Pinwheel Therapeutics, a clinical stage biopharmaceutical company, has raised $20 million from US-based growth equity fund 108 BioCapital.
The fund has recently completed its first close of over $40 million and has initiated registration for a Gift City feeder vehicle, with its application currently in process. The fund is backed by the family office of Mr Mike Bingle of Silverlake Partners; Claypond, the family office of Dr Ranjan Pai, CMD, Manipal Group; Daftarys, promoter of Bharat Serum; Mr Suresh Vazirani of Erba-TransAsia Group; and Mr Siddharth Parekh, Founder, Paragon Partners, along with other US-based and global institutions.
The transaction represents a special-situation recapitalisation of a late-stage clinical asset purchased following the sale of PE-backed Covis Pharmaceuticals to Azurity Pharmaceuticals, ahead of a defined late-stage clinical inflection.
On the investment, Dr Sasha Bakhru, Managing Partner and CEO of 108 BioCapital, said, “This is our inaugural investment and represents a compelling next-generation, clinical-stage anticoagulant reversal opportunity. This fund is focused on targeting biotech and medtech companies addressing high impact, unmet medical needs with a clear emphasis on regulatory and commercial readiness. Ciraparantag, a small molecule manufactured by simple peptide chemistry was originally invented and developed by Perosphere Pharmaceuticals – and promised to fill the gap left by Andexxa, which was withdrawn from the US market in December 2025 and support rapid decision making in time critical settings such as trauma, intracranial hemorrhage and emergency surgery.”
Pinwheel Therapeutics holds worldwide rights and patents for Ciraparantag until at least the first quarter of 2034 and has the option to re-license territories, which may generate revenues and reduce risk ahead of a strategic exit.
Ciraparantag is a clinical-stage therapy designed to reverse direct oral Factor Xa inhibitors including Eliquis, Xarelto and Lixiana, Direct Thrombin Inhibitors including Pradaxa, and low molecular weight and unfractionated heparins. The therapy is being developed as a universal reversal option for emergency anticoagulation management in hospital and acute-care settings. Dosage is planned as a ready-to-use intravenous injection and is expected to cost less than prior reversal therapies and procoagulant clotting factor cocktails.
108 BioCapital’s General Partners, Shom Jagtiani and Shahryar Oveissi, said, “The US healthcare market presents a compelling opportunity. The Fund includes six pre-identified target portfolio companies with the opportunity to invest in at least two additional ventures during the investment period. We take an operationally engaged approach and work closely with the management teams and help navigate critical inflection points.”
The global anticoagulant reversal market is approximately $1.4 billion and is expanding with increased use of direct oral anticoagulants in ageing populations. Xarelto and Eliquis rank among the top ten most prescribed medicines in the US and the EU. The market has limited approved therapies and limited clinical competition.