US-Based PE Fund 108 BioCapital invests $20 million Pinwheel Therapeutics

investment

• 108 BioCapital invests $20M in Pinwheel Therapeutics for ciraparantag development.
• Ciraparantag targets reversal of major anticoagulants for emergency bleeding.
• Pinwheel secures global rights to ciraparantag, targeting $1.4B anticoagulant market.

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108 BioCapital, a US‑based biotech‑focused private equity fund backed by prominent global and Indian investors, has made its inaugural investment by committing $20 million to Connecticut‑based Pinwheel Therapeutics, securing the late‑stage development of ciraparantag, a universal anticoagulant reversal agent.

The investment follows the fund’s first close of over $40 million and comes as it registers a feeder vehicle at India’s GIFT City financial hub. The fund counts among its backers the family office of Silver Lake’s Mike Bingle, Manipal Group’s Ranjan Pai, Bharat Serums’ Daftary family, Erba‑TransAsia’s Suresh Vazirani, and Paragon Partners’ Siddharth Parekh, along with several major US and global institutions.

Pinwheel acquired ciraparantag during a special‑situation recapitalization triggered by the sale of Covis Pharmaceuticals to Azurity, giving the company full global rights and patents through at least first quarter of 2034. The therapy is the only clinical‑stage agent capable of reversing all major classes of anticoagulants—including Factor Xa inhibitors such as Eliquis, Xarelto and Lixiana; thrombin inhibitor Pradaxa; and both low‑molecular‑weight and unfractionated heparins—putting it in position to address emergency bleeding and trauma cases with a single, ready‑to‑use IV product. The withdrawal of Andexxa from the US market in December 2025 has further widened the gap ciraparantag aims to fill.

“This is our inaugural investment and represents a compelling, next‑generation opportunity,” said Dr. Sasha Bakhru, Managing Partner & CEO of 108 BioCapital, noting that ciraparantag’s simple peptide‑based chemistry and broad utility make it suitable for time‑critical clinical settings such as trauma, intracranial hemorrhage and emergency surgery. Bakhru emphasized that the fund’s strategy centers on companies addressing high‑impact unmet needs with clear regulatory and commercialization pathways.

Pinwheel’s control of global IP gives it strategic flexibility to re‑license territories, opening potential revenue streams even before a full commercial launch. The firm plans a Phase 2b trial backed by the new capital. With a global anticoagulant reversal market estimated at $1.4 billion and growing due to rising DOAC use among aging populations, ciraparantag enters a largely underdeveloped competitive landscape with few approved reversal options. Xarelto and Eliquis already rank among the top ten prescribed drugs in the US and EU, underscoring the scale of the opportunity.

108 BioCapital’s General Partners Shom Jagtiani and Shahryar Oveissi said the US healthcare market remains a strong draw, noting that the fund has identified six target portfolio companies and expects to add at least two more during the investment period. They highlighted the fund’s “operationally engaged” approach, which includes hands‑on involvement with management teams to navigate regulatory and clinical inflection points.

Led by a team with deep scientific, entrepreneurial and PE experience—credited with exits such as Perosphere Pharmaceuticals’ $415 million sale, Amylyx Pharmaceuticals’ $1 billion IPO, and Small Bone Innovations’ $375 million strategic sale—108 BioCapital is positioning itself as a specialist investor in biotech and med‑tech assets with clear late‑stage value catalysts.