Investing
in People
Investing in Medical Breakthroughs
Lightstone believes in founders with vision and commitment.
We believe funding exceptional entrepreneurs funds bright futures for patients.
Investing
Proven
Team
We have a team with a strong industry reputation, proven track record, depth of experience, substantial relationships and company building skills to gain early access to industry experts and entrepreneurs to get a “first look” at leading life science discoveries.
Proven
Strategy
We invest in early stage, therapeutic-oriented companies across the life science spectrum, as well as opportunistic late-stage companies. Our over-arching goal is to find breakthrough therapies that have the potential to change the practice of medicine. We are thesis-driven and committed to seeking out novel, disruptive and defensible technologies to meet unmet clinical needs.
Proven
Results
We believe that innovation, not incrementalism, drives significant exits and successful financial returns. By using our strong operational skills, we help our portfolio companies execute their business plans and see their visions become a reality. Additionally, our strong ties with key players in major life science companies facilitates strategic partnerships and acquisitions.
Lightstone Ventures was founded in 2012, when the healthcare teams from Advanced Technology Ventures and Morgenthaler Ventures joined forces, to invest in therapeutic-oriented companies across the life sciences sector.
Company Builders
The Lightstone team collectively has over 50 years of experience in the venture capital industry, and nearly 100 years of operational experience including extensive growth company experiences. The team has been part of start-up ventures from inception through liquidity and plays a critical role in helping to source, evaluate, guide and build successful healthcare companies. Along with Operating Partners and Scientific Advisors who provide specific industry and technology experience, we believe the tight link to both industry and academic community creates a competitive advantage.
A Clear Directive
Using a thesis-driven investment strategy, we focus on understanding key market sectors and seeking out disruptive technologies while building and nurturing relationships with key thought leaders. Additionally, our global footprint with offices in US, Ireland and Singapore allows us to build a network with non-US strategic and financial funding sources, as well as exploring novel development and commercialization strategies in these geographies.
Steady, Proven Track Record
We have created a whole that is greater than the sum of our individual successes. Members of the Lightstone team have been involved in several of the largest venture-backed life science exits over the last decade including: Ardian, Acceleron, ALX Oncology, Calithera BioSciences, Claret Medical, Disarm Therapeutics, MicroVention, Nimbus, Plexxikon, Portola Pharmaceuticals, Promedior, Proteolix, Ra Pharma, Tizona Therapeutics, Twelve and Zeltiq.
Bright Futures
Lightstone Portfolio
All Sectors Biopharmaceuticals Medical Devices
All Companies Active Select Exits
All Funds Lightstone Singapore Legacy
Select Exits | Biopharmaceuticals
Acceleron Pharma is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutics to treat serious and rare diseases. The company successfully completed an IPO in 2013.
NASDAQ: XLRN
Lead: Jean George
Fund: ATV
Location: Cambridge, MA
News:
Active | Biopharmaceuticals
ALX Oncology is a clinical-stage immuno-oncology company developing therapies that block the CD47 checkpoint mechanism, which is exploited by cancer cells to evade the immune system. The company successfully completed an IPO in 2020.
NASDAQ: ALXO
Lead: Jason Lettmann
Fund: LSV
Location: Dublin, Ireland
News:
Select Exits | Medical Devices
Ardian is a medical device company developing catheter-based therapies to treat hypertension and related conditions. Ardian was incubated within The Foundry, the premier medical technology incubator, and was acquired by Medtronic (NYSE: MDT) in 2011.
Lead: Hank Plain, Mike Carusi
Fund: ATV, Morgenthaler
Location: Mountain View, CA
Select Exits | Biopharmaceuticals
Avidia is a biopharmaceutical company discovering and developing a new class of human therapeutic proteins called Avimer™. The company was acquired by Amgen (NASDAQ: AMGN) in 2006.
Lead: Chris Christoffersen, Ph.D.
Fund: Morgenthaler
Location: Mountain View, CA
Select Exits | Medical Devices
Cabochon Aesthetics is a medical device company developing effective, scientific solutions for the aesthetic treatment of cellulite. The company was incubated within The Foundry, the premier medical technology incubator, and was acquired by Ulthera in 2014.
Lead: Hank Plain
Fund: Morgenthaler
Location:
Active | Medical Devices
Cala Health is a bioelectronic medicine company transforming the standard of care for chronic disease. Its lead product, Cala Trio™, is the only non-invasive prescription therapy for essential tremor and is now available through a unique digital business model of direct-to-patient solutions.
