Thuja is a proud supporter and active member of the EU Life Sciences ESG Knowledge Project, which has now released its 2025 questionnaire for investors

The EU Life Sciences ESG Knowledge Project, with participation from 22 Life Science investors, aims to coordinate approaches on ESG within the European Life Science investment community, supported by Impact House by Grant Thornton. The Knowledge Project has released its 2025 questionnaire for investors to use and is now freely available to download.  

Coordinated approach to ESG data collection 
In 2023, several investors in the European Life Sciences Venture Capital community collaborated on creating a coordinated approach to ESG data collection. This new approach was designed to bring efficiency to the data collection exercise, with participating firms asking the same questions and expecting data in the same format. This allowed for easier responses on ESG for portfolio companies and the ability to compare ESG across different firms. Thuja Capital is actively supporting the initiative, as one of the founding members. 

Now with 22 participating investors, the Knowledge Project aims to enhance ESG knowledge and performance of the participating members by creating a growing community of European Life Sciences Investors who want to improve their ESG performance, share the latest knowledge and insights on ESG in the Life Sciences sector and standardize the ESG data collection process across the industry. 

Download the 2025 questionnaire  
Throughout 2024 the Knowledge Project has added several new participants, reviewed and updated the questionnaire used for data collection as well as performing benchmarking analysis across the data collected by participating members earlier this year. The questionnaire has been built to cover the material ESG matters for the Life Science investment industry, aligning to existing industry questionnaires and other disclosure guiding standards, such as the Sustainable Financial Disclosure Regulation (SFDR) and the European Sustainability Reporting Standards (ESRS). The Knowledge Project’s updated 2025 ESG Questionnaire is now freely available for download here.

Open for new participants 
The Knowledge Project remains open to new participants joining as fee-paying members, which enables access to benchmarking data, contribution to questionnaire development as well as other knowledge sharing and industry events. If you are interested in joining the project, please get in touch with our ESG Officer Lisanne Blauw or COO Estefanía Matesanz.

Meet Eline van Beest, Operational Partner at Thuja

So that you can become more acquainted with the Thuja team, every newsletter showcases an interview with a team member. 

In the spotlight for this edition is Eline van Beest. Eline joined the Thuja team as a venture partner as of 2019. She was the founder of NightBalance, a company developing a treatment for positional sleep apnea. Today she is the Operational Partner at Thuja and she is the CEO of Hybridize Therapeutics.

What is something people in your industry have to deal with that you want to fix?
The CEO role can be incredibly isolating. Everything ultimately falls on your shoulders (especially the nasty things nobody else can fix). There's often no playbook to follow and friends and family don’t understand you.  So CEO’s keep on reinventing the wheel, facing the same challenges, and making the same mistakes. I would love to make an effort to change that.

 What's the coolest thing you're working on right now?
After spending four years as a Venture Partner, I recently transitioned into the role of Operational Partner at Thuja to do exactly what I described earlier! I’m in the process of setting up the CEO Forum for Thuja’s portfolio companies. The idea is to create a network where CEO’s can share best practices, discuss challenges, and support each other. But we will also add a strong library with case examples and best practices on common topics. Having walked this path myself, I’ve seen how powerful it can be when leaders come together to learn from one another. This community has the potential to amplify our impact, making our CEOs even more succesful.

 What are your credentials/past experience, for working in your position?
I began my entrepreneurial journey in 2009 when I founded NightBalance, a TUDelft spin-off that developed a new therapy for sleep apnea. We grew the company into a MedTech scale-up, and in 2018, it was acquired by Philips. Today, I am the CEO of Hybridize Therapeutics, a LUMC spin-off focused on developing RNA-based therapies for kidney diseases. In addition to my role at Thuja, I serve as a Board Member and Treasurer for the Netherlands Academy of Engineering, and I'm involved in various advisory boards and investment committees, including the Deep Tech Fund and the topsector Life Science and Health. My experiences have equipped me with a blend of technical, operational, and strategic skills that I bring to my current role at Thuja.

What are the values that drive you?
Before the pandemic, I made the decision to transition from medtech, and start all over again in a field I knew little about—biotech. I became the CEO of Hybridize, a startup developing RNA-based therapies, even though I’m an engineer by training. Biotech was a leap into the unknown, driven by eagerness to learn and curiosity. But starting all over with a new startup within healthcare, comes from a deep sense of purpose. For me, it’s about using my time and energy to make a difference—changing lives for the better. This mission aligns perfectly with my work at Thuja, where I’m driven by the belief that we can transcend the status quo and create a new standard in healthcare.

One (silly) fact or anecdote about you?
I have never owned a TV - I think it’s a waste of my time! I get my news from the radio while commuting, and I’d rather focus on the things I love. My kids; Bo (10), Linne (6), and Jonas (still a baby) keep me on my toes. I also love kitesurfing, which clears my mind and gives me a thrill. But not having a TV can sometimes put me in awkward situations. Once at a dinner, I was sitting across from a quiet woman, and after everyone shared their impressive stories, I finally asked her what she did for a living. She calmly replied, 'I read the main news on television’ (NOS journaal). Auch!

Thuja's 2023 Impact & ESG Annual Report

We are delighted to share Thuja's 2023 Impact & ESG Annual Report!

 Thuja invests exclusively in companies that offer solutions to high unmet medical needs, expected to have a major impact on human health through increasing healthy life expectancy, improving quailty of life and/or reducing health care costs. Here we report on the expected impact of our portfolio companies, based on our internally developed impact framework, along with our additionality as an early-stage hands-on investor (at the level of our portfolio companies and on the wider innovation ecosystem). In addition, we report on our approach to measuring and managing ESG-related risks and opportunities material to our portfolio, as we believe this is key to creating sustainable business and driving value.

