Pinwheel Therapeutics, a clinical-stage biopharmaceutical company advancing differentiated therapeutic assets, has raised $20 million from US-based growth equity fund 108 BioCapital, per an announcement.
The capital proceeds will accelerate the clinical development of Ciraparantag, a small molecule manufactured by simple peptide chemistry, 108 BioCapital said in a statement.
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 derisk the asset ahead of a strategic exit.
“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originally invented and developed by Perosphere Pharmaceuticals–and promised to fill the gap left by Andexxa, which was withdrawn from the US market in December 2025, and support rapid decision making in time-critical settings such as trauma, intracranial haemorrhage, and emergency surgery,” said Dr. Sasha Bakhru, Managing Partner & CEO of 108 BioCapital, an Indian-American biotech entrepreneur.
“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,” Bakhru added.
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. 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 cost a fraction of prior reversal therapies and procoagulant clotting factor cocktails.
108 BioCapital recently completed its first close of over $40 million. The fund is backed by luminaries including the family office of Mike Bingle of Silverlake Partners; Claypond, the family office of Dr. Ranjan Pai, CMD, Manipal Group; Daftarys, the promoter of Bharat Serum; Suresh Vazirani of Erba-TransAsia Group; and Siddharth Parekh, founder, Paragon Partners, a prominent India focused mid-market PE fund, alongside other large US-based and global institutions.
