Backed by our investors and partners, Sound Bioventures has in 2024 continued to grow our impactful trans-Atlantic portfolio of life-changing biotech companies. Guided by a commitment to advance healthcare, we have solidified our position as a trusted partner for entrepreneurs and biotechs that address unmet medical needs. As we step into 2025, we are focused on supporting bold ideas and expect and expect a steady flow of value generating news over the next twelve months.
A growing portfolio
In 2024, Sound Bioventures invested in three companies and further created two new companies.
Theolytics: In April, we contributed to a $24.5m capital raise to advance UK based Theolytics’ next generation oncolytic adenovirus into clinical trials in ovarian cancer. The first patients were dosed in November, marking a significant milestone. We are proud to support Theolytics’ mission to harness the power of precision virotherapy and bring new hope to patients facing challenging cancers.
NephroDI: In June, we led a $4m Series A to advance a first-in-class therapy with the potential to cure nephrogenic diabetes insipidus, a rare pediatric kidney disorder. With a clear path toward clinical trials, the company is making rapid progress. NephroDI was sourced through our collaboration with PPD Thermo Fisher, showcasing the value of our extensive network in identifying and supporting groundbreaking innovations in the US and elsewhere.
AnaCardio: In December, we co-led a $19m Series A extension round to support development of a novel therapy aimed at improving cardiac function in patients with heart failure. The funding will enable the company to advance its lead program through a Ph2a trial. The investment exemplifies our strategy of supporting innovative life science companies at pivotal stages of their journey, about to reach major value inflection points.
With the above investments we syndicated/collaborated with the following peer firms: M-Ventures, Taiho Ventures, Epidarex Capital, Oxford Science Enterprises, Otsuka (Pharma company), Novo Holdings and Pureos Bioventures.
Our Entrepreneur-in-Residence, Fredrik Lehmann, played a key role in the creation of two Swedish biotech companies: Gulch Pharma AB and Dagny Tx AB. Both companies are focused on advancing novel drug candidates into clinical trials. Currently operating in stealth mode, they are making significant progress in the preclinical stages of drug development. We look forward to sharing more updates on their progress in 2025.
2024 saw several portfolio milestones
We are excited by the progress achieved across our portfolio. Two companies successfully transitioned into clinical stage, while others executed on their clinical development strategy with high precision. Key highlights:
Artax:A clinical stage company, focused on treatment of T-cell mediated diseases, completed a Phase 2a proof-of-concept study in psoriasis with its lead program, AX-158. Topline data from the first patient trial are expected to be announced early in 2025.
ARTHEx: ATX-01 is a first-in-class anti-microRNA therapeutic for myotonic dystrophy type 1. The drug received IND clearance and was dosed in the first patients in a Ph1/2a double-blinded, placebo-controlled study in October 2024 Moreover, the drug received Rare Pediatric Disease designation by the FDA. Concomitantly, the exciting story of ARTHEx was featured in a publication in Nature Research: Biopharma Dealmakers.
Theolytics: Advancing a novel oncolytic virus for ovarian cancer, Theolytics dosed the first patients in November 2024 in a Ph1/2a trial designed to investigate the safety and tolerability of its lead drug candidate, THEO-260. In September, Theolytics was awarded a prestigious grant from Innovate UK, highlighting the potential of their promising innovation.
Breye Therapeutics: Developing novel therapies for retinal vascular diseases, Breye successfully initiated a Ph1/2a trial in January 2024 to investigate danegaptide, an orally available drug for diabetic retinopathy.
Teitur was shortlisted as a finalist for the Incuba Award 2024 while Breye Therapeutics was named as the Startup/Scaleup Finalist by EY Entrepreneur of the Year 2024. Moreover, Ann Meulemans, CEO of AbolerIS Pharma, was nominated as finalist for Women-Led Business leader of the year by the European Lifestars Awards. To provide a visibility of the development status across our portfolio, we recently introduced a ‘Pipeline Overview’ on our website – take a look to stay up to date.
Driving the biotech conversation
Contributing to and shaping the biotech conversation is a core commitment of the Sound team. This year, all members actively engaged in key industry meetings, discussions, and conferences on both sides of the Atlantic.
The team of Sound participated in several media outlets. Bibhash Mukhopadhyay shared insights on clinical-stage biotherapeutics investing in Europe and the U.S. as a guest on Engaging Alternatives Spotlight’s podcast and authored an article, “The Makings of a Good Venture Capitalist,” for the European Biopharmaceutical Review. Johan Kördel contributed to discussions on early-stage biotech investments during his appearance on Biostock’s Health and Wealth podcast and in an interview with Labiotech.eu titled “Beyond Just Capital”. Casper Breum also joined Sejelas’ Ask the Experts series, sharing his expertise in life science investing. Philip Brainin has taken the initiative to become a leader in the pan-European YVC Collective organization and Ester Sklarsky plays an active role in Female VC networks, LSX Female Founders, and the Breaking 7% initiative, all dedicated to increasing the representation of female investors in our field.

The Sound Bioventures team and Entrepreneur-in-Residence. From left: Philip Brainin, Ester Sklarsky, Johan Kördel, Fredrik Lehmann (Entrepreneur-in-residence), Casper Breum and Bibhash Mukhopadhyay
Promoting sustainability
Creating patient impact is at the heart of our investment thesis. In 2024 we published our first Annual ESG Report, displaying our ongoing progress to promote sustainability and we also participated in the Knowledge Project, an initiative for life science venture firms. To actively promote ESG, we established an ESG Toolbox – a resource designed to support and equip our portfolio companies with ESG best practices. Finally, Sound was recognized as an active participant by the UN Global Compact, a recognition of our responsible investment approach.
Meet us
We plan on attending all the major biotech partnering and investor conferences in Europe and the US. Watch out for announcements on Linkedin and come up to talk to us.
Looking ahead to 2025
As we step into 2025, we are thrilled by the opportunity to continue working with lifesaving science and our commitment remains stronger than ever. We are grateful for the support of our investors that helps us drive our mission forward. With several important milestones coming up and promising collaborations underway, 2025 is poised to be a year of significant impact.
Sound Bioventures is a venture capital fund investing in about-to-be clinical and clinical-stage private companies in Europe and the US developing novel medicines in specialty therapeutics areas. Sound Bioventures Fund I AB is a registered alternative investment fund, under the Swedish Alternative Investment Funds Managers Act.
Contact
E-mail info@soundbioventures.com
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