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BioAdvance adds six companies to its portfolio with investment amounting to $7M. Additionally, it announced a leadership change from October 1
BioAdvance, a $70 million early-stage life sciences fund that focuses in the mid-Atlantic, announced that it added six companies into its portfolio, making follow-on investments that collectively add up to $6.875 million to further the growth and success of life sciences in the region, a press release from BioAdvance said.
Alongside expanding its portfolio companies, BioAdvance announced a transition in its leadership. Barbara Schilberg, CEO and managing director of BioAdvance will be replaced by Shahram Hejzai from October 1, 2021, after the former’s retirement.
Like many investors, when the COVID pandemic began, we focused on helping our existing companies survive the various disruptions to product development and product sales. Within six months, we were able to resume investing in new companies and also have a robust pipeline of opportunities in active diligence.Barbara Schilberg, CEO and managing director of BioAdvance
Making investments since 2003, BioAdvance has committed over $50 million in funding to more than 100 organizations and developed over 160 products in the diagnostics, therapeutic, medtech, research tools and digital health sectors. Its portfolio companies leverage $3.7 billion in subsequent capital, including proceeds from acquisitions.
The new entrants to bioAdvance’s portfolio include
Vesteck, Inc. ($500,000)– A device that integrates the delivery of nitinol sutures into a catheter to improve clinical outcomes for endovascular aortic aneurysm patients.
RightAir, Inc. ($1,000,000) A fully-mobile, non-invasive ventilator called AIR-AD with a proven respiratory assist technology called cuirass ventilators.
SIRPant Immunotherapeutics, Inc. ($115,000) – Develops a novel autologous cell therapy for solid tumors. The company has announced the initial close of a $25 million Series A financing.
ImmunoGenesis, Inc. ($1,500,000) – Develops a platform of therapeutic agents that address “cold” or immune-resistant tumors.
Phrase Health, Inc. ($500,000) – Commercializes SaaS-based products for hospitals to enable healthcare quality improvement using electronic health records (EHR) data and collaborative tools to drive clinical quality measures and outcomes.
Crossbridge Health, LLC ($150,000)– Develops a specialty-decision support SaaS solution for improving outcomes and lowering the cost of treating chronic inflammatory disease.