 2023 was the second year in which we implemented our impact and ESG approach for the Thuja Capital Healthcare Fund III portfolio. Whilst our approach to impact and ESG is continually evolving, we are delighted to see the strength and robustness of our approach as it is translated into action.

 We are curious to learn what you think and would be keen to receive feedback.

 You can read the full report here: 2023 Impact & ESG Annual report.

Synerkine Pharma receives European Orphan Drug Designation for SK-01 to treat Complex Regional Pain Syndrome

Leiden, the Netherlands, September 11, 2024

Synerkine Pharma, a Dutch biopharmaceutical company creating innovative pain solutions, today announced that the European Commission has granted the Orphan Drug Designation (ODD) for SK-01, the company’s most advanced development program, to treat complex regional pain syndrome (CRPS). CRPS, a severe form of chronic pain in which pain from a physical trauma outlasts the expected recovery time, represents a subset of the wider pain medicine market with a high unmet need. Synerkine Pharma is progressing steadily toward the initiation of the first clinical study with SK-01 in CRPS and is currently manufacturing clinical-grade material.

“Chronic pain remains as a global public health problem. The long-term impact of chronic pain extends to mental health problems, fatigue, dependence and other related co-morbidities. More effective treatment options with far better side effect profiles are needed to solve these issues. The emergence of novel non-opioid pain solutions will bring much-needed change to the treatment landscape in CRPS and in other chronic pain indications alike,” commented Hans Preusting, PhD, Chief Executive Officer of Synerkine Pharma.

People living with CRPS experience severe, continuous and in debilitating pain that is much greater than normal. While CRPS can occur anywhere in the body, it often affects a person’s extremities and is usually triggered by previous trauma or injury to the affected body part, leading to increased levels of inflammatory molecules such as cytokines. The condition also occurs more frequent in people with inflammatory and autoimmune disorders, indicating a strong connection between immune system and pain physiology. Severe or long-lasting cases of CRPS are very disabling and can prevent a person from working or living a normal life, resulting in both a personal and familial and a high socioeconomic burden.

The Orphan Drug Designation in the EU was granted by the European Commission based on a positive opinion issued previously by the EMA Committee for Orphan Medicinal Products. The program is focused on the development of drugs that have shown the potential to provide significant benefit to patients suffering from rare, life-altering diseases. Receiving the Orphan Drug Designation adds substantial regulatory and commercial value to Synerkine’s lead development program. Following market approval, the ODD status would provide Synerkine with ten years of market exclusivity in CRPS and provides special incentives, including eligibility for protocol assistance and possible exemptions or reductions in certain regulatory fees.

For more information about Synerkine, we refer you to the company website: synerkinepharma.com.

Please find full press release here: press release.

We are delighted to share that Thuja led the extension of Tacalyx’s seed financing!

We are delighted to share that Thuja led the extension of Tacalyx’s seed financing. Tacalyx is developing a pipeline of antibody-based therapies targeting TACAs (tumour-associated carbohydrate antigens), for the treatment of solid tumours.  

 “We see great potential with the expertise and technology of Tacalyx in the emerging field of glycan biology and believe this technology platform can create novel treatment options for patients with excellent specificity across multiple solid tumor indications. We are excited to support the team in the development of this promising approach,” said  Evan Castiglia , Partner at Thuja Capital.

 We congratulate Peter Sondermann and the Tacalyx team on the successful closing of this round and look forward to working with co-investors Boehringer Ingelheim Venture Fund (BIVF), Kurma Partners, Idinvest/Eurazeo, High-tech Gründerfonds (HTGF), Coparion, Creathor Ventures, Max Plank Society (MPG).

Read the full press release here.

Visit Tacalyx’s website here: https://tacalyx.com/

FundaMental Pharma appoints Dr. Dirk Beher as Chief Executive Officer

• Highly experienced biotech executive, with over a quarter of a century of CNS drug discovery experience

• Dr. Beher takes over the role of Chief Executive Officer from co-founder Dr. Thomas Schulze

• FundaMental Pharma recently raised additional seed funding from new investor, the Novartis Venture Fund, bringing its total seed financing to €12.7 million

Heidelberg, Germany, 11 April 2024 – FundaMental Pharma GmbH (‘FundaMental’ or ‘The Company’), a neuroscience company developing first-in-class small molecule inhibitors for the treatment of a range of neurodegenerative diseases, is pleased to announce the appointment of Dr. Dirk Beher as Chief Executive Officer and Executive Board member. Dr. Beher assumes this role from Dr. Thomas Schulze, who co-founded FundaMental and has been at the helm since its inception. Dr. Schulze will transition to the Board of Directors as part of a carefully planned succession strategy.

Dr. Beher brings a wealth of experience to FundaMental, having served as a successful founder, drug developer, and long-time Chief Executive Officer in the European biotech sector. Previously, he led Asceneuron, a CNS-focused biotech company he co-founded, for over a decade. Under his leadership, Asceneuron secured significant funding and advanced two programs from early discovery into clinical trials. Before his tenure in biotech leadership, Dr. Beher spent 14 years in pharmaceutical drug discovery, leading R&D teams at global organizations such as Merck Sharp & Dohme (UK), Amgen (USA), and Merck Serono (CH). Dirk was educated at the Ruprecht-Karls-University Heidelberg, Germany and holds a Diploma (M.S.) and a Ph.D. in Biology. He is an inventor and holds numerous patents and is an author of over 50 peer-reviewed publications and reviews in the field of neurodegeneration.

“It has been a pleasure to work with Thomas over the last few years and I look forward to his continued  participation at Board  meetings. He leaves a strong foundation and legacy, in particular, setting up the business, establishing biological and chemical resources for the company and bringing the first molecules into lead optimization. I also look forward to working with Dirk as we prepare for the next stage of FundaMental’s growth,” commented Dr. Keno Gutierrez, Chairman of FundaMental’s Board of Directors.

