Surge Therapeutics Inc

Dive Brief:Intuitive Surgicals venture capital arm has launched a second investment fund with $150 million in new capital.The Intuitive Ventures fund will support startups focused on improving healthcare access and coordination, developing precision diagnostics and interventions, and integrating digital technology, the firm said Monday.The new fund follows the launch of Intuitives first venture capital fund three years ago and brings the firms total assets under management to $250 million.Dive Insight:The robotic surgery leader is among a number of large medtech companies to establish a venture capital operation dedicated to supporting a portfolio of early-stage companies. GE HealthCare, Johnson & Johnson and Boston Scientific have also launched venture funds.The venture has since invested in more than 10 startups, supported by Intuitive Surgical's network and corporate oversight. Those companies include Capstan Medical, Endogenex, Flywheel, KelaHealth, MedCrypt, Neocis Optellum and Surge Therapeutics.Fund II deepens Intuitive's commitment to the broad ecosystem of innovators working to improve patient outcomes, Intuitive Surgical CEO Gary Guthart said in a statement.Intuitive Ventures Fund II will be led by Murielle Thinard McLane, who joined the firm earlier this year. Thinard McLane also takes over as managing partner and head of Intuitive Ventures from Oliver Keown, who has left the role to be CEO of a startup.She previously was CEO of molecular diagnostics company Ontera and a co-founder of Nooma Bio, a life science tools platform. Before that, Thinard McLane was an executive in residence at GE HealthCare Ventures, where she helped launch Verana Health, a clinical database. '

Bioluminescence is jumping out of stealth to shine a ray of light on biotech's frigid financing landscape. Bioluminescence is rocketing out of stealth, looking to warm a frigid funding environment with the embrace of fresh funding.  The new venture capital outfit is entering the fold with $477 million in assets under management across two funds, including investments in startups like genetic-medicines-focused ReCode Therapeutics and neuroscience biotech Nido Biosciences, according to Wednesday’s unveiling. The two funds are Bioluminescence Ventures Fund I and II, respectively.  “Innovation never stops, even when financing does,” Founding and Managing Partner Kouki Harasaki, Ph.D., said in a release.  The firm didn’t pin down a specific type of modality or therapeutic area that would draw the most investment, saying only that it wanted to back science that spurs “first-in-class or best-in-class therapies.” A separate flyer notes that the firm is interested in breakthrough biology and platform-based biotechs. Bioluminescence did also specify that it prefers to lead rounds rather than just participate in them.  In addition to ReCode and Nido, the firm has already invested in cell therapy developer Ensoma and immunotherapy-focused Surge Therapeutics. Bioluminescence contributed to Ensoma’s $50 million series B extension announced in May and led Surge’s $32 million series B in July. Harasaki sits on the board of all four biotechs. Before founding Bioluminescence, Harasaki led the life science investment wing at Microsoft Ventures and was a senior partner at Andreessen Horowitz (now a16z). In a past life—until 2016—Harasaki worked in business development roles in industry, including at Baxalta and Novartis.  Bioluminescence’s formal arrival follows a handful of other recent VC fund closures. International firm Abingworth, owned by the Carlyle Group, announced a new $356 million fund on Monday, and last week major healthcare player OrbiMed banked $4.3 billion across three funds for a fresh wave of investments. 

