2024 Annual Report

ANNUAL REPORT 2024

2023 Innovator of the Year Timothy Showalter

Where Research Gets Real

Launching UVA-Born Ideas into the Marketplace Accelerate

Develop

We provide resources and expertise to support the entrepreneurial and investment process

We connect and promote innovations to our partners and industry

Protect

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

We navigate the legal and patenting process to protect ideas developed at UVA

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Engage

We work with creators to discover an innovation’s smartest path to IMPACT

OUR MISSION: To grow and guide UVA innovations while improving lives on Grounds and around the world.

IMAGE: 2023 INNOVATOR OF THE Y E AR TIMOTH Y SHOWALTER

06 LVG Staff 07 FY24 Performance 12 FY24 Patents 14 LVG Seed Fund 18 Inside LVG 19 New Ventures 20 Innovator of the Year

2024 ANNUAL REPORT

TABLE OF CONTENTS

04 Welcome

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UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Welcome

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Working abroad in industry for the first 20 years of my career was a cool experience, but would you like to know what has been even cooler? Leading technology commercialization offices at major research universities here in the United States.

2030 Strategic Plan set forth by UVA President Jim Ryan.

I’ve been leading tech transfer offices at major research universities for more than 16 years. As I do this work I continue to be humbled by the dedication, perseverance and service to the common good here on Grounds. We build upon the “Great and Good”

LVG launched six new ventures (see page 19) to advance innovations in treatment for kidney and autoimmune disease, diabetes, chemical probes for new drug development and biomarkers for women’s health.

This year, the cover page of our annual report features Dr. Timothy N. Showalter. Last February, in front of a large crowd at the Rotunda, Dr. Showalter accepted And leading an office at a prestigious institution like the 2023 Edlich-Henderson Innovator of the Year the University of Virginia? Well, that’s as cool as it gets. award — the highest honor that can be bestowed on a University of Virginia innovator.

Here at UVA, I get to see the fulfillment of the promise of federal taxpayer-funded basic science for advancing Dr. Showalter was most deserving, as it’s not too often that an innovator can be the lead inventor and the the health, prosperity and quality of life of the nation. co-founder of a company — leading the company to get And sometimes, the benefits hit close to home.

This year, one of the members of our team had an FDA approval and then spearheading the acquisition immediate family member benefit from a technology of the company. Most important is that Dr. Showalter’s developed at UVA that is now licensed to a company invention is helping women with cervical cancer developing products for patients all over the world. (see pages 20-23). At LVG, these are the kinds of innovations that we strive for on a daily basis.

This is what we’re all about at UVA LVG, where our mission is to grow and guide University innovations In another strong year, LVG completed 80 while improving lives. Our tagline is, “Where Research transactions with companies. Licenses of UVAGets Real.” But really it’s much more than a tagline — developed innovations included companies from the it’s our creed.

Commonwealth, the U.S. and 13 different countries.

WELCOME

Board of Directors This year, I had the pleasure of working closely with Michael Lenox, a senior associate dean and chief strategy officer at UVA’s Darden School of Business and LVG Board Member, on a University-wide entrepreneurship effort. Stay tuned for exciting news about a new program and innovation space that will be a catalyst for translating ideas and concepts into impactful new ventures.

Of course, all of this represents only one part of our mission. LVG also provides educational opportunities for students to learn about research translation, commercialization, intellectual property, new venture creation and venture capital investing.

But none of what we do would be possible without the passionate support and guidance from our LVG Board, as well as the UVA community at large. On behalf of the entire LVG team, I want to express our thanks for your dedication, time and talent to support our mission.

Wahoowa!

Peter M. Grant II (COL ’78, DARDEN ’86) Chair Founding Partner, Anchormarck Holdings LLC Erik L. Hewlett, M.D. Professor Emeritus, Medicine, Infectious Disease and International Health UVA School of Medicine John S. Lazo, Ph.D. Pharmacology, UVA School of Medicine Chief Scientific Officer, KeViRx, Inc. Michael J. Lenox, Ph.D. (ENGR ’93) Senior Associate Dean and Chief Strategy Officer, Tayloe Murphy Professor of Business Administration, UVA Darden School of Business Lori L. McMahon, Ph.D. UVA Vice President for Research The Honorable Paul R. Michel, J.D. (LAW ’66) Former Chief Judge of the U.S. Court of Appeals for the Federal Circuit Ron Newbold, Ph.D. CEO, Empire Discovery Institute Richard Tadler (McIntire, ’78) Former Chairman, TA Associates Kwame Ulmer (M.S. ENGR ’98, DARDEN ’15) Principal, Ulmer Ventures

RICHARD W. CHYLLA EXECUTIVE DIRECTOR

2024 ANNUAL REPORT

Jennifer L. West Dean, Nancy and Neal Wade Professor of Engineering and Applied Science UVA School of Engineering and Applied Science

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I N S I D E LV G

Leadership

LVG Staff Robert J. Creeden Managing Director, UVA LVG Seed Fund & New Ventures

Joshua P. Mauldin Director, Licensing

Jill Simandl Director of Finance and Operations

Cortney L. Mushill Licensing Manager

Jonathan Rudd Licensing Manager

Jay Hyun-Jung Lee Licensing Associate

Johnathon Dooley Licensing Associate

Robert J. Decker Senior Patent & General Counsel

Paul Coaker Legal Assistant

Whitelaw Reid Manager of Strategic Communications

Mary Anderson Royalties & Compliance Analyst

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Lakshmi Narayanan Licensing Analyst

Seed Fund & New Ventures Matthew D. Rannals Senior Venture Associate

Dawn Kidd I-Corps Hub Coordinator

Operations

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Legal

Licensing

Richard W. Chylla Executive Director

Sari Rizek Information & Compliance Manager

Maggie Hyde Executive Assistant/ Office Manager

F Y24 PE R F O R MAN C E

2024 Performance

LVG engages these ideas and stewards them toward the marketplace through evaluation, business development, patent protection, transactions with new and existing companies and seed fund investments to yield returns for UVA and enrich and improve lives.