“FundaMental is working on a novel mechanism of action that blocks glutamate neurotoxicity without the undesired effects on the function of synaptic glutamate receptors which positions the company as a distinct player in field of neurodegeneration,” said Dr. Dirk Beher, new Chief Executive Officer of FundaMental. “I am excited to join FundaMental to build on the excellent foundations Thomas and his team have laid while further scaling of the Company into a fully-fledged biotech to bring much needed medicines to patients“.

“Leading FundaMental Pharma since its inception has been a highlight of my professional career”, added Dr Thomas Schulze, former Chief Executive Officer, and Non-Executive Director. “On the basis of world-class research and backed by seasoned investors who joined at an early stage, we have built a company and laid the foundation for the development of new medicines based on a completely new pharmacological principle with ground-breaking potential for the treatment of neurodegeneration. I look forward to working closely with Dirk, Keno, the Board of Directors and the Management team as we continue to realize FundaMental's success story."

Alongside the new CEO appointment, FundaMental welcomes the Novartis Venture Fund to its existing group of seed investors, increasing the seed financing to €12.7 million. As a result, Dr. Mathias Frederiksen from the Novartis Venture Fund will join the FundaMental Board of Directors as a Non-Executive Director.

Read full press release here.

Meet Tyler Hayes, Principal at Thuja

So that you can become more acquainted with the Thuja team, every newsletter showcases an interview with a team member. 

In the spotlight for this edition is Tyler Hayes. He started at Thuja in February 2023 as a Principal. He completed his medical training at Harvard, where he also conducted research on improving blood stem cell engraftment after transplantation. Prior to Harvard, he led a research project at King’s College London which elucidated the role of common genetic mutations in oral cancer. He was a 2012 Fulbright Scholar to EPFL, Switzerland. He holds an MD from Harvard Medical School, an MRes in Translational Cancer Medicine from King’s College London, an MBA from London Business School, and a BSc in Cell & Molecular Biology from Duke University.

In your view, what are some of the most pressing issues facing the healthcare venture capital industry today?
One critical issue facing our industry today is the need for more venture investing in underrepresented diseases and patient populations. There is a significant funding gap in the market for companies developing therapies that tackle diseases related to mental health and women’s health, as well as infectious and rare diseases. Another important topic is the lack of diversity across the venture investing landscape as well as within the executive leadership teams of venture-backed companies. This is not only a social topic but also one that’s business critical, as diversity of background and thought have been proven to lead to better decision-making within teams and more innovative solutions to difficult problems.

How does your work at Thuja help address some of these issues?
At Thuja, we're very aware of the challenges our industry faces and our investment thesis is designed to address many of these head-on. Our focus on unmet medical need is reflected in our diverse investment portfolio. For instance, AstriVax is developing vaccines for infectious diseases like yellow fever and rabies; FundaMentalPharma is creating therapies for rare neurodegenerative diseases such as ALS; and Salvia BioElectronics is pioneering neuromodulatory devices for chronic migraine, which is significantly more prevalent among women. On the diversity front, we're proud signatories of initiatives such as the Principles for Responsible Investing, The Biotech Social Pact, and the Out Investors LGBT+ Network, underscoring our commitment to fostering an inclusive industry. Our team and the leadership of our portfolio companies reflect this diversity, something we believe is essential for driving innovation in healthcare.

Could you describe a typical day for you as a Principal at Thuja?
Describing a typical day for me at Thuja is a challenge because no day is like the one before. However, the start of each week is always marked by a team meeting where we delve into new deals that we’ve come across and decide whether to continue our due diligence on the opportunity. These discussions are often very spirited and nuanced and are definitely a highlight of my week. I also really enjoy engaging with leading global experts within our network who help us evaluate the scientific viability, clinical importance, and feasibility of assets being developed by companies we are considering. My days might also include reviewing investment cases drafted by my colleagues, attending board meetings for our portfolio companies, discussing ESG or impact initiatives, networking with fellow investors across Europe, or judging start-up pitch competitions. This variety is what makes my role both fun and immensely rewarding.

What aspect of your work excites you the most, and could you share an example of a project or investment that you found particularly exciting?
What excites me the most is being on the forefront of discovering and helping launch the 'next big thing' in healthcare. One particularly rewarding example of this was my involvement as part of the deal team behind our investment last summer in Gradient Denervation Technologies, which has developed a device to treat heart failure with associated pulmonary hypertension. Thuja’s investment enabled the company to advance into clinical trials, bringing the company one big step closer to making a significant impact on the lives of many patients.

How has moving to and living in the Netherlands influenced your perspective on work or life?
I moved to the Netherlands three and a half years ago. In this time, I’ve definitely experienced several shifts in perspective. As you might know if you’re Dutch or have lived here, the Dutch embrace a culture of directness in both their public and private affairs. It’s a sort of “what you see is what you get” type of culture. As an American who’s also spent several years living in England, where being polite is valued nearly above all else, the straightforward Dutch attitude was a bit jarring at first. However, I've grown to appreciate the clarity and efficiency of the Dutch style of communication, and to take offense far less frequently when someone is being “brutally” honest.

Finally, could you share a fun fact about you that most people might not know?
I earned my first paycheck at the tender age of 10 months as a chubby and cheerful baby model for an infant formula brand in the US. While my early days in front of the camera were short-lived, my love for food has endured, and I consider myself quite the ‘foodie’ today.

FundaMental Pharma GmbH announces publication of a groundbreaking Proof-of-Concept Study in Cell Reports Medicine

Our portfolio company FundaMental Pharma today announces the publication of a groundbreaking study by scientific founders Prof. Hilmar Bading and Dr. Jing Yan, in the renowned scientific journal ‘Cell Reports Medicine’.

