Pinwheel Therapeutics raises $20 million from 108 Bio Capital

Pinwheel Therapeutics, a clinical stage biopharmaceutical company advancing differentiated therapeutic assets said it has raised $20 million from US-based growth equity fund, 108 BioCapital.

Having recently completed its first closure of more than $40 million, the fund has initiated registration for a Gift City feeder vehicle with its application in due process. 

The current transaction represents a special-situation recapitalisation of a late-stage clinical asset purchased following the sale of PE-backed Covis Pharmaceuticals to Azurity Pharmaceuticals, ahead of a defined late-stage clinical inflection.

Dr. Sasha Bakhru, Managing Partner & CEO, 108 BioCapital said “This is our inaugural investment and represents a compelling next-generation, clinical-stage anticoagulant reversal opportunity. This fund is focused on targeting biotech and medtech companies addressing high impact, unmet medical needs with a clear emphasis on regulatory and commercial readiness.”

“Ciraparantag, a small molecule manufactured by simple peptide chemistry was originally invented and developed by Perosphere Pharmaceuticals – and promised to fill the gap left by Andexxa, which was withdrawn from the U.S. market in December 2025 and support rapid decision making in time critical settings such as trauma, intracranial hemorrhage and emergency surgery,” he said.

Pinwheel holds worldwide rights and patents for Ciraparantag until at least 1Q2034 and has the flexibility to re-license territories which could itself generate significant revenues and further de risk the asset ahead of a strategic exit.

Ciraparantag is currently the only clinical-stage therapy designed to reverse both direct oral Factor Xa inhibitors (Eliquis, Xarelto, Lixiana), Direct Thrombin Inhibitors (Pradaxa) and low molecular weight and unfractionated heparins, the company said, 

It is being developed as a universal reversal option for emergency anticoagulation management in hospital and acute-care settings. Dosage will be in the form of a ready-to-use IV injection and will cost a fraction of prior reversal therapies and procoagulant clotting factor cocktails, the company added.