BioAdvance announced that during the past 12 months it added nine new companies and technologies to its portfolio and made follow-on investments in six of its existing companies. Overall, these investments represent a $2.9 million commitment to the success and growth of life science companies and to this region.
“We continue to see significant demand for BioAdvance’s early stage funding, and these commitments reflect the diversity of innovation in the life sciences pipeline throughout our region,” said Barbara Schilberg, CEO of BioAdvance. “What these entrepreneurs and scientists have in common is a passion to improve patient health, and we are delighted to be in a position to continue supporting these and other entrepreneurial efforts in the future.”
Commitments to new companies or technologies include:
Follow-on investments during the last twelve months include:
The highlight of BioAdvance’s fiscal year ending June 30, 2016 was the acquisition of Novira Therapeutics by Johnson & Johnson, following the completion of a phase Ib clinical trial of Novira’s lead compound that is being developed to treat hepatitis B. Novira, founded by two ex-Merck scientific executives, received an initial investment from BioAdvance in the fall of 2008 and over the years and multiple financings became BioAdvance’s largest investment. Novira raised a $23 million Series A financing in 2012 from 5AM Ventures, Versant and Canaan Partners.
In July 2016, HealthQx (King of Prussia, PA) was acquired by McKesson to expand its ability to help customers rapidly and cost-effectively transition to value-based care by automating and scaling complex payment models, such as retrospective and prospective bundled payment. HealthQX has been developing and commercializing a data analytics platform using pharmacy, medical, eligibility and provider data to analyze how well a provider is managing costs, quality and outcomes across an episode of care. HealthQX aligns payment incentives around quality. BioAdvance made its first investment in HealthQx in 2014.