The study provides pre-clinical proof of concept data for the therapeutic effect of FundaMental Pharma’s small molecule TwinF interface inhibitor (FP802) in amyotrophic lateral sclerosis (ALS). FundaMental Pharma’s TwinF interface inhibitors constitute an entirely new class of drugs that safely ameliorate glutamate neurotoxicity, a common cause of neurodegeneration. While FundaMental’s current focus is on ALS and Huntington’s Disease, the applicability of these molecules could extend to a range of neurogenerative disorders such as dementia and aging-related memory loss.

The full paper can be read online here:

• https://www.cell.com/cell-reports-medicine/fulltext/S2666-3791(24)00036-3

• https://www.uni-heidelberg.de/en/newsroom/pharmacological-inhibitor-protects-nerve-cells-in-als-disease

Thuja promotes Eleanor Price to Associate

We are very pleased to announce that Eleanor Price has been promoted to Associate as per January 1st. Eleanor joined Thuja two years ago as an Investment Analyst. 

Michel Briejer, Managing Partner, comments: “Since Eleanor joined the team I have been impressed by her professionalism and dedication to deliver high-quality work. Moreover, it is real fun to work with her and have her on the team. Hence a well-deserved career step!”

In her new role, Eleanor will continue to identify and analyse promising investment opportunities in healthcare and support Thuja’s portfolio companies, including Artica Therapeutics, for which she joined the Board as a Board Observer.

Please join us in congratulating Eleanor on her well-earned promotion. We look forward to her continued contributions to Thuja.

Meet Aartie Nanda, office & communication manager at Thuja

This interview is with Aartie Nanda. Aartie joined Thuja in May 2020 as an Office and Communication Manager. She has a bachelors/college degree in marketing and communication and has gained extensive experience in these fields before joining Thuja.

Let’s start this interview with your main activities at Thuja
I contribute to many aspects within the company, which is what I really like about my role. My main activities are investor relations, marketing & communication, HR and office management.
Oh, and organizing events. Organizing events is my sweet spot, I really enjoy thinking about all details involved and creating a full customer experience.

What do you like about working at Thuja.
I am mostly motivated by the opportunity to make a positive impact on the world. Whether it’s through my work directly or through the company’s mission, I find that I’m most energized when I feel like I’m contributing to something bigger than myself. I like to be part of an organization that is making a difference and creating a better future for everyone. Next to that, I also really enjoy working in a small team that feels a little like family.

What do you enjoy doing when you are not working?
When I am not working, I am cheering for my 2 boys when they play soccer. I love cooking and baking, particularly Surinamese and Indian cuisine. l love trying out new recipes, I can spend an entire rainy Sunday trying to perfect a dish to restaurant quality. I also enjoy hiking in nature and take city trips in the Netherlands and abroad.

Which book are you currently reading or what podcast can you recommend?
I wish I had time to read more books. Currently I am reading Atomic Habits from James Clear, a really nice and interesting read. He developed a concept, based on scientific evidence, that consists of changing certain habits. These are habits that, when changed, will improve quality of life. I also enjoy reading a nice novel or a good thriller.

I enjoy the podcast of Celine Charlotte. She is an online entrepreneur, speaker, business influencer and investor. She talks about the perks and downsides of being an entrepreneur and about daily life.

Final question, can you tell us one (silly) fact or anecdote about you?
I have a thing with the layout of dishwashers… I have to (must actually) re-arrange our entire dishwasher whenever I come home and the kids or my husband have placed some items in the dishwasher. So now none of my family members fill the dishwasher anymore, they just place everything in the sink, which frustrates me sometimes. I even re-arrange dishwashers at our friends and family homes when we are invited for dinner, I just can’t help it. Dishwashers just need to be arranged in a certain way.

Thuja Capital co-leads a €12M Seed investment in Artica Therapeutics.

We are thrilled to announce the latest addition to the Thuja portfolio. Artica Therapeutics is dedicated to developing a pipeline of covalent small molecules to advance the treatment of autoimmune and inflammatory disorders. Covalent drugs bind irreversibly to their target by design and are thought to yield improved efficacy.

Michel Briejer, managing partner at Thuja says: “Artica’s team harbours top-notch expertise regarding covalent drug development, which is an important reason to invest in Artica. We are extremely happy to be able to support Artica’s mission to develop better treatments addressing unmet medical needs.”

Congratulations to Artica's founders Tjeerd Barf, Arwin Ridder and Ad IJzerman on the successful closing of this €12M Seed round. 

 We are delighted to be joined by esteemed partners Seroba, Biogeneration Ventures and InnovationQuarter, as we support Artica in its mission to transform the lives of individuals living with autoimmune and inflammatory disorders. 

Read full press release.
Visit Artica’s website: https://www.artica-tx.com

Synerkine Pharma secures EUR 12.1 million to accelerate novel pain therapeutics towards clinical proof-of-concept

Synerkine Pharma, a Dutch biopharmaceutical company creating innovative pain solutions, today announced an extension of its Series A financing led by Flerie with support from new investors, InnovationQuarter Capital and Utrecht Health Seed Fund, and existing investor Thuja Capital. The equity financing is accompanied by a matching innovation credit from Rijksdienst voor Ondernemend (RVO) Nederland - the Netherlands Enterprise Agency. The total new proceeds of EUR 12.1 million will be used to accelerate the development of Synerkine Pharma’s lead asset SK-01, a therapeutically active cytokine fusion protein, into clinical studies in complex regional pain syndrome (CRPS), a severe chronic pain indication.