$350M Fund I among the largest first-time US biotech venture capital funds to close in 2023 Founding / Managing Partner Kouki Harasaki, PhD, MBA, leads firm with over 20 years of biomedical research, biopharmaceutical, technology, and venture capital experience Firm has invested in multiple therapeutics companies to date SAN FRANCISCO--(BUSINESS WIRE)-- Bioluminescence Ventures (“BLV”), a biotech venture firm investing in next-generation medicines, today announced its emergence from stealth with $477M in assets under management across two funds: Bioluminescence Ventures Fund I, L.P., and Bioluminescence Ventures Fund II, L.P. The firm is supported by an investor base that includes U.S. and multinational institutional Limited Partners. BLV has invested in multiple U.S. biotech companies to date. The firm will continue investing in transformative companies that are developing preventative, disease-modifying, and curative treatments for patients with major unmet medical needs. Bioluminescence Ventures was conceptualized to finance breakthrough platforms and support mission-driven leaders to develop first-in-class or best-in-class therapies – especially at a time when we are simultaneously experiencing both a golden age of biomedical innovation and the most difficult financing environment in a decade. BLV invests in companies with highly innovative platforms (biological or technological), developing novel therapeutics addressing large patient populations / major unmet medical needs, supported by strong data packages. The firm prefers to lead rounds – working closely with a company’s leadership team to complete diligence, negotiate equitable terms, secure the syndicate, and close the round with speed and efficiency. “Innovation never stops, even when financing does. The recent COVID-19 global pandemic proved that the pace of biopharmaceutical innovation is rapidly accelerating. The 2007-2008 Global Financial Crisis and the subsequent years of biopharma sector downturn proved that venture firms that continue to invest in breakthrough platforms – especially during financial downturns – can help make a meaningful impact on patients while generating strong financial returns,” said Founding and Managing Partner Kouki Harasaki, Ph.D. “The best way to help Founders and CEOs right now is to partner with them to secure strong syndicates and close rounds. Post-investment, investors must be able to provide interdisciplinary support – more than ever – to help their companies advance programs through preclinical and clinical milestones in a capital-efficient manner. We are incredibly fortunate to be supported by Limited Partners who have the heart to share our patient-centric mission, the perception to understand the unmet needs we are targeting, the trust in our approach to address them, and the vision to see the potential that will be realized together going forward.” Bioluminescence Ventures’ portfolio currently consists of multiple companies including: Ensoma Nido Biosciences ReCode Therapeutics SURGE Therapeutics Bioluminescence Ventures is currently assembling an exceptional venture team with experience across biomedical research, biomedical engineering, translational science, clinical development, and biopharmaceutical M&A and IPO advisory. In addition, the firm has recruited world-renown academic and industry advisors. BLV will announce the initial venture team and advisory board in the coming weeks. “Bioluminescence is light emitted by living beings. It is a metaphor for our guiding light: patient impact. We see this light radiating from our mission-driven founders and CEOs,” said Dr. Harasaki. “We aim to support them with our time, energy, interdisciplinary expertise, and capital to make that light shine brighter.” About Kouki Harasaki, Bioluminescence Ventures Founding / Managing Partner Kouki Harasaki, Ph.D., MBA, has over 20 years of biomedical science experience working across major health systems, research institutes, biopharmaceutical corporations, technology companies, and venture capital firms. Prior to founding Bioluminescence Ventures, he was Managing Director at M12 / Microsoft Ventures, where he led Life Sciences investments and helped develop Microsoft corporate strategy in the field. Before M12, Dr. Harasaki was a senior Partner at Andreessen Horowitz (Bio Fund). Prior to his time in venture, Dr. Harasaki held Drug Discovery, Animal Pharmacology, Strategy, Finance, and Business Development roles at Novartis AG and Baxalta/Shire. He has led over $600M in financing deals that have funded over 25 therapeutics programs across stages (discovery to marketed), across therapeutic areas (CVM, Immunology, Oncology, Neuro/CNS), and across modalities (small molecules, biologics, genome editors, cell therapies). He earned a BA in Molecular/Cell Biology from Cornell University, a PhD in Clinical Biochemistry from the University of Cambridge (Wellcome Trust Fellow), and an MBA from Harvard Business School (Robert S. Kaplan Fellow). Dr. Harasaki currently serves on the Boards of ReCode Therapeutics, Ensoma, Nido Biosciences, and SURGE Therapeutics. About Bioluminescence Ventures (BLV) Bioluminescence is a leading US biotechnology venture capital firm investing in the future of medicine. We are inspired by the accelerating pace of biomedical innovation and its recent impact on humanity. We are mission-driven – investing our time, energy, and capital into translating transformative science into next-generation medicines that will impact patients. We believe that, as long as we continue to succeed in this endeavor, then strong financial returns will follow. The firm focuses investments on four areas: Breakthrough Biology, Drug Discovery Platforms, Genetic Medicines Platforms, and Computational Biology Platforms. For more information, please visit Bioluminescence.com. Foley & Lardner acted as counsel to Bioluminescence Ventures for fund formation.