New Ventures

U.S. Patents Issued

Licensing Deals

Invention Disclosures

Patents Filed

Invested from the LVG Seed Fund

Leveraged by the LVG Seed Fund 2024 ANNUAL REPORT

6 56 80 146 276 $1.1M $13.9M

University of Virginia research, across disciplines, schools and institutes on Grounds, yields discoveries and inventions with commercial potential every year.

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F Y24 PE R F O R MAN C E

Invention Disclosures

16%

COLLEGE OF ARTS & SCIENCES

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Biology Chemistry Physics Psychology

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26%

SCHOOL OF ENGINEERING & APPLIED SCIENCE

Biomedical Engineering Chemical Engineering Civil & Environmental Engineering Computer Science Electrical & Computer Engineering Engineering & Society Materials Science & Engineering Mechanical & Aerospace Engineering Systems and Information Engineering

Architecture Commerce Data Science McIntire School Biocomplexity Initiative Research Computing

3% OTHER

F Y24 PE R F O R MAN C E

49%

In FY24, UVA innovators brought forward 146 ideas and discoveries with the potential to improve lives.

SCHOOL OF MEDICINE

9%

SCHOOL OF EDUCATION & HUMAN DEVELOPMENT

Microbiology Molecular Physics & Biophysics Neuroscience Neurology Obstetrics & Gynecology Ophthalmology Orthopedics Otolaryngology Pathology Pediatrics Pharmacology Pulmonary Psychiatry and Neurobehavioral Sciences Radiation Research Surgery Urology

2024 ANNUAL REPORT

Anesthesiology Beirne B. Carter Center Biomedical Engineering Cardiology Center for Diabetes Technology Cell Biology Center for Membrane & Cell Physiology Core Facilities Cardiovascular Medicine Endocrinology Gastroenterology Health Systems Technology Services Hematology & Oncology Infectious Disease Medical Center Therapy Services Medical Center Be Safe Medical Center MICU

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F Y24 PE R F O R MAN C E

Licensing Deals Industry Partners LVG executed 81 commercial transactions with 42 industry partners from around the world.

California Massachusetts

Virginia / 3

Maryland Michigan North Carolina

United States / 37

New Hampshire

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Ohio

10

Pennsylvania

Australia

Ireland

Brazil

Japan

Canada

Netherlands

China

Norway

France

Sweden

Germany

United Kingdom

India

World / 41

F Y24 PE R F O R MAN C E

Industries Represented

Biotech

Nonprofit

Communications

Pharmaceuticals

Electronics

Quantum Computing

Government, Healthcare

Research Reagents

Life Sciences

Semiconductors

Marketing

Therapeutics

Medical Devices

University

Mobile App Development

UVA Translational Research Funds

The Licensing & Ventures Group plays an integral role in UVA’s sophisticated translational research infrastructure. Translational research involves moving knowledge and discovery gained from the basic sciences to its application in clinical and community settings.

Coulter Translational Research Partnership

Ivy Biomedical Innovation Fund

LaunchPad for Diabetes

Accelerating Innovation Fund

Year Founded

2006

2008

2009

2024

Applications

260

338

134

11

Projects Funded

117

71

82

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2024 ANNUAL REPORT

UVA has four ongoing philanthropically funded translational research programs that support biomedical innovation. While each fund has different parameters and oversight, all proposals are evaluated on their potential path to delivering improvements in healthcare.

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F Y 2 4 PA T E N T S

56 U.S. Patents Issued

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

US Patent Number

12

Title

Inventors

11,722,229

Method, System and Computer Program Product for Real-Time Detection of Sensitivity Decline in Analyte Sensor

Breton, Marc D.; Kovatchev, Boris P.; Budiman (Abbott), Erwin S.; Doniger (Abbott), Kenneth J.

11,937,872

Epicardial Ablation Catheter and Method of Use

Mahapatra, Srijoy; Gillies, George T.

11,760,781

Compositions and Related Methods for Modulating Alkaloid Production by Controlling PMT Promoter Activation Mediated by Transcriptional Factors ERF and MYC

Timko, Michael P.; Rushton, Paul J.; Han, Sheng-Cheng; Zhang, Hongbo; Bokowiec, Marta T.

11,951,303

Steerable Epicardial Pacing Catheter System Placed Via the Subxiphoid Process

Mahapatra, Srijoy; Gillies, George T.

11,905,562

Serotonin Transporter Gene and Treatment of Opiod-Related Disorders

Johnson, Bankole A.

11,723,562

Method, System and Computer Program Product for Cgm-Based Prevention Of Hypoglycemia Via Hypoglycemia Risk Assessment and Smooth Reduction Insulin Delivery

Kovatchev, Boris P.; Breton, Marc D.; Patek, Stephen D.

