Carisma Therapeutics, co-founded by Michael Klichinsky, MD, PhD, Chief Scientific Officer at Carisma and Saar Gill, PhD, Assistant Professor of Medicine in the Perelman School of Medicine at The University of Pennsylvania, is developing a differentiated and proprietary cell therapy platform focused on engineered macrophages – cells that play a crucial role in both the innate and adaptive immune response.

Neuroscience focused spinout Cogwear was co-founded by Michael Platt , PhD, Director of the Wharton Neuroscience Initiative and James S. Riepe University Professor at The University of Pennsylvania and Arjun Ramakrishnan, Assistant Professor of biological sciences and bioengineering at the Indian Institute of Technology, Kanpur. The company has developed a wearable device that delivers clinical-grade detection of a subject’s cognitive health powered by nanotechnology sensors, machine learning, and breakthrough neuroscientific research. In late fall, Cogwear announced its partnership with the Penn AI and Tech Collaboratory for Health Aging (PennAITech) to test physiological detection and monitoring for Alzheimer’s Disease using its novel technology.

EpiVario is a therapeutic drug discovery and development company that was co-founded by two leaders in the field of neuroepigenetics – Shelley Berger, PhD, Daniel S. Och University Professor at The University of Pennsylvania and her former graduate student Philipp Mews, PhD.  The company is pioneering the development of epigenetic therapeutics for neuropsychiatric disorders.  EpiVario is actively developing drugs that target a newly discovered epigenetic process involved in long-term memory, with the goal of modulating stress- and drug-related memories to treat PTSD and substance use disorders.

Innervace, co-founded by D. Kacy Cullen, PhD, and Douglas Smith, MD, both faculty members in the Perelman School of Medicine at The University of Pennsylvania, is a regenerative therapy company developing anatomically-inspired neural pathways to replace lost connections caused by brain degeneration or traumatic injury. Innervace’s lead program focuses on treating patients with Parkinson’s disease by restoring critical dopamine feedback pathways in the brain. In summer 2022, Innervace closed a $40M Series A financing led by Deerfield Management, which will accelerate Innverace’s clinical development timeline. This exciting financing milestone was also formally recognized by the Penn Center for Innovation (PCI) as FY22 Deal of the Year  at the seventh annual Celebration of Innovation last fall.

Wearable device company Neuralert Technologies, co-founded by Steve Messe, MD, of the Perelman School of Medicine at the University of Pennsylvania and James Weimer, PhD, previously with Penn Engineering, is developing a lightweight, non-invasive wristband device to automate stroke detection and alerting. These continuously wearable devices detect the onset of asymmetric movement, a hallmark indicator of stroke, in as little as 15 minutes. Faster detection of stroke symptoms speeds assessment and treatment, saving lives and resulting in better outcomes for patients. Led by CEO Eric Corkhill, and joined by CTO Det Ansinn, Neuralert announced the achievement of Minimum Viable Product (MVP) status in fall 2022, completing the functional arc of stroke detection, data analysis, and medical staff alerting. A clinical trial will be initiated in early 2023 to support the de novo application to the FDA, and the company is hoping for commercial launch of the device as early as 2024.

Surgical device company ŌNŌCOR was co-founded by Matthew J. Gillespie, M.D., Director of Cardiac Catheterization Laboratory and Interventional Cardiology, at The Children’s Hospital of Philadelphia, Robert C. Gorman, M.D., Director of Cardiac Surgical Research in the Perelman School of Medicine at The University of Pennsylvania, and Joseph H. Gorman III, M.D., Emeritus Professor of Surgery in the Perelman School of Medicine at The University of Pennsylvania.  The company is developing surgical retrieval and remediation technologies for the modern-day catheterization lab. In May, the company received FDA Clearance for its novel endovascular retrieval technology. The device, called the ŌNŌ, is designed to receive, align, compress, and remove suboptimal or embolized devices and other materials from the vascular system.

Peroxitech, co-founded by Aron Fisher, MD, and Sheldon Feinstein, PhD, of the Perelman School of Medicine, is a biopharmaceutical company focused on the development of a therapeutic for treatment of acute lung injury. The discovery of a novel signaling pathway related to the oxidative injury cascade led to the identification of PIP-2, a peptide that has demonstrated broad protection and rescue in several preclinical models. In summer 2022, Peroxitech closed its $25M Series A financing  to advance therapeutic development through IND-enabling studies and into clinical development. 

Serpex Medical is the acquirer of a PCIV-sponsored business co-founded by Mark Yim, PhD, Asa Whitney Professor of Mechanical Engineering and Director of the GRASP Laboratory at Penn Engineering. Serpex seeks to leverage the potential of steerable medical instruments to enable greater precision and access to improve the diagnosis and treatment of lung cancer.  The company’s Compass Steerable Needles enable precise access to lung nodules in the intrapulmonary region. 

Vital Start Health, co-founded by John Chuo, MD, MS, of the Perelman School of Medicine at The University of Pennsylvania, is the developer of a maternal mental health platform designed to provide equitable, personalized, and clinically guided care for mothers.  The company had a very successful 2022 and launched its first product, COURAGE, the first virtual reality enabled, telemedicine platform for maternal mental health and well-being.