Lead: Mike Carusi
Fund: LSV
Location: Burlingame, CA
News:
01.24.20
Active, Select Exits | Biopharmaceuticals
Calithera Biosciences is a clinical-stage biopharmaceutical company focused on discovering and developing novel small molecule drugs directed against tumor metabolism and tumor immunology targets for the treatment of cancer. The company successfully completed an IPO in 2014. Morgenthaler Ventures have exited the investment since IPO.
NASDAQ: CALA
Lead: Jean George, Chris Christoffersen, Ph.D.
Fund: ATV, Morgenthaler
Location: South San Francisco, CA
News:
Active | Biopharmaceuticals
Carrick Therapeutics is a biopharmaceutical company pioneering a portfolio of unique, first in class cancer treatments that target driver mechanisms of the most aggressive forms of cancer, and which will be tailored to an individual patient’s tumour.
Lead: Jason Lettmann
Fund: LSV
Location: Dublin, Ireland
News:
06.28.19
Active | Biopharmaceuticals
Catabasis Pharmaceuticals is a biopharmaceutical company dedicated to the discovery and development of an innovative, effective and safe medicine to treat Duchenne Muscular Dystrophy (DMD). The company successfully completed an IPO in 2015.
NASDAQ: CATB
Lead: Jean George
Fund: ATV, LSV
Location: Cambridge, MA
News:
12.16.19
Active | Biopharmaceuticals
Catalyst Biosciences is a biopharmaceutical company developing therapeutics that utilize protease enzymes called “Alterase™ Therapeutics.” The company completed a reverse merger with Targacept in 2015.
Lead: Chris Christoffersen, Ph.D.
Fund: Morgenthaler
Location: South San Francisco, CA
Active | Biopharmaceuticals
Catamaran Bio is a biopharmaceutical company developing next generation NK cell therapy platform with a predominant focus on solid tumors. The company was founded by SV Health Investors alongside academic founders Branden Moriarty and Catherine Bollard.
Lead: Caroline Gaynor
Fund: LSV
Location:
News:
Active | Biopharmaceuticals
Cerevance is a biopharmaceutical company that is taking a novel approach to the discovery and development of therapeutics for CNS and psychiatric diseases utilizing its powerful NETSseq target discovery platform.
Lead: Jason Lettmann
Fund: LSV
Location: Boston, MA
News:
04.30.19
03.05.19
09.25.18
Select Exits | Medical Devices
Claret Medical is a medical device company developing innovative solutions for cerebral protection during structural heart and vascular interventions. The company was acquired by Boston Scientific (NYSE: BSX) in 2018.
Lead: Hank Plain
Fund: LSV
Location: Santa Rosa, CA
News:
06.05.17
Active | Medical Devices
Contego Medical is a Raleigh-based medical device company developing a suite of products for the treatment of neurovascular, coronary and peripheral vascular disease.
Lead: Hanson S. Gifford, III
Fund: LSV
Location:
News:
Active | Biopharmaceuticals
Cyteir Therapeutics is a biopharmaceutical company and a leader in the discovery and development of novel therapeutics based on the biology of DNA repair and synthetic lethality for the treatment of cancer and autoimmune diseases.
Lead: Jean George
Fund: LSV
Location: Cambridge, MA
News:
Active | Biopharmaceuticals
Disarm Therapeutics is a biotechnology company that is creating a new class of disease-modifying therapeutics for patients with axonal degeneration, a central driver of neurological disease-causing disability and disease progression.
Lead: Jean George
Fund: LSV
Location: Cambridge, MA
News:
01.13.20
Active | Medical Devices
EarLens is a medical device company developing next generation hearing technology that uses light to transmit sound and energy directly to the eardrum enabling users to appreciate high frequency sounds and improved speech recognition, especially in noisy environments.
Lead: Hank Plain
Fund: LSV
Location: Redwood City, CA
News:
03.14.17
Active | Biopharmaceuticals
Elcelyx Therapeutics is a biopharmaceutical company developing therapeutic agents based on the finding that modulation of the neuro-enteroendocrine system of the gut, including L-cells, amplifies the release of hormones such as those that play an important role in glucose regulation.
Lead: Chris Christoffersen, Ph.D.
Fund: Morgenthaler
Location: San Diego, CA
Active | Medical Devices
EndoGastric Solutions is a medical device company developing and commercializing innovative, evidence-based and incisionless surgical technology for the treatment of GERD.
Lead: Mike Carusi
Fund: ATV
Location: Redwood City, CA / Redmond, WA
News:
01.22.15
Active | Medical Devices
FIRE1 is a medical device company developing novel remote monitoring devices to improve patient quality of life and outcomes while lowering overall healthcare costs.