11,751,779

Method, System and Computer Program Product for Cgm-Based Prevention Of Hypoglycemia Via Hypoglycemia Risk Assessment and Smooth Reduction Insulin Delivery

Kovatchev, Boris P.; Breton, Marc D.; Patek, Stephen D.

11,986,294

Method, System and Computer Program Product for Cgm-Based Prevention Of Hypoglycemia Via Hypoglycemia Risk Assessment and Smooth Reduction Insulin Delivery

Kovatchev, Boris P.; Breton, Marc D.; Patek, Stephen D.

11,819,271

Self-Illuminated Handheld Lens for Retinal Examination and Photography and Related Method thereof

Yates, Paul Andrew

11,813,024

Hand-Held Portable Fundus Camera for Screening Photography

Yates, Paul Andrew; Tran, Kenneth

11,957,664

Molecular Genetic Approach to Treatment and Diagnosis of Alcohol and Drug Dependence

Johnson, Bankole A.

11,987,613

Isolated T Cell Receptors and Methods of Use therefor

Ambakhutwala, Angela; Engelhard, Victor H.; Cummings, Kara L.; Obeng, Rebecca C.

11,945,825

Compositions and Methods for Regulating Glucose Homeostasis and Insulin Action

Hoehn, Kyle; Kenwood, Brandon

11,788,797

Heat Transfer Device for High Heat Flux Applications and Related Methods thereof

Haj-Hariri, Hossein; Monazami, Reza

11,842,817

Tracking Changes in Average Glycemia in Diabetics

Kovatchev, Boris P.; Breton, Marc D.

11,772,083

Catalysts and Methods for Forming Alkenyl and Alkyl Substituted Arenes

Gunnoe, Thomas B.; Vaughan, Benjamin Austin; WebsterGardiner, Michael S.

11,833,494

Catalysts and Methods for Forming Alkenyl and Alkyl Substituted Arenes

Gunnoe, Thomas B.; Vaughan, Benjamin Austin; WebsterGardiner, Michael S.

11,951,278

Insulin Monitoring and Delivery System and Method for CGM Based Fault Detection and Mitigation via Metabolic State Tracking

Breton, Marc D.; Patek, Stephen D.; Kovatchev, Boris P.

11,901,079

System, Method and Computer Readable Medium for Dynamical Tracking of the Risk for Hypoglycemia in Type 1 and Type 2 Diabetes

Breton, Marc D.; Kovatchev, Boris P.

12,017,045

Method, System, and Computer Readable Medium for Controlling Insulin Delivery Using Retrospective Virtual Basal Rates

Patek, Stephen D.; Breton, Marc D.

11,950,935

Method, System and Computer Readable Medium for Predictive Hypoglycemia Detection for Mild to Moderate Exercise

Breton, Marc D.; Ben-Brahim, Najib

12,011,302

Method, System, and Computer Readable Medium for Generating Pulse Oximetry Predictive Scores (POPS) for Predicting Adverse Outcomes in Preterm Infants

Fairchild, Karen D.; Lake, Douglas E.; Sullivan, Brynne

11,937,848

Port Apparatus and Sheath Device for Electrocautery and Related Methods Thereof

Ailawadi, Gorav; Mehaffey, James Hunter

11,944,665

Methods and Compostions for Modulating Lymphatic Vessels in the Central Nervous System

Kipnis, Jonathan; Louveau, Antoine; Da Mesquita, Sandro

11,754,652

Systems and Methods for Polarized Nuclear Imaging and Spectroscopy

Zheng, Yuan; Miller, IV, Grady Wilson; Tobias, William A.; Cates, Jr., Gordon Dell; Keder, David A.

11,904,068

Occlusive Implant Compositions

Herr*, John C.; Klibanov, Alexander L.; Eisenfrats, Kevin Simon

US Patent Number

Title

Inventors

11,839,745

System and Method for Body Mass Index Relation to Patient Differing Psychological Stress Effect on Blood Glucose Dynamics in Patients with Insulin Dependent Diabetes

Patek, Stephen D.; Ozaslan, Basak; Gonder-Frederick, Linda A.

11,896,591

Compositions and Methods for Preparing and Using Mitochondrial Uncouplers

Hoehn, Kyle; Santos (VTECH), Webster L.; Childress (VA Tech), Elizabeth S.

11,759,566

Distribution System for Flow Control of Infusate From Branch Catheters to Selected Site

Bertram, Edward H.; Swami, Nathan; Varhue, Walter

11,957,682

Compounds and Methods for Regulating, Limiting, or Inhibiting Avil Expression

Li, Hui; Xie, Zhongqiu

11,980,757

Transdural Electrode Device for Stimulation of the Spinal Cord

Howard, III (U of Iowa), Matthew A.; Gillies, George T.; Helland (U of Iowa), Logan; Woodroffe (U of Iowa), Royce; Romans (U of Iowa), Charles; Wilson (U of Iowa), Saul; Kipke (NeuroNexus), Daryl R.; Anderson (NeuroNexus), David J.; O’Connell (DSTI), Daniel J.

11,890,352

Plectin-Targeted Liposomes/Parp Inhibitor in the Treatment of Cancer

Kelly, Kimberly A.; Dasa, Siva Sai Krishna

11,813,047

Automatic Quantification of Cardiac MRI for Hypertrophic Cardiomyopathy

Meyer, Craig H.; Konda, Anudeep; Kramer, Christopher M.; Feng, Xue

12,016,588

Surgical Incision Apparatus and Related Methods thereof

Hossack, John A.; Mehta, Nishaki

11,931,352

Combination Therapies for Treating Cancer

Bushweller, John H.; Illendula, Anuradha; Castilla (UMass), Lucio Hernan; Pulikkan (UMass), John Anto

11,832,860

Bone Fixation System for Promoting the Union of a Bone Fracture and Fusion of Bones Across a Joint Space and Related Methods thereof

DeGeorge, Jr., Brent R.; Cottler, Patrick S.