Chronic pain is a leading cause of disability globally and associated with enormous health- care costs. An increasing body of evidence demonstrates that the interaction between the nervous and immune systems plays an important role in the pathophysiology of pain. Synerkine Pharma operates in this area with a novel class of patented cytokine fusion proteins, called Synerkines, which combine two biologically relevant and synergistic anti-inflammatory cytokines. The mode-of-action aims to reverse the state of central sensitization, a heightened sensitivity to pain, holding the potential to fully reverse chronic pain. Synerkine Pharma’s lead molecule, SK-01, a fusion of the cytokines IL-4 and IL-10, targets multiple cell types and pathways involved in chronic pain and has demonstrated durable effects in a relevant animal model.

“A lack of innovation has held back the treatment of severe and chronic pain for years, and an overreliance on opioid medications has led to wide-reaching negative effects. We aim to reimagine chronic pain treatment with a novel first-in-class approach that could result in a long-term pain-resolving effect,” commented Hans Preusting, PhD, Chief Executive Officer of Synerkine Pharma. “With the financial resources to advance our lead program into clinical trials secured, our focus will move towards establishing safety and proof-of-concept for our novel cytokine fusion approach. Our lead asset, SK-01, is progressing steadily towards the clinic, supported by a robust preclinical data package and with process development for larger scale manufacturing well underway.”

“Synerkine has achieved significant progress over the last 24 months and is well prepared to reach the next value inflection point of clinical readout. We look forward to working with current and new partners helping the team to unlock the potential of their novel disease-modifying biology with a unique mode-of-action,” commented Ted Fjällman, Chief Executive Officer of Flerie.

For a more detailed description of the current investors in Synerkine Pharma, we refer to the company website.

Link to full press release.

Thuja invests in Gradient Denervation Technologies

We are very pleased to welcome Gradient Denervation Technologies (“Gradient”)  to the Thuja family. Gradient, the seventh investment from our third fund, is the latest addition to the Thuja portfolio of companies. Gradient is a clinical-stage company developing an innovative, minimally invasive ultrasound-based catheter device for the treatment of pulmonary hypertension.

Gradient will initially focus on patients with pulmonary hypertension due to left-sided heart disease, which affects several million individuals across the US and Europe. There are currently no targeted treatments available for this disease, which has significant negative impacts on quality and length of life.

Evan Castiglia, Partner at Thuja says,: “Gradient has significant potential to improve  the care of patients with pulmonary hypertension due to left heart disease, a patient group with a substantial need for better treatment solutions. We are excited to support the Gradient team as they pursue this mission.”

 We congratulate CEO Martin Grasse and his team with the €14M Series A funding round and look forward to working with co-investors Asabys Partners and Sofinnova Partners.

Read full press-release here.

Meet our new Investment Director and Partner Evan Castiglia

So that you can become more acquainted with the Thuja team, every newsletter showcases an interview with a team member.

In the spotlight for this edition is the latest addition to our team. Evan Castiglia, he joined Thuja as of April 1st, as an Investment Director and Partner. 

Prior to joining Thuja, Evan was Partner and Head of European Investments for Philips Ventures, the corporate venture capital group of Philips. During his tenure, Evan led and managed numerous investments across healthcare sectors, including medical device and digital health, and across investment stages from early to growth.  Before joining Philips Ventures, Evan was the Chief Business Officer of the U.S.-based venture backed precision biology company, RareCyte, which he helped lead from product concept to international commercialization. 

Let’s start this interview with what you enjoy most about the work you do.
I enjoy working with our portfolio company CEOs.  Building a medtech or biopharma company from the early stages is a very difficult challenge, supporting those at the helm and helping them solve problems where I can is my favorite part of the job.

What do you like about working at Thuja?
The teamwork. Everyone on our team has a unique perspective and is empowered to contribute to each investment in our portfolio. I learn a lot from working side by side with everyone at Thuja.

What drives and motivates you?
We all know someone who has suffered greatly from poor health at some point in their life. Having a positive impact on the ability to provide better care to patients in the future is the single most important motivating factor for me.

And last but not least, what do you enjoy doing when you are not working?
Spending time with my kids. I have three wonderful children and they are growing up too fast. I also enjoy playing football and padel as much as I can.

First patient receiving groundbreaking neuromodulation solution for severe migraine and cluster headaches

Eindhoven, The Netherlands, July 4th 2023 - Portfolio company Salvia BioElectronics, a pioneering Dutch company focused on neuromodulation for severe migraine, today announced the successful first implantation of their paper-thin neuromodulation solution. For the first time in medical history, bioelectronic foils were implanted to treat severe migraine and cluster headaches. "A remarkable milestone, ushering in a new era of possibilities in our field," says CEO Hubert Martens. And with success: the first patient experienced immediate improvements in the number and intensity of migraine and cluster headache attacks.

Salvia BioElectronics is a medical device company dedicated to developing a patient-centric therapy for chronic migraines. Founded in 2017 by industry veterans in the field of neuromodulation, the company builds on research around known neural targets in migraine to develop an effective, safe, and accessible modulation method aimed at alleviating migraine.

Migraine is the leading cause of disability in people under the age of 50 (1), affecting one in seven individuals, primarily women. More than five percent of people with migraine suffer from chronic migraines, averaging 22 headache days per month. Despite current approved medical methods, patients with chronic migraine find minimal relief. Consequently, a significant number of patients remain desperate for effective medical treatment (2).

"We restore balance in the brain"

Wim Pollet, Chief Medical Officer of Salvia BioElectronics

Bioelectronic foils
Recognizing this unmet need, Salvia was founded with a clear mission: to give migraine patients back their life. The company aims to develop flexible bioelectronic foils that can uniquely conform to the anatomy of the head, offering a promising neuromodulation solution.

