in Japan and cleared for use in the United States, and IMPEDE-FX RapidFill is investigational in the U.S. Its technology has been used in more than 3,500 patients and its products have regulatory approvals in more than 40 countries. Building on its commercial embolization platform, Shape Memory Medical is expanding into aortic indications through clinical programs including the randomized AAA-SHAPE Pivotal Trial (now fully enrolled) and the FLAGSHIP first-in-human study for false lumen embolization. The company is using recent financing to advance these clinical programs, collect follow-up data, and support broader adoption of the platform.