11,977,883

Reconfigurable Crypto-Processor

Aly (U of Illinois), Mohamed E.; Hwu (U of Illinois), Wen-Mei W.; Skadron, Kevin

11,965,810

Multiplexed On-Chip Impedance Cytometry System and Method

Swami, Nathan; McGrath, John; Varhue, Walter; Fernande Honrado, Carlos Manuel; Farmehini, Vahid; Liu, Yi

11,986,822

Microdevice for Differential Separation, Purification and Amplification of Forensic Samples

Cruz (VCU), Tracey Dawson; Landers, James P.

11,712,870

Plated Lattice and Systems and Methods for Forming thereof

Neils, Andrew L.; Wadley, Haydn N. G.

11,950,877

System and Method for Fully Automatic LV Segmentation of Myocardial FirstPass Perfusion Images

Meyer, Craig H.; Feng, Xue; Salerno, Michael

11,954,578

Denoising Magnetic Resonance Images Using Unsupervised Deep Convolutional Neural Networks

Meyer, Craig H.; Feng, Xue

11,929,714

Low Power Receiver and Related Circuits

Moody, Jesse; Dissanayake, Anjana; Calhoun, Benton H.; Bowers, Steven M.

11,850,448

System and Method to Compute a Pixel Sensitivity Map of an Imaging Device

Siebers, Jeffrey Vincent; Ahmed, Mahmoud

12,006,511

Recombinant PD-L1 Peptides and Methods of Use

Adeyanju (MCW), Kaothara Oluwakemi; Medin (MCW), Jeffrey A.; Hill (MCW), Robert Blake; Lum, Lawrence G.

11,788,091

Methods and Compositions for Diagnosing and Treating Prostate Cancer Based on Long Noncoding RNA Overlapping the LCK Gene That Regulates Prostate Cancer Cell Growth

Gioeli, Daniel G.

11,857,998

Composition and Method For a Microtexture Hydrophobic or Superhydrophobic Coating

Gupta, Mool C.; Mulroney, Alan T.; Qin, Chao

11,904,029

Particles Functionalized with Imageable Radioisotopes and Methods of Making and Use Thereof

Stone, James R.; Neumann, Kiel D.; Dreher (Not UVA), Matthew Robert

11,857,288

Systems and Methods for Phase Unrapping for Dense MRI Using Deep Learning

Ghadimi, Sona; Sun, Changyu; Feng, Xue; Meyer, Craig H.; Epstein, Frederick H.

11,743,081

Generating Intermediate Frequency Content with On-Off Keying Modulation of a Radio Frequency Signal

Dissanayake, Anjana

11,776,594

Scalable In Situ Dram-Based Accelerators and Methods of Operating the Same

Skadron, Kevin; Lenjani, Marzieh; Sharifi, Abdolrasoul; Wu, Lingxi

11,860,258

Methods and Systems for Maxwell Compensation for Spin-Echo Train Imaging

Mugler, III, John P.; Meyer, Craig H.; Campbell (NIH), Adrienne E.; Ramasawmy (NIH), Rajiv; Pfeuffer (Siemens), Josef

11846692

Motion Compensation for MRI Imaging

Dou, Quan; Wang, Zhixing; Feng, Xue; Mugler, III, John P.; Meyer, Craig H.

11,921,179

Methods and Systems for Spin-Echo Train Imaging Using Spiral Rings with Retraced Trajectories

Wang, Zhixing; Allen, Steven P.; Feng, Xue; Mugler, III, John P.; Meyer, Craig H.

11,747,419

Systems and Methods for Spiral-In-Out Low Field MRI Scans

Wang, Zhixing; Feng, Xue; Mugler, III, John P.; Salerno, Michael; Campbell (NIH), Adrienne E.; Meyer, Craig H.

11,834,988

Turbine Engine Inertial Particle Separator With Particle Rebound Suppression

Connolly, Brian J.; Loth, Eric; Smith III, Crawford F.

2024 ANNUAL REPORT

F Y 2 4 PA T E N T S

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LV G S E E D F U N D

LVG Seed Fund Our seventh year of operation saw multiple accomplishments within the portfolio, including our third exit. At the same time, the portfolio operated efficiently in an environment focused on sustainability and capital effectiveness.

Our seventh year of operation saw multiple accomplishments in the portfolio, including our third exit and a number of positive follow-on investments. We also witnessed the continuation of an overall market that lacked funding for new companies.

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

As in 2023, opportunities for exits continued to be scarce, and Funds once again turned their focus to supporting portfolio companies instead of making new investments.

Like our co- investors, the UVA LVG Seed Fund followed this pattern, approving seven follow-on investments. In regard to new deals, we believe the market is gradually shifting to become more active, as we approved two new deals and are working with syndicate partners to get them closed by calendar year-end.

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We maintained our track record of working with strong co-investors, sustaining our 13-1 leverage on total Fund invested dollars. Groups outside of Charlottesville, such as Genoa Capital, Arboretum Ventures, Lumira Capital, 3B Health Ventures, Aligned Climate Capital and Streck, a major strategic investor, continued to support our portfolio companies as co-investors in these funding.

and I-Corps Hub Coordinator Dawn Kidd, recently completed its fourth cohort, with more than 25 faculty and graduate student teams representing technologies from disciplines across Grounds.