Lead: Jason Lettmann
Fund: LSV
Location: Dublin, Ireland
News:
Select Exits | Biopharmaceuticals
FivePrime Therapeutics is a biopharmaceutical company focused on the discovery and development of a complete range of innovative protein and antibody drugs. The company successfully completed an IPO in 2013.
(NASDAQ: FPRX)
Lead: Jean George
Fund: ATV
Location: Boston, MA
News:
Select Exits | Biopharmaceuticals
Flex Pharma is a biopharmaceutical company dedicated to creating innovative, novel treatments for neuromuscular disorders, and has demonstrated initial human efficacy related to muscle cramping. The company successfully completed an IPO in 2015.
NASDAQ: FLKS
Lead: Jean George
Fund: LSV
Location: Boston, MA
News:
Select Exits | Biopharmaceuticals
FoldRx Pharmaceuticals is a biopharmaceutical company developing disease modifying drug therapies for diseases of protein misfolding and amyloidosis. The company was acquired by Pfizer (NYSE: PFE) in 2010.
Lead: Chris Christoffersen, Ph.D.
Fund: Morgenthaler
Location: Cambridge, MA
Select Exits | Medical Devices
ForSight VISION2 is a medical device company that developed a proprietary ocular punctal plug drug delivery system. The company was acquired by QLT Inc. (NASDAQ: QLTI) in 2007.
Fund: Morgenthaler
Location: Menlo Park, CA
Select Exits | Medical Devices
ForSight VISION4 is a medical device company developing novel drug delivery therapies for the treatment of retinal diseases. The company was incubated within ForSight Labs and was acquired by Roche (OTCQX: RHHBY) in 2017.
Fund: Morgenthaler
Location: Menlo Park, CA
Select Exits | Medical Devices
ForSight VISION5 is a medical device company focused on a novel anterior segment drug delivery program for ophthalmic drugs. The company was incubated within ForSight Labs and was acquired by Allergan (NYSE: AGN) in 2016.
Fund: Morgenthaler
Location: Menlo Park, CA
Active | Biopharmaceuticals
Foundry Therapeutics 1 (FT1) is a biopharmaceutical company pioneering an opioid free approach for treating postoperative pain. The company is incubated within The Foundry, the premier medical technology incubator.
Lead: Mike Carusi
Fund: LSV Singapore
Location: Menlo Park, CA and Singapore
News:
Active | Biopharmaceuticals
Foundry Therapeutics 2 (FT2) is a biopharmaceutical company working on sustainable controlled release of therapeutics. The company is the latest venture out of The Foundry, the premier medical technology incubator.
Lead: Mike Carusi
Fund: LSV Singapore
Location: Menlo Park, CA and Singapore
Active | Biopharmaceuticals
Gemini Therapeutics is a precision medicine company developing a broad, multimodal pipeline of first-in-class therapeutics for genetically-defined age-related macular degeneration and rare diseases.
Lead: Jean George, Kenneth D. Noonan, Ph.D
Fund: LSV, LSV Singapore
Location: Cambridge, MA
News:
Active | Medical Devices
GI Dynamics is a medical device company developing a device to treat metabolic disease with gastric bypass. The company successfully completed an IPO on the Australian Securities Exchange in 2011.
ASX: GID
Fund: ATV
Location: Lexington, MA
News:
Active | Medical Devices
Gynesonics is a medical device company focused on advancing women’s health by developing minimally invasive, transcervical, uterus-preserving and incision-free technologies for diagnostic and therapeutic applications.
Lead: Mike Carusi
Fund: ATV
Location: Redwood City, CA
News:
Select Exits | Biopharmaceuticals
Hypnion is a biopharmaceutical company developing novel therapeutics for the treatment of central nervous system disorders such as sleep, wake-alertness disorders and circadian rhythm abnormalities. The company was acquired by Eli Lilly (NYSE: LLY) in 2007.
Lead: Jean George
Fund: ATV
Location: Lexington, MA
Active | Biopharmaceuticals
Locanabio is an RNA-targeting gene therapy company with a platform technology to address a wide spectrum of human genetic diseases.
Lead: Jean George
Fund: LSV
Location: San Diego, CA
News:
04.01.20
06.12.19
Active | Biopharmaceuticals
MediSix Therapeutics is an early-stage cell therapy company that is taking a novel approach to develop chimeric antigen receptor (“CAR”) T cells to target T cell lymphoma and leukemia.
medisixtx.com/medisix-therapeutics
Lead: Kenneth D. Noonan, Ph.D, Mike Carusi
Fund: LSV Singapore
Location: Boston, MA and Singapore
News:
Select Exits | Medical Devices
MicroVention is a medical device company developing and marketing innovative neuroendovascular technologies for the treatment of vascular diseases in small vessels. The company was acquired by Terumo (TYO: 4543) in 2006.
