A life-science venture firm that leads early rounds in new therapeutics — and stays on through the data that decides them.
We lead early rounds in companies turning one strong biological insight into a medicine — and we stay through the data that decides whether it works.
A drug earns its value one readout at a time. We keep the portfolio small enough that every company gets a partner's week, not a partner's hour.
We lead or co-lead the Series A, take a board seat, and hold reserves for the rounds after it — so a company's next financing never has to start from zero.
Clinicians, chemists and regulatory specialists who have taken drugs into patients work alongside each company's team — before the IND, not after it.
We hold private companies at their last priced round and say so. Our investors see the downside case next to the upside, every quarter, before anyone has to ask.
From Boston and San Diego, with a partner in London, we back companies across the US and Europe — wherever the biology is strongest.
We concentrate on oncology and immunology, and on the kinds of drugs our bench knows best. The areas we invest in:
Targeted drugs for solid tumors, with a clear way to pick patients.
Oral and gut-restricted drugs for chronic inflammatory disease.
Bispecific and multi-specific antibodies for harder targets.
Medicinal chemistry for targets once thought out of reach.
Early proof that a drug reaches and hits its target.
Seed-stage companies built around a single strong insight.
Before a company doses its first patient, our advisors go through its target, its trial design and its manufacturing plan with the founding team. Most costly mistakes in drug development are visible a year ahead.