108 BioCapital Pumps USD 20 Million into Pinwheel Therapeutics for Drug Development

US-based equity firm 108 BioCapital invests USD 20 million in Pinwheel Therapeutics to boost Ciraparantag's mid-stage clinical development. The anticoagulant reversal drug aims to address emergency hospital needs. The fund focuses on biotech and medtech companies tackling unmet medical demands with regulatory and commercial preparedness in mind.

108 BioCapital, a US-based private equity firm, has injected USD 20 million into Pinwheel Therapeutics, aiming to accelerate the Phase 2b clinical trials of Ciraparantag. This small molecule, synthesized using simple peptide chemistry, is being developed as a universal solution for emergency anticoagulation management in hospital and acute-care settings.

The investment marks 108 BioCapital's inaugural venture and highlights a promising clinical-stage opportunity in the anticoagulant reversal space. The firm's fund targets biotech and medtech sectors that address substantial unmet medical needs, focusing on regulatory and commercial readiness.

The funding round saw backing from prominent investors including Mike Bingle of Silverlake Partners, Ranjan Pai from Manipal Group, Suresh Vazirani of Erba-TransAsia Group, and Siddharth Parekh, Founder of Paragon Partners, culminating in an initial close of USD 40 million.

(With inputs from agencies.)