"We restore the balance in the brain", says Wim Pollet, the Chief Medical Officer of Salvia. "Migraines and cluster headaches are characterized by hypersensitivity of the nervous system. Our solution aims to restore the balance of the nervous system by delivering gentle electrical pulses via paper-thin bioelectronic foil to reduce migraine and cluster headache attacks.”

First clinical trials
Salvia's first clinical trial marks the beginning of further building clinical evidence to support a solid market launch of their neuromodulation solution. Dr. Wim Pollet: "This first procedure is a huge milestone in our journey to help patients find relief. We are eager to continue our clinical trial program with the ultimate goal of giving patients their lives back."

Dr. Paul Frank, the principal investigator of the clinical trials, is excited about Salvia’s solution: “Working with Salvia to implant our first patient was an excellent experience. I am excited that this new technology can significantly impact the lives of many patients.”

A fish called Salvia
The two young sons of Salvia’s first patient in Australia, a 29-year-old woman who has suffered from debilitating headaches since the age of 14, are so appreciative that they named their new fish after the company.

About Salvia BioElectronics B.V.
Salvia BioElectronics is a medical device company that develops a novel therapy for people with severe migraine.
Salvia’s team of scientists, doctors, and engineers develops a game-changing device that is designed to provide more migraine-free days. Salvia’s ultrathin bioelectronic foil is surgically placed just below the skin and delivers gentle electrical pulses to reduce the hypersensitivity of the nervous system.
Salvia’s unique solution and the large unmet medical need it addresses are recognized by the United States Food and Drug Administration (FDA) who awarded Salvia with a breakthrough medical device designation in 2020.
www.salvianeuro.com

——

1. Steiner, T.J., Stovner, L.J., Vos, T. et al. Migraine is first cause of disability in under 50s: will health politicians now take notice? J Headache Pain 19, 17 (2018). https://doi.org/10.1186/s10194-018-0846-2

2. Richard B Lipton, Merle L Diamond, Stewart J Tepper, Expert Perspectives—Migraine Prevention for Highly Impacted Patients.

AstriVax Awarded €2.5 million Grant to Advance Innovative Vaccine Platform

• Grant awarded by Flanders Innovation & Entrepreneurship (VLAIO)

• The government grant will be used to accelerate the company’s vaccine platform.  

• The non-dilutive financing builds upon the company’s award-winning €30 million seed financing in 2022 and demonstrates great confidence in the company’s potential.

Leuven, Belgium, May 30, 2023 – AstriVax is pleased to announce that it has been selected for funding by Flanders Innovation & Entrepreneurship (VLAIO). The company has received a grant of €2.5 million to advance its innovative technology.

Hanne Callewaert, Ph.D., CEO of AstriVax, said: “I am very grateful that VLAIO recognizes the potential of our vaccine platform and the strategic importance of our project for vaccines of the future. With their support, we can further optimize our technology and accelerate toward clinical validation to pave the way for commercial use. The grant also demonstrates that AstriVax is firmly embedded in the world-renowned innovation ecosystem that is Flanders. This regional context creates additional opportunities to drive our global mission forward.”

AstriVax has been awarded a VLAIO research and development project grant, a type of funding companies can use for projects based on innovative ideas of strategic importance. Combined with the €30 million in seed capital AstriVax raised in 2022, the VLAIO grant brings the company significantly closer to making a lasting impact on global healthcare with novel prophylactic and therapeutic vaccines. The combination of private investment and non-dilutive government support also underscores the confidence in the company’s potential to revolutionize vaccine development and production.

Media Contact                                               
Hanne Callewaert, Ph.D., CEO of AstriVax, info@astrivax.com.

About VLAIO
Flanders Innovation & Entrepreneurship (Agentschap Innoveren & Ondernemen - VLAIO) is a Flemish Government agency that stimulates and supports R&D activities by innovative entrepreneurs and companies.

About AstriVax
Founded in 2022, AstriVax NV aims to address global challenges in vaccinology with its innovative plug-and-play vaccine platform. The company develops novel prophylactic and therapeutic vaccines that are easy to produce, have reduced cold chain requirements, and offer broad and long-lasting protection against various infectious diseases.AstriVaxis supported by well-known investors V-Bio Ventures,

Pan Cancer T appoints Rachel Abbott to succeed Katrien Reynders-Frederix as Chief Executive Officer

Rotterdam, May 12, 2023 – Pan Cancer T B.V., a biotech spin-off from Erasmus MC dedicated to the discovery and development of next-generation TCR-T therapies against solid tumors, today announces the appointment of Dr. Rachel Abbott as Chief Executive Officer (CEO). Rachel steps up from her current role as    Pan Cancer T’s Chief Scientific Officer (CSO), succeeding Katrien Reynders-Frederix who has served as CEO since the company’s inception.

Katrien has played a pivotal role in building Pan Cancer T. She started the company in 2020, together with co-founders Prof. Reno Debets and Dr. Dora Hammerl, and has led its transformation from an academic scientific concept to a focused industrial company. Under her leadership, the company has developed a first T cell receptor (TCR) against a novel tumor target that shows real promise in triple negative breast cancer (TNBC) preclinical models.

"I am very proud of what we achieved with Pan Cancer T over the last years, and I want to express a warm thank you to my colleagues, Board and Investors for their contributions, resilience, and dedication. While the time has come for me to explore new opportunities, I have no doubt that under the leadership of Rachel, this company will continue to thrive and achieve great things in bringing transformational medicines to patients," said Katrien Reynders-Frederix.

 “I am very honoured to accept the Supervisory Board and shareholders’ offer to lead Pan Cancer T and I look forward to building on the strong foundation laid by Katrien,” said Rachel Abbott. “Recent clinical advances have shown that TCR-T cell therapies can have a profound benefit for patients with solid cancers. I am excited to work with the team to progress our lead candidate PCT-1 to the clinic for the treatment of TNBC patients, a relatively young patient population not served by current clinical TCR-T products. Furthermore, I am enthusiastic about our future pipeline, which should enable us to bring innovative therapies to more patients with multiple solid tumors. A particular highlight is our novel next generation engineering strategy with potential to enhance the durability of TCR-T, which will be applicable to a broad range of TCRs beyond PCT-1.”

