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Press Release

BioAdvance Commits $4M to 14 Life Sciences Companies

Posted on: 14 Aug 17

BioAdvance announced that it has added eight new companies to its portfolio and made follow-on investments in six of its existing companies. These investments represent a $4M commitment to the success and growth of life science companies in the mid-Atlantic region.

“The region’s rich innovation pipeline produced tremendous diversity of start-up opportunities across the healthcare sector, which is reflected in the variety of investments BioAdvance made this year,” said Barbara Schilberg, CEO of BioAdvance. “We continue to play a role as the first institutional investor in new companies, but we also are seeing more opportunities to syndicate with other investors in early-stage companies, which is a positive trend.”

During its fiscal year ending June 30, 2017, BioAdvance made the following investments to 12 companies totaling $3.24M:

  • Cohero Health (New York, NY) ($600,000) -- as part of a $10.5M Series A financing to transform respiratory disease management through smart mobile technology.
  • Cytovas (Philadelphia, PA) ($50,000) -- to develop an informatics platform to analyze flow cytometry data to identify correlations between extra cellular-vesicle biomarkers and disease.
  • Genome Profiling (Newark, DE) ($100,000) -- as part of a $880,000 financing to discover novel epigenetic biomarkers based on its proprietary genome-wide methylation profiling platform to revolutionize the way to treat, diagnose, and predict chronic and life-threatening disease.
  • Immunome (Philadelphia, PA) ($200,000) -- as part of a $15M Series A financing to establish high throughput screening and validation of novel monoclonal antibody-target pairs in oncology.
  • Jenrin Discovery (Chadds Ford, Pa) ($60,000) -- to progress its lead compound for diabetes, obesity and NASH to an IND filing.
  • Keriton (Philadelphia, PA) ($500,000) -- as part of a $1M financing to develop a breast milk management system for neonatal ICUs, to improve staff productivity and outcomes for infants.
  • Mebias Discovery (Philadelphia, PA) ($850,000) -- to develop a biased mu opioid agonist to treat pain without the debilitating side effects and addiction potential of traditional opioids.
  • Olive Devices (Philadelphia, PA) ($50,000) --to develop smart technologies that improve communication and personalized education for the hearing impaired.
  • Palvella Therapeutics (Wayne, PA) ($500,000) -- as part of a $2.5M financing to conduct clinical studies on a novel, disease-modifying therapy to treat pachyonychia congenita, an ultra-orphan, chronically debilitating genetic disease for which no treatments currently exist.
  • Pillo Health (New York, NY) ($250,000) -- as part of a $1.5M financing to develop an interactive home health care hub that includes medication dispensing.
  • Ride Health (Philadelphia, PA) ($50,000) -- to develop a SaaS product platform enabling healthcare providers to schedule, request and pay for rides on behalf of patients to and from medical appointments.
  • WellTrackONE (New York, NY) ($25,000) -- as part of a $200,000 financing to expand its Annual Wellness Visit program by integrating the Theo product attained in the 2016 acquisition of NobleMD, another portfolio company of BioAdvance.

In July 2017, BioAdvance began its new fiscal year by making two additional investments, as follows:

  • VenatoRx (Wayne, PA) ($250,000) -- as part of a $42M Series B round led by Versant Ventures, Abingworth, and Foresight Ventures.
  • TalexMedical (Philadelphia, PA) ($500,000) -- to support manufacturing and launch of a device invented at Children’s Hospital of Philadelphia for pediatricians to use to correct deformities of infant’s ears.

BioAdvance is a $50M early stage life sciences fund, working with entrepreneurs in the mid-Atlantic region to build strong companies that have the potential to improve human health. Since making its first investments in 2003, BioAdvance has committed $35.7M in funding to 80 organizations developing over 80 products in the diagnostics, therapeutic, medtech, research tools and digital health sectors. BioAdvance portfolio companies have leveraged $2.65 billion in subsequent capital, including proceeds from twelve acquisitions. Eleven products have received FDA approval. For more information please visit

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Last updated on: 14/08/2017

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