Lead: Mike Carusi
Fund: ATV
Location: Tustin, CA
Select Exits | Biopharmaceuticals
Morphotek is a biopharmaceutical company developing novel classes of biological-based products to treat cancer, inflammation and infectious diseases. The company was acquired by Eisai Inc. (TYO: 4523) in 2007.
Lead: Chris Christoffersen, Ph.D.
Fund: Morgenthaler
Location: Exton, PA
Active | Biopharmaceuticals
Mosaic Biosciences is a biotechnology company that is advancing a highly versatile and fundamentally new class of biomaterials based on engineered proteins and synthetic polymers.
Lead: Chris Christoffersen, Ph.D.
Fund: Morgenthaler
Location: Boulder, CO
Active | Medical Devices
Moximed is a medical device company that is developing innovative devices for patients with osteoarthritis of the knee. The company was incubated within the ExploraMed incubator.
Fund: Morgenthaler
Location: Hayward, CA
News:
03.16.17
Active, Select Exits | Biopharmaceuticals
Nimbus Therapeutics is a biotechnology company focused on designing highly selective and potent medicines to disrupt known drivers of serious diseases. The company was formed using an LLC model. Its lead program was acquired by Gilead Sciences (NASDAQ: GILD) in 2016.
Lead: Chris Christoffersen, Ph.D., Jean George
Fund: LSV
Location: Cambridge, MA
News:
11.01.16
Active | Medical Devices
Nuvaira is a medical device company developing novel devices for treating obstructive lung diseases. The company was incubated within The Foundry, the premier medical technology incubator.
Lead: Mike Carusi, Hank Plain
Fund: ATV, Morgenthaler, LSV
Location: Minneapolis, MN
News:
10.07.14
Select Exits | Biopharmaceuticals
Orexigen Therapeutics is a biopharmaceutical company developing therapies for the treatment of obesity. The company successfully completed an IPO in 2007.
NASDAQ: OREX
Lead: Chris Christoffersen, Ph.D.
Fund: Morgenthaler
Location: La Jolla, CA
Select Exits | Biopharmaceuticals
Plexxikon is a biotechnology company developing novel small molecule pharmaceuticals. The company has utilized its proprietary discovery platform to develop a portfolio of competitively differentiated therapeutic programs. The company was acquired by Daiichi Sankyo (TYO: 4568) in 2011.
Lead: Mike Carusi
Fund: ATV
Location: Berkley, CA
Select Exits | Biopharmaceuticals
Portola Pharmaceuticals is a biopharmaceutical company developing innovative therapeutics for cardiovascular and autoimmune/inflammatory diseases. The company successfully completed an IPO in 2013.
NASDAQ: PTLA
Lead: Jean George
Fund: ATV
Location: South San Francisco, CA
Select Exits | Medical Devices
PowerVision is a medical device company developing a proprietary fluid-controlled accommodating intraocular lens (IOL) technology to restore the vision of youth to millions of middle-aged or elderly individuals. The company was acquired by Alcon (NYSE: ALC) in 2019.
Lead: Mike Carusi
Fund: ATV
Location: Belmont, CA
News:
03.01.15
Select Exits | Biopharmaceuticals
Principia Biopharma is a biopharmaceutical company developing novel compounds with enhanced sensitivity, high potency and longer duration of effect. The company was acquired by Allergan (NYSE: AGN) in 2013.
Fund: Morgenthaler
Location: Menlo Park, CA
Select Exits | Biopharmaceuticals
Promedior is a clinical stage biotechnology company pioneering the development of targeted therapeutics to treat diseases involving fibrosis. The company was acquired by Roche Holding (OTCMKTS: RHHBY) in 2019.
Lead: Jason Lettmann
Fund: Morgenthaler
Location: Lexington, MA
News:
Select Exits | Biopharmaceuticals
Proteolix is a biopharmaceutical company developing novel therapies that target the proteasome for the treatment of hematological malignancies and solid tumors. The company was acquired by Onyx Pharmaceuticals (NASDAQ: ONXX) in 2009.
Lead: Jean George
Fund: ATV
Location: South San Francisco, CA
Select Exits | Biopharmaceuticals
Ra Pharmaceuticals is a clinical-stage biopharmaceutical company developing a new class of drugs with the specificity of antibodies and the oral bioavailability of small molecules. The company successfully completed an IPO in 2016.