Our EIRs are active participants in the core program and will adopt teams for outside program office hours and one-on-one mentoring, further supporting LVG, faculty and graduate students who want to accelerate their discoveries from the lab to the market.

Last year we kicked off Fund II with our first investment in CytoRecovery. As we end this year, we have two outstanding commitments for investments with targeted close dates in October, 2024. Led by Dr. Tom Barker at UVA, Vasarya is developing a novel antibody therapeutic for the treatment of fibrotic diseases, including idiopathic pulmonary fibrosis (IPF).

We are currently working with two larger venture funds and a strategic investor to close out a $5 million seed round.

Our EIRs were active with technology development, taking on direct management roles with UVA technologies that have become companies. As in past years, we once again had an EIR become CEO of a portfolio company. The balance of our nine-person team continues mentoring faculty and graduate students with their ongoing technology development of UVA research. They also are active with our I-Corps team and lead teams in our “white board” sessions.

We welcomed our seventh cohort of second-year students from Darden School of Business to work with us through our Due Diligence in Seed Fund course, and we accepted our sixth summer of Darden interns from the Darden Venture Fellows Program. The Fund is fortunate to realize significant benefits from these students, and the students gain the real-life experience of an investment fund associate.

The LVG I-Corps program, led by Senior Venture Associate Matt Rannals, who has become a national instructor,

BOB C RE E DE N MANAGING DIREC TOR

LV G S E E D F U N D

Investment Committee

Last year I reported on Slate Bio, our first investment cofounded by an LVG EIR, Andrew Krouse, which is based on research and development from Dr. Rahul Sharma from the UVA Division of Nephrology and Center for Immunity, Inflammation and Regenerative Medicine. Since then, the company has identified a development candidate and is in the process of raising a Series B round of $45 million led by Pfizer Ventures.

GenEp, founded by Dr. Manoj Patel from the UVA Department of Anesthesiology in collaboration with EIR Andrew Krouse, is working on development of a novel dual sodium channel inhibitor for the treatment of epilepsy.

GenEp is also making great progress, and the Fund made its largest single investment to date of $500,000 as part of a $3.8 million round alongside Lumira Capital and 3B Health Ventures.

Ceres Nanosciences continued to deliver innovative products based on its proprietary Nanotrap® technology to capture, concentrate and preserve low abundance analytes from any sample. The company is generating revenue and is considered the leader in wastewater testing, with more than 20 sites across the U.S. using their particles. In the second quarter of 2024, the company introduced its Liquid Biopsy kit and started selling with its strategic partner, Streck, which also made a $3 million investment in the company.

Nanochon, founded by UVA alum Dr. Benjamin Holmes, is developing a 3-D printed, orthopedic, load-bearing implant that provides a scaffold for cartilage tissue growth.

Nanochon is also working with Dr. Jason Kerrigan, director of UVA’s Center for Applied Biomechanics. The company has successfully completed its animal studies with positive results. The UVA LVG Seed Fund led a $4.5 million follow-on investment that allowed the company to submit an IDE to the FDA and begin human trials in late 2024.

In early 2024, we were excited to announce our third exit from Fund I. Astraea was acquired by NuView, a company in the geospatial space building the first commercial satellites designed to annually map the planet’s entire land surface with LiDAR. NuView focuses on forest and carbon monitoring, infrastructure planning and flood management and views the addition of the Astraea software platform as enhancing its analytics capabilities.

Gerry Brunk (COL ’90), Managing Director, Lumira Capital Peter M. Grant II, Partner (COL ’78, DARDEN ’86), Anchormarck Holdings Dayna Grayson (ENGR ’99), Co-founder and General Partner of Construct Capital Kristin Gunther (DARDEN ’09), Principal, Revolution Growth Dr. K. Craig Kent, Executive Vice President for Health Affairs (ex-officio) Lori L. McMahon, Ph.D. Vice President for Research, UVA (ex-officio) Robert Paull (ARCH ’98), Co-Founder, Partner, Lux Capital

Our Seed Fund Investment Committee continues to be the Fund’s greatest asset. These individuals, all UVA graduates and partners at larger venture firms, continue to assist us in evaluating opportunities, providing experience and guidance for the portfolio and have been a significant reason for the Fund’s success to date.

At the end of the year Rob Paull from Lux Ventures, one of our original members of the investment committee, resigned to pursue other interests.

With his many years of experience, knowledge and network, Rob has been an invaluable resource for the staff at the Fund. We are sad to see him go but happy to hear he will serve as an advisor going forward.

As we begin the new year, we anticipate facing new challenges given the funding environment. We look forward to making additional investments from Fund II, while continuing to support our current portfolio and fulfilling our role in commercializing UVA innovation across Grounds.

2024 ANNUAL REPORT

Our other commitment from Fund II is Warm Health Technology. EIR Jeff Tennery has taken on the role of CEO for this company that was founded by UVA clinicians Karen Ingersoll and Dr. Rebecca Dillingham. The company’s technology has helped HIV positive patients improve viral suppression and reduce feelings of isolation.