John Tchelingerian, Chairman of Pan Cancer T, expressed gratitude to Katrien for her leadership and dedication to the company. “On behalf of the Supervisory Board, I want to thank Katrien for her entrepreneurship, dedication and significant contributions, which have taken Pan Cancer T from its very early beginnings to this point, where the company is looking to progress its first product candidate to the clinic. We wish Katrien all the best in her future endeavours,” said Dr. John Tchelingerian, Chairman of the Supervisory Board, “Under Rachel's leadership, the company is well-positioned to rapidly grow into a clinical stage company and continue its focus on developing new TCR-based cancer treatments. We look forward as a Supervisory Board to working with Rachel and supporting her in the transformation of PCT as a leading player in the field”.

About Rachel Abbott
Rachel Abbott joined Pan Cancer T in January 2023 as Chief Scientific Officer (CSO) bringing substantial industry experience developing T cell receptor (TCR)-based cell therapies, leading scientific research teams and managing collaborations with big pharma and academic institutions.  Prior to joining Pan Cancer T, Rachel was Senior Director, Head of TCR Pipeline and Dark Antigen Research at Enara Bio from March 2021 to January 2023. In this role, she was responsible for building and delivering on strategic research frameworks with a particular focus on the discovery and validation of ‘Dark Antigens’ (i.e., unconventional cancer immunotherapy targets that arise from the aberrant transcription of normally silenced regions of the genome) and identification of Dark Antigen-specific TCRs that can be advanced for therapeutic development. Before joining Enara, Rachel spent over 6 years at Adaptimmune developing cancer specific TCR T cell therapies. Her career at Adaptimmune started in the lab before progressing into management, culminating in her role as Head of Pipeline Cell Biology. Previously, Rachel was a Research Fellow at the University of Birmingham for seven years where she investigated CD8+ T cell responses to Epstein Barr virus. She holds a DPhil, awarded for her structural studies on the complement system regulator CD55 and its ligands, and a MBiochem in Molecular and Cellular Biochemistry, both from the University of Oxford.

About Pan Cancer T
Pan Cancer T was founded in late 2020 as a spin-off from Erasmus MC (Rotterdam, the Netherlands) to advance next generation TCR T cell therapies for hard-to-treat solid tumors. The Company’s approach includes two differentiating elements. First, it exploits unique targets for T cells that are exclusively and robustly expressed by multiple solid cancers. Second, it develops technologies that enhance the durability of the T cells. The Company has ongoing R&D programs to develop safe and effective adoptive T cell therapies amenable to large cohorts of patients with triple negative breast cancer as well as cancers of the bladder, ovarium, colorectum, prostate, skin, esophagus, lung, or brain. For more information, please visit: www.pancancer-t.com

Contact Pan Cancer T
Marconistraat 16
3029 AK, Rotterdam
The Netherlands
rachel.abbott@pancancer-t.com

Media Inquiries
akampion
Dr. Ludger Wess / Ines-Regina Buth
Managing Partners
info@akampion.com
Tel. +49 40 88 16 59 64 / +49 30 23 63 27 67

Evan Castiglia joins Thuja Capital Management

We are very pleased to announce that Evan Castiglia has joined the Thuja team as of April 1st, as an investment director and partner.

Prior to joining Thuja, he was Partner and Head of European Investments for Philips Ventures, the corporate venture capital group of Philips. During his tenure, Evan led and managed numerous investments across healthcare sectors, including medical device and digital health, and across investment stages from early to growth. Before joining Philips Ventures, Evan was the Chief Business Officer of the U.S.-based venture backed precision biology company, RareCyte, which he helped lead from product concept to international commercialization.  Evan holds an M.B.A with Distinction from the University of Oxford.

We cordially welcome Evan and look forward to working with him to select and build many impactful healthcare ventures.

Meet Florian Ludwig, Venture Partner at Thuja

So that you can get to know the Thuja team a bit better, every newsletter features an interview with a team member.

This interview is with our Venture Partner Florian Ludwig. Since joining Thuja in 2016, Florian has worked in a number of roles and built broad expertise across all facets of medical device development. His academic education is in physics and, more specifically, biophysics – a melting pot of biology, (bio)chemistry, physics and medical sciences.

Let’s start with your ‘new’ role at Thuja as a venture partner. Can you tell us more about that?
I am in an unique position working on both sides of the fence as a venture partner at Thuja and as a CEO at Thuja portfolio company CardiacBooster. This dual role really speaks to Thuja’s ambition to support early ventures, not only with capital but also with the tools, expertise and resources to fuel their growth.  With my ‘venture partner’ hat on, I help the team evaluate the medtech deal flow. That primarily includes highlighting critical considerations with respect to a potential investment opportunity. At Thuja, I serve as a board observer at Salvia Bioelectronics (see below). Combining the two appointments is not without challenges - but, overall, it also provides a benefit to both Thuja and CardiacBooster as quite a few learnings and insights translate on both sides.

What is your background?
I spent over 15 years in medical device development before joining Thuja in 2016. Early in my career, I spent six years in the San Francisco Bay Area, one of the world’s leading hotbeds from medical device innovation. My academic education is in physics, and more specifically biophysics – a melting pot of biology, (bio)chemistry, physics, and medical sciences, which I find a great foundation for contributing to healthcare innovation.

