Our mission is driving innovation in life sciences by backing transformative companies addressing high unmet medical needs.
We have added two new Principals to our investment team
During the year we have welcomed two new Principals, Linda Spahiu Elvesjö and Anna Gran, bringing the team to five investment professionals. Combined with our well established and efficiently run back office, this positions Sound Bioventures even better to deliver sound returns and meaningful patient impact from future funds.
Our first 4 years have yielded a fully clinical-stage portfolio and a first exit
We are celebrating 4 years since we raised EUR 116M from leading institutional investors and family offices into Fund I. We have invested in 10 promising portfolio companies across EU, UK, and US. All deals were led or co-led, yielding board seats and active ownership. Within just 2-3 years, several portfolio companies have attracted inbound M&A interest, validating our investment thesis.
Our portfolio company VarmX announced in September, just 2 years and 10 months after our first in-vestment, a partnership with CSL Behring. CSL Behring is now fully underwriting VarmX’s pivotal Phase III program for VMX C001, providing up to $2.1 billion in combined upfront, development, and commercial milestone payments. This will help advance VarmX’s rapid-acting and convenient universal bypassing agent, which restores blood coagulation in patients treated with Factor Xa direct oral anticoagulants.
In September we also participated in the upsizing of the ARTHEx Biotech Series B financing to $87 million, led by new investor Bpifrance alongside existing shareholders. The funds aim to advance its lead program ATX-01 for myotonic dystrophy type-1 (DM1) and to expand its pipeline of targeted RNA medicines. ATX-01, currently in Phase I/IIa, uses a unique dual mechanism to inhibit miR-23b, positioning it as a potential best-in-class treatment for DM1.
We are proud to report that our entire portfolio has reached clinical stage. Below some data high-lights from 2025:
• In May, Artax Biopharma presented Phase 2a results for its oral Nck modulator AX-158, showing statistically significant improvements in psoriasis-related biomarkers and PASI scores, along with a well-tolerated safety profile and no serious adverse events. These findings support AX-158’s
• In June, Breye announced that they had completed a Phase Ib trial of danegaptide in pa-tients with non-proliferative diabetic retinopathy. The oral drug was well-tolerated, consistently achieved target exposures, and showed early signs of reduced retinal vascular leakage and improved anatomy.
• Theolytics presented ongoing Phase I/IIa OCTOPOD IV trial of THEO 260 at ESMO Congress, in October, including updates that international recruitment is progressing and a parallel intraperitoneal trial (OCTOPOD IP) has launched in the U.S.
• AnaCardio announced strong Phase IIa results in December in HFrEF (heart failure with reduced ejection fraction) patients. AC01 demonstrated a favorable safety and tolerability profile and exploratory efficacy assessments showed encouraging, consistent signals of rapid and sustained
improvements in hemodynamics and cardiac structure as well as function, over 28 days of treatment.
Newest portfolio company, Swedish BOOST Pharma, aims to treat rare bone disease in children
Our new portfolio investment during the year, Boost Pharma, develops an off-the-shelf cell therapy for osteogenesis imperfecta (OI), a rare genetic bone disorder characterized by fragile bones and fre-quent fractures beginning in early childhood, causing significant quality of life impairment throughout life. Based on research from Karolinska Institutet, BOOST Pharma’s lead candidate BT 101 was found safe and well-tolerated in infants with severe OI, and notably reduced fracture rates by over 75% up to 12 months after treatment. The company is now preparing for a pivotal phase III trial.
We continue to advance and support our portfolio companies’ ESG footprint
ESG is deeply embedded in our approach. We publish annual ESG reports as part of our commit-ment to responsible and sustainable value creation; as well as participate in the LSVC Sustainability Initiative, an ESG initiative for life science venture firms. To actively advance ESG, we continue to build our ESG Toolbox – a resource designed to support and equip our portfolio companies with best practices.