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LV G S E E D F U N D

LVG Seed Fund Portfolio EIR-FOUNDED COMPANY ANDREW KROUSE GenEp, Inc. is a genetic epilepsy company focused on first-in-class ion channel modulators for treatment resistant genetic epilepsies. GenEp is bringing a precision medicine approach to epilepsy by targeting newly identified gain of function (GOF) mutations.

F O U NDE D T O C OMME RC I A L IZ E T HE PAT E N T E D T EC HN OL O G IE S OF U VA C HE MI S T RY PR OF E S S OR B R O OK S PAT E , PH.D. (C OL ’87 ) BrightSpec is a life science instrumentation company offering fast, precise analysis of trace level chemical components for applications in R&D, pharmaceuticals, fine chemicals, food and advanced manufacturing sectors.

Syndicate Partners: MedVest

FOUNDED TO COMMERCIALIZE RESEARCH CONDUCTED BY UVA ENGINEERING PROFESSOR BARRY HOROWITZ, PH.D. Mission Secure is a leading control system cybersecurity company. The company’s patented MSi Platform and cyber advisory services protect clients in the energy, defense, autonomous systems, maritime and critical infrastructure industries prepare for and protect against cyber-attacks.

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Syndicate Partners: Energy Innovation, Blue Bear, Chevron

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UVA ALUMNI-FOUNDED COMPANY ROSS DUNLAP (COM ’96) Ceres Nanosciences is a life sciences company focused on incorporating its novel Nanotrap® particle technology into a range of diagnostic products and workflows with the ultimate goal of providing better patient outcomes. The Nanotrap® particle technology can improve diagnostic testing by capturing, concentrating and preserving low abundance analytes from biological samples.

Syndicate Partners: GreyBird Ventures, Pactolus Ventures, Bay Area Lyme Foundation

FOUNDED TO COMMERCIALIZE A NOVEL THERAPEUTIC DISCOVERED AT UVA BY FORMER FACULTY MEMBER DR. BRIAN ANNEX Merand Pharmaceuticals is developing a novel microRNA therapeutic (MicroRNA93 or miR-93), shown to promote angiogenesis, to treat patients suffering from Peripheral Arterial Disease (PAD), a progressive circulatory issue affecting over 200 million people globally.

Direct Spinal Therapeutics, Inc. FOUNDED TO COMMERCIALIZE THE INTELLECTUAL PROPERT Y OF UVA RESEARCH PROFESSOR EMERITUS GEORGE GILLIES, PH.D. (ENGR ’76, ’80)

Exits

Direct Spinal Therapeutics, Inc. is a medical device company developing a Spinal Cord Stimulation (SCS) product-platform to enhance treatment for chronic back pain and other spinal cord injuries.

UVA FACULTY-FOUNDED COMPANY BRENDAN RICHARDSON (COM ’88)

UVA-ALUMNI FOUNDED COMPANYDR. BENJAMIN HOLMES (SEAS, ’09) Nanochon is developing a novel implantable device for patients with limited mobility due to injury and joint pain. Nanochon’s Chondograft is a functional cartilage implant made through a unique combination of synthetic nanomaterial and 3D-printing that harnesses the capacity of stem cells to self-repair tissue at the site of injury in the joint.

EIR-FOUNDED COMPANY ANDREW KROUSE Slate Bio. Inc. is developing paradigm-shifting engineered cytokines for immune modulation that induce persistent remission in Lupus and other autoimmune diseases. Slate’s product, SLT-518, is the first bi-specific engineered fusion of IL-2 to IL-33, and is uniquely positioned to improve the lives of those with autoimmune diseases.

FOUNDED TO COMMERCIALIZE A NOVEL THER APY DISCOVERED BY UVA PROFES SOR OF CELL BIOLOGY AND OPHTHALMOLOGY GORDON L AURIE, PH.D. TearSolutions’ first-in-class therapy is a synthetic form of the protein lacritin, called Lacripep™, which targets the causes of dry-eye disease. The company completed Phase II clinical trials in 2020, which focused on patients with Primary Sjögren’s Syndrome.

Syndicate Partners: Virginia Tech Carilion, Pharmstandard, Santen Pharma

Founded to commercialize global scale geospatial analytics, the company’s earthAI technology uses machine learning, big data computing and EarthObserving satellites to easily access, analyze and extract actionable insights about the planet, providing global understanding for local impact.

Acquired by: NuView

Founded by Chad Rogers (COM ’97) to commercialize diabetes technology research from the Center for Diabetes Technology at the UVA School of Medicine and acquired by Dexcom, Inc. in August 2018.

Acquired by: Dexcom, Inc.

Founded to commercialize a novel cardiovascular device to improve surgical accuracy developed by UVA Associate Professor of Cardiovascular Medicine Dr. Scott Lim and acquired by Keystone Heart in June 2020.

Acquired by: Keystone Heart

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I N S I D E LV G

Entrepreneurs in Residence Our cohort of EIRS includes leaders who are UVA alumni, founders and investors who possess business acumen, industry experience with early tech commercialization, strategic planning and fundraising. Two of the EIRs in our first cohort have successfully launched and sold UVA startup companies in the last decade.

L I SA B OW E R S

H E L E N B OY D

Lisa advises executives of both large and small biotech companies on corporate strategy, commercial strategy, leadership and management, board management, and overall job performance. She was formerly the Chief Commercial Officer of Day One, and, prior to that role, was the CEO and founder of Rhia Ventures.

