Portfolio companies

KIYATEC Announces New B2 Financing and New Investor LabCorp

We are very pleased to pass along news of KIYATEC’s Series B2 fundraising, led by VentureSouth with participation from LabCorp and several co-investment partners.

You can read more on KIYATEC’s site and below. Congratulations to Matt Gevaert and the team for their continued hard work and success.

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KIYATEC Announces $3 Million Initial Closing of Series B2 Preferred Stock Financing and New Investor LabCorp

GREENVILLE, SC. – May 1, 2019 – KIYATEC, Inc., today announced the initial $3 million closing of the company’s series B2 financing round. The round was led by VentureSouth and included LabCorp® (NYSE: LH).

“This validation and confidence by our investors, coupled with the exciting progress of our clinical trials, puts us on the path toward the next phase of growth and development,” said Matthew Gevaert, CEO of KIYATEC. “We are particularly excited to welcome LabCorp as a new investor because of the depth and breadth of their expertise in oncology. With the preclinical and clinical development strengths of LabCorp’s Covance Drug Development business, and their corporate position as a world leader in clinical testing, there is great potential synergy across the many ways KIYATEC’s technology can be used to improve cancer care.”

Proceeds from the financing will go toward KIYATEC’s ongoing clinical study, 3D-PREDICT, to validate KIYATEC’s proprietary assay as a patient-specific predictor of response to cancer therapies for solid tumors. The test analyzes a patient’s live cancer cells, grown in KIYATEC’s laboratory within a biologically relevant 3D microenvironment, to determine whether those cells respond to guideline-recommended cancer drugs. The 3D-PREDICT study is a fully prospective, multi-institutional effort to validate the predictive accuracy of the test and correlate response predictions to clinical outcomes among patients with newly diagnosed and relapsed ovarian cancer, glioblastoma and certain rare tumors.

The company has gained significant momentum in 2019. Recently, at the 110th Annual Meeting of the American Association for Cancer Research (AACR), KIYATEC demonstrated leading capabilities in modeling and predicting response to immuno-oncology therapies including checkpoint inhibitors. On April 10, KIYATEC was one of 20 companies recognized nationally on Capitol Hill as part of the 2019 University Innovation & Entrepreneurship Showcase. In the first quarter of 2019, KIYATEC added three clinical sites to its 3D-PREDICT study and expects to continue its momentum by adding additional sites in the second and third quarters.

About KIYATEC, Inc.
KIYATEC is dedicated to accurately modeling and predicting cancer patient response to drug therapies, using ex vivo 3D cell culture technology, in order to inform clinical decision making and drive drug development. Our predictive clinical tests provide oncologists with patient-specific response profiles to current standard of care drugs prior to treatment selection. Our predictive 3D models are being used by leading biopharmaceutical companies to increase the success of their preclinical and clinical drug development programs as they develop the cancer therapies of the future.

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UVision's FDA approval

We are very pleased to congratulate portfolio company UVision on successfully receiving approval from the FDA for its Luminelle hysteroscopy system. 510(k) clearance, with indications for both hysteroscopy and cystoscopy, was granted last week.

Receiving FDA clearance for a medical device is no small accomplishment. Getting it in two years from the initial concept is a remarkable feat. A testament to the grit of the founding team and the brainpower of the medical advising team.

You can read more in UVision's press release here and press coverage here.

Congratulations to Allison London Brown and the rest of the team.

KIYATEC's clinical trial milestone

We are proud to celebrate KIYATEC's announcement that it has begun admitting patients to its first clinical trial.

You can learn more about the new trial studying KIYATEC's ability to predict treatment outcomes for certain cancer patients in its press release, on KIYATEC's website, and in other coverage.

This is a major milestone for KIYATEC, and the culmination of several years of painstaking and groundbreaking work developing and validating its technologies and predictive capabilities.

As the coverage in Bloomberg notes, it is also a great story of collaboration between hospital systems, state/funding entities, private capital like VentureSouth's members ($1.5M invested and counting!), scientific talent, the National Cancer Institute, and many more.

Many years of hard work are ahead, but being able to predict which drugs will be most effective on an individual's cancer will be worth the effort. Keep up the good work!

VentureSouth portfolio news - January and early February 2018

2018 has started at a blistering pace. We were delighted to start the year with a good exit at FarmShots, but our portfolio companies continue to develop quickly. Updates include:

An exit! FarmShots acquired by Syngenta!

Investing in early stage companies pays off in many ways. The most tangible is when they are bought by bigger companies. We're delighted to start the year off with "an exit" - with FarmShots acquired by Syngenta.

You can see Syngenta's press release here, and a nice profile of Josh and the FarmShots team in the Triad Business Journal.

VentureSouth members invested in FarmShots in September 2016, attracted by Josh's technological skills and persistence, FarmShots' technology and market opportunity, and the cost saving and efficiency improvements for farmers.

Financial terms have not been disclosed, but we are happy to say that the investment definitely hit our return targets! This investment is a case study on how angel investing should, and does, work - so look out for more on our blog to come.

Though our part on the entrepreneurial journey is over, we wish Josh and Syngenta the best of luck in continuing to develop a great business.

Portfolio news - Wrapping up 2017

2017 was a very productive year for VentureSouth portfolio companies. We are proud of their progress and achievements, so wanted to pass along a few additional awards, links, self-promotion, and recognition of them.

Bring on 2018!

Portfolio news - November 2017

With a portfolio of 40 active companies, it can be hard to keep track of all their achievements. Our team of intrepid news searching scripts this month bring you:

Baebies: Completed its $10 million Series B raise, helped by a large strategic investment from BOE Technology Group.

Kwipped: Announced the completion of a further round of growth financing. We are pleased to be participating again, alongside the Wolfpack Investment Network.

Proterra:  In addition to providing the keynote content at the VentureSouth Summit, Proterra is sending buses to San Jose airport and Greensboro NC, and showing them off in Iowa, California and Shreveport. They're driving a market continuing to grow at 28% / year; Vox's recent industry review is a great primer.

Brightfield was featured in Motor Week for establishing more than 100 solar/EV charging stations across NC.

Reveal Mobile remains a "top 10 startup to watch." Learn more from Brian Handly in Forbes too.

And Target Pharma shared more of its plans for the rest of the year with the Triangle Business Journal.

Portfolio news - October 2017

In what is rapidly becoming the Proterra and Avadim show, below are links to some of the newsworthy items for late September and October.

Proterra: after several years and much effort, here come the first two Proterra buses in Greenville. And these are now officially world-record-breaking buses; take a seat Tesla.  And Proterra also announced partnerships with LG Chem, purchases by Van Hool, and more.

Avadim: Avadim announced a partnership with another market leader - this time Cardinal Health, to provide Avadim's line of topical bionome therapies. But not everything goes according to plan...

TiO Home announced a partnership with On Top Of The World Communities - a 3-year, 1,200-home program beginning in January.

Kwipped was featured in Total Station Markets, Chemistry World, MSN Lifestyle, the Journal Of Clinical Research Best Practices, and Irish Tech News - quite a selection. It also passed $75MM in listed assets.

Target Pharma: announced the extension of its partnerships with Bristol-Myers Squibb and Intercept, and a new partnership with Boehringer Ingelheim.

And Baebies announced a global distribution partnership for SEEKER with Trivitron's Labsystems Diagnostics.