What trends in healthcare do you find interesting?
There are so many fascinating developments – many of which Thuja has invested in. There is a lot of activity and focus on conquering both acute and chronic heart failure. This is where I expect CardiacBooster to have an impact and provide benefit to patients worldwide. Outside the cardiac arena, I find the emerging field of neuromodulation fascinating. Thuja’s portfolio company Salvia Electronics aims to provide a powerful treatment option for patients with chronic migraine. Also, I think that modulation of the immune system and inflammatory cascade will play an increasingly important role in treatment of cancer and chronic inflammatory diseases such as auto-immune diseases. Thuja has a number of very interesting investments in this arena, including EsoBiotec and Pan Cancer T.

What drives and motivates you?
I am a healthcare innovator at heart. While I find the science behind advances in treatments and diagnostics fascinating, what really drives me is the ambition to help translate this science into new treatment and diagnostic modalities that improve the lives of patients.

What are your passion outside work?
I love the mountains and the outdoors. I like to hike, ski and rock climb. After moving to the Netherlands, I am trying to add wind and water sports to the list and have become passionate about kite surfing.

What do most people don’t know about you.
I am embarrassingly bad with names of actors and musicians. Once I was having dinner with a colleague of mine in a restaurant where the walls  were plastered with innumerable photos of famous actors. He challenged me to name three of them for a beer. Let’s just say that I had to pay for drinks that evening.

AstriVax, an innovative vaccine platform company, establishes scientific advisory board with world renowned leaders in vaccine development

• Emmanuel Hanon, PhD, will chair the company’s scientific advisory board.

• Professor Peter Piot (MD, PhD) and Professor Patrick Soentjens (MD, PhD) have been appointed as advisors.

• Together, they bring complementary expertise in infectious diseases, vaccines, and global health management as well as over 80 years of combined experience.

Leuven, Belgium, 24 March 2023 – AstriVax has announced that Dr Emmanuel Hanon will chair the company’s scientific advisory board. Renowned infectious disease experts Dr Peter Piot and Dr Patrick Soentjens have been appointed as scientific advisors. With the support of its scientific advisory board, AstriVax will continue to build its innovative plug-and-play vaccine platform to address important unmet needs in global health.

Hanne Callewaert, CEO of AstriVax, said: “I am truly grateful that Peter Piot and Patrick Soentjens have agreed to join the company’s scientific advisory board and that my AstriVax colleague Emmanuel Hanon will become its chair. Their combined experience covers the full spectrum of infectious diseases, prophylactic and therapeutic vaccine development and global health management. It makes me proud that three world renowned experts appreciate the potential of our vaccine technology, and I look forward to working with them to drive our ambitious mission forward.”

Emmanuel Hanon, PhD, has a background in veterinary medicine and brings over twenty years of experience in vaccine research and development. At GSK, he ran global vaccines R&D for seven years, driving discovery, development, and life-cycle management of one of the largest vaccine portfolios in the industry. He oversaw the discovery and development of vaccines against quadrivalent influenza (Fluarix and Flulaval Quadrivalent), shingles (Shingrix), malaria (Mosquirix), and RSV in older adults. He has been an internal advisor for therapeutic vaccines at AstriVax since the start and will continue to combine his new role as scientific advisory board chair at the company with his role as scientific advisor to CEPI and his CEO role at Vicebio.

Microbiologist Peter Piot, MD, PhD, is the former Director of the London School of Hygiene & Tropical Medicine. After co-discovering the Ebola virus in 1976, he led pioneering research in HIV, women’s health, and infectious diseases. He was the founding Executive Director of UNAIDS, under the Secretary-General of the UN. Professor Peter Piot has held positions at leading universities around the world. He is Special Advisor on COVID-19 to the President of the European Commission. He serves on numerous committees, funds, and boards dedicated to global health. His long list of accolades includes the Robert Koch Medal, the Gairdner Award in Global Health, the 2014 Time Person of the Year, and the Belgian title of Baron. He has published over 600 scientific articles and 16 books.

Patrick Soentjens, MD, PhD, is an infectious disease specialist with clinical expertise in travel medicine, HIV, sexually transmitted diseases, tropical diseases, and severe multi-resistant infections. He is the Chief Physician at the Polyclinic of the Antwerp Institute of Tropical Medicine (ITM) and chair of the Belgian Study Group of Travel Medicine. He also consults for the National Immunization Technical Advisory Group and serves on several advisory boards. His team's work on alternative vaccination schedules for rabies led to a revision of existing WHO recommendations. Professor Patrick Soentjens' current research focuses on improving vaccination regimens for travellers and military staff who need protection against yellow fever, tick-borne encephalitis, rabies, and other travel-related diseases. Under his leadership, the ITM launched a new clinical trial centre for vaccines in 2021.

Dr. Hanon, Professor Piot and Professor Soentjens will join the AstriVax scientific co-founders ProfessorJohan Neyts (PhD) and Professor Kai Dallmeier (PhD), both affiliated with the KU Leuven Rega Institute, on the company’s scientific advisory board.

Media contact                                                
Hanne Callewaert (PhD), CEO of AstriVax, hanne.callewaert@astrivax.com.About

AstriVax
Founded in 2022, AstriVax NV aims to address global challenges in vaccinology with its innovative plug-and-play vaccine platform. The Belgium-based company develops novel prophylactic and therapeutic vaccines that are easy to produce, have reduced cold chain requirements, and offer broad and long-lasting protection against various infectious diseases. AstriVax is supported by V-Bio Ventures, Fund+, Flanders Future TechFund, Thuja Capital, Ackermans & van Haaren, Mérieux Equity Partners (via OMX Europe Venture Fund), BNP Paribas Fortis Private Equity, and the KU Leuven Gemma Frisius Fund. AstriVax is located in the BioHub in Leuven. For more information, please visit www.astrivax.com.

source: globenewswire.com