Helen has nine years of experience in the energy industry, working in various finance positions at different subsidiaries of the Royal Dutch / Shell Group in both the U.K. and the U.S. Helen’s experience at Shell included working in corporate strategy, shipping

RO B I N H U M E

A N D R E W K RO U S E

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Robin has more than 20 years of deep scientific, strategic and operational experience in the biopharmaceutical industry, including early and late-stage drug development and commercialization.

Robin is recognized as a forward thinker in R&D strategy

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Andy has more than a decade of biotech investing and leadership experience with a track record of success as the founder and CEO of Tau Therapeutics, LLC, Xdynia LLC and venture-backed Cavion, Inc.

J I M P OW E R S

MIKE RAKER

Jim has more than 30 years of experience launching and building life science companies, evolving their business strategies, leveraging platform technologies and recruiting outstanding teams. Jim recently retired after 13 years serving as HemoShear Therapeutics’ first Chairman and CEO.

Mike is a technology executive with experience in large defense primes to startups/scale-ups in markets across the globe, including but not limited to the U.S., the U.K., Australia and NATO, including FOCI mitigation. He is experienced in developing innovative technology-driven business strategies.

J E F F T E N N E RY

LESLIE J. WILLIAMS

Jeff is an innovative technology executive with more than 30 years of leadership in mobile and digital media.

He is the founder and visionary of Moonlighting, a leading blockchain ondemand hiring platform and one of the fastest growing freelance marketplaces in the world.

Leslie is a 25-year biopharmaceutical veteran and an experienced biotech CEO and board of directors’ member. She has experience in healthcare, management, business development, commercial product development and marketing and venture capital.

J I M Z U F FO L E T T I Jim is a serial founder and executive with broad leadership and operating experience from co-founding businesses, business units and foundations from zero to one and beyond. He has experience with exits ranging from asset sale, divestiture to deka-corn IPO.

New Ventures Bright Skies Bio

IsletRegen

Bright Skies Bio, Inc., has optioned a platform technology comprising a library of powerful probes for activity-based protein profiling, a unique means to measure the functional state of large numbers of enzymes in native biological systems that allows for identification of new drug targets and determination of inhibitor selectivity.

IsletRegen is developing first-in-class dual immunomodulatory and regenerative therapeutics for autoimmune diseases, including type 1 diabetes.

U VA I N V E N T O R S : G O R D O N L A U R I E ; K E N B R AY M A N

U VA I N V E N T O R : K U - L U N G H S U

MGMedicine, Inc. Dionysus Dionysus is developing a platform of proprietary epigenetic tests to predict the risk of hormonal depressions like postpartum depression (PPD) and related mood disorders associated with PMS and menopause in women.

U VA I N V E N T O R : D R . J E N N I F E R PAY N E

HTIC, Inc. HTIC, Inc. is developing a novel humanized monoclonal antibody for treatment of human diseases associated with dysfunctional immune regulation.

MGMedicine, Inc. is developing biologics to treat diabetes and diabetes-linked complications.

U VA I N V E N T O R : J I N A J I E M A

S1P Therapeutics, Inc S1P Therapeutics is a privately held pre-clinical stage biotechnology company founded to develop sphingosine 1-phosphate (S1P) transport inhibitors for treatment of kidney and autoimmune diseases. The company’s lead compound, STX2310, is being developed for prevention of acute kidney injury.

U VA I N V E N T O R : K E V I N LY N C H

2024 ANNUAL REPORT

U VA I N V E N T O R : J I A N J I E M A

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UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

THE

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Edlich-Henderson Innovator of the Year Award The highest honor bestowed on University of Virginia innovators, the Edlich-Henderson Innovator of the Year award recognizes an individual or team each year whose research discovery is making a major impact.

Named for UVA Professor Emeritus Dr. Richard F. Edlich and Christopher J. (“Goose”) Henderson, a veteran of privately owned financial services businesses, the award is a tribute to their enduring support of and commitment to the University and its innovators.

PREVIOUS WINNERS

Celebrating Impact Through Innovation

2022

Marc Breton, M.D.

2021

Amy Mathers, M.D.

2020

Rebecca Dillingham, M.D. Karen Ingersoll, Ph.D.

2019 2018 2017 2016

Lee Ritterband, Ph.D. Jeffrey Elias, M.D. Brooks H. Pate, Ph.D. John A. Hossack, Ph.D. N. Scott Barker, Ph.D. Arthur W. Lichtenberger, Ph.D. Robert M. Weikle II, Ph.D.

2015

Benton H. Calhoun, Ph.D. James A. Smith, Ph.D.

2014

J. Randall Moorman, M.D. Douglas E. Lake, Ph.D.

2013

Marcia A. Invernizzi, Ph.D.

2012

Robin A. Felder, Ph.D.

2011

Boris P. Kovatchev, Ph.D.

2010

Kevin R. Lynch, Ph.D. Timothy L. Macdonald, Ph.D.

2009

John P. Mugler, Ph.D. James R. Brookeman, Ph.D.

2008

George T. Rodeheaver, Ph.D.

2007

Wladek Minor, Ph.D.

2006

George T. Gillies, Ph.D.

2005

Benjamin M. Gaston, M.D. John F. Hunt, Ph.D.

2004

Haydn N.G. Wadley, Ph.D.

2003

William A. Petri Jr., M.D., Ph.D. Barbara J. Mann, Ph.D.

2002

Joel M. Linden, Ph.D.

2001

Doris Kuhlmann-Wilsdorf, Ph.D.

2000

Ronald P. Taylor, Ph.D.

1999

John C. Herr, Ph.D.

1997

Richard L. Guerrant, M.D. Timothy L. Macdonald, Ph.D.

1996

Jessica J. Brand Patrice G. Guyenet, Ph.D. Richard D. Pearson, M.D. Janine C. Jagger, Ph.D.

1995

Donald F. Hunt, Ph.D. Jeffrey Shabanowitz, Ph.D. George C. Stafford Jr., Ph.D

1994

Gerald L. Mandell, M.D. Gail W. Sullivan

1993

Joseph Larner, M.D., Ph.D.

1992

Robert M. Berne, M.D. Luiz Belardinelli, M.D. Rafael Rubio, Ph.D.

Innovator of the Year

UVA Doctor’s Path to Helping Cancer Patients Began at Lowe’s

The University of Virginia School of Medicine professor and oncologist at UVA Health was picking up a can of spray foam to repair insulation in his basement when a thought crossed his mind: What if he could replace the uncomfortable gauze and balloons that were being used during radiation treatments with something similar to the can of foam he was holding?

2023 INNOVATOR OF THE Y E AR TIMOTH Y SHOWALTER

2024 ANNUAL REPORT

It was on a Saturday morning at Lowe’s in Charlottesville when Dr. Tim Showalter came up with the idea for an invention that will, very soon, be helping women all over the world who have cervical cancer.

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I N N OVAT O R O F T H E Y E A R

Showalter was performing more than 150 radiation procedures annually and was sick of seeing women suffer anymore than they had to. “I was frustrated with gauze and frustrated with the limitations of the balloon,” he said.

So there on aisle 51, Bay 18 of the home improvement store, Showalter began to brainstorm.

The UVA alumnus knew that a polyurethane-based material like the one in the insulation foam wouldn’t work, but what if he could create a different kind of foam?

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Today, more than a decade later, such a foam exists — and patients everywhere will soon be benefiting from it.

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Showalter’s BrachyGel Vaginal Hydrogel Packing System received U.S. Food & Drug Administration clearance last year as the first product of its class. It was expected to be in at least 50 hospitals by the end of the year, with international distribution commencing soon after.

Showalter sold his startup company, Advaray — which was founded to develop his product, BrachyGel — to CQ Medical, a global leader in healthcare innovations.

For all of this, Showalter was selected as the 2023 Edlich-Henderson Innovator of the Year by UVA. The endowed award recognizes University inventors whose work is making a major impact on society.

“It’s not too often that an innovator can be the lead inventor and the co-founder of a company — leading the company to get FDA approval and then leading the acquisition of the company,” UVA Licensing & Ventures Group Executive Director Richard W. Chylla said. “The fact that Tim was able to do all of this is truly remarkable.

“Most important is that Tim’s invention is helping women with cervical cancer. This goes hand in hand with the mission we have here at LVG of improving lives.”

“

Most important is that Tim’s invention is helping women with cervical cancer. This goes hand in hand with the mission we have here at LVG of improving lives. richard chylla

I N N OVAT O R O F T H E Y E A R

After deciding that it would be possible to replace the gauze and ballons with foam, Showalter connected with Timothy Long, a former polymer chemist at Virginia Tech. Long helped Showalter create a BrachyGel prototype, and students of UVA biomedical engineering professor David Chen then helped Showalter conceptualize a bag delivery system for the foam, which would also protect the bladder and rectum from hot spots of radiation.

In 2013, UVA LVG helped Showalter patent the new product.

Four years later, Showalter founded his startup company right out of — you guessed it — his basement.

The initial funding for Showalter’s prototype came from the Ivy Foundation, which supports biomedical innovation and translation research at the University.

“The really cool thing is that most of this happened at UVA with contributions from many around Grounds,” said Showalter, a Richmond native who lives in Charlottesville with his wife, Shayna, and their three children. “We performed early research in the cadaver lab and research imaging facilities at UVA. The clinical trial was designed by UVA biostatistician Gina Petroni, led by my radiation oncology colleague Dr. Kara Romano and administered by our clinical research staff.

Federal and state grant funding provided significant research support to UVA. Having this all happening in and around the University made it more rewarding.”

The most gratifying moments for Showalter — a 2004 School of Medicine alumnus — occurred during the UVA Health clinical trial when women volunteered that they preferred BrachyGel to gauze. Each patient enrolled in the trial received BrachyGel for half of their brachytherapy procedures and standard gauze packing for the other half.

Dr. Romano, who oversaw the trial, said it was wonderful to see how many of the patients were motivated to participate in the trial not only for their own experience, but also to help future women in their shoes.

“I think that was the most rewarding part of the whole processes for me — researching how we can make the cancer treatment experience better for our patients, and the patients also being willing to participate for the benefit of other women,” Romano said.

Romano called Showalter a “fantastic” colleague.

“He is positive, hardworking, thoughtful, and innovative,” she said. “He took BrachyGel from concept to deliverable product in record time, and he developed a great team along the way. Tim is one of those unique leaders where when he succeeds, everyone wins — and in this case patients are number one.”

Showalter smiles when he thinks back to that fateful day at Lowe’s.

“My motivation in developing BrachyGel was to do what I could to make the experience more comfortable for patients and to simplify the procedure for physicians,” he said. “For an emotionally painful and anxiety-inducing procedure, improving one step of it represents forward progress.”

2024 ANNUAL REPORT

“They would say, ‘Thank goodness it’s a BrachyGel day!”

Showalter recalled.

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UVA LVG ANNUAL REPORT 2024

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