NASDAQ: RARX
Lead: Jason Lettmann
Fund: Morgenthaler, LSV
Location: Cambridge, MA
News:
Active | Medical Devices
Relievant Medsystems is a medical device company developing a new, minimally invasive technology that targets the source of chronic low back pain with a simple one-hour treatment.
Lead: Jason Lettmann
Fund: Morgenthaler, LSV
Location: Redwood City, CA
News:
Active | Medical Devices
Reprieve Cardiovascular is a medical device company focused on automated fluid management technologies for acute heart failure treatment.
Lead: Hanson S. Gifford, III
Fund: LSV
Location: Milford, MA
Select Exits | Biopharmaceuticals
Scioderm is a clinical-stage biopharmaceutical company developing innovative therapies to address diseases with high unmet need, including rare diseases. The company was acquired by Amicus Therapeutics (NASDAQ: FOLD) in 2015.
Lead: Chris Christoffersen, Ph.D.
Fund: Morgenthaler
Location: Durham, NC
News:
Active | Biopharmaceuticals
Second Genome is a clinical-stage biopharmaceutical company focused on discovering and developing therapeutics identified using microbiome science.
Lead: Mike Carusi, Jason Lettmann
Fund: ATV, Morgenthaler
Location: San Bruno, CA
News:
08.24.16
Active | Medical Devices
SetPoint Medical is a clinical-stage bioelectronic medicine company dedicated to treating patients with chronic autoimmune diseases.
Lead: Hank Plain
Fund: Morgenthaler
Location: Valencia, CA
News:
Active | Medical Devices
Shoulder Innovations, Inc. is a medical device company developing and commercializing an innovative shoulder replacement system which addresses the greatest cause of surgical failure: glenoid loosening. This improved system is expected to improve patient outcomes and reduce overall system costs.
Lead: Mike Carusi
Fund: LSV
Location: Holland, MI
News:
Active | Medical Devices
Spine Wave is a medical device company developing and marketing novel devices for spine surgery, specifically spinal fusion, vertebral compression fracture repair and nucleus replacement and augmentation.
Fund: Morgenthaler
Location: Shelton, CT
Active | Biopharmaceuticals
Tallac Therapeutics is a biopharmaceutical company focused on the research and development of CpG-Antibody conjugates intended to stimulate the immune system in the treatment of cancer.
Lead: Mike Carusi
Fund: LSV
Location: Burlingame, CA
News:
Select Exits | Biopharmaceuticals
Threshold Pharmaceuticals is a biotechnology company developing therapeutics based on tumor hypoxia, a platform that offers potential to treat most solid tumors. The company successfully completed an IPO in 2005.
NASDAQ: THLD
Lead: Chris Christoffersen, Ph.D.
Fund: Morgenthaler
Location: South San Francisco, CA
Active | Biopharmaceuticals
Tizona Therapeutics is a clinical-stage immunotherapy company harnessing the power of the immune system to develop treatments for cancer.
Lead: Jean George
Fund: LSV
Location: South San Francisco, CA
News:
Active | Biopharmaceuticals
Tragara Pharmaceuticals is a biopharmaceutical company developing proprietary drugs for the treatment of various cancers.
Lead: Chris Christoffersen, Ph.D.
Fund: Morgenthaler
Location: San Diego, CA
Select Exits | Medical Devices
Transcend Medical is a medical device company focused on the development of devices for the treatment of glaucoma, the leading cause of adult irreversible blindness. The company was acquired by Alcon (Novartis) (NYSE: NVS) in 2016.
Fund: Morgenthaler
Location: Menlo Park, CA
Select Exits | Medical Devices
Twelve is a medical device company developing a novel device for the treatment of chronic cardiovascular disease. The company was incubated within The Foundry, the premier medical technology incubator, and was acquired by Medtronic (NYSE: MDT) in 2015.
Lead: Hank Plain
Fund: Morgenthaler
Location: Menlo Park, CA
News:
Select Exits | Medical Devices
Vapotherm is a medical device company pioneering Hi-VNI technology, a less invasive form of support for patients in respiratory distress. The company successfully completed an IPO in 2018.
NASDAQ: VAPO
Lead: Jason Lettmann
Fund: Morgenthaler
Location: Exeter, NH
Select Exits | Biopharmaceuticals
Verastem is a biopharmaceutical company bringing breakthroughs in cancer stem cell research into new medicines for the treatment of major cancers, such as breast cancer. The company successfully completed an IPO in 2012.
NASDAQ: VSTM
Lead: Jean George
Fund: ATV
Location: Cambridge, MA
News:
Active | Medical Devices
Willow is a medical device company commercializing a wearable breast pump that allows women to achieve their breastfeeding goals without pressing pause on their own lives. The company, formerly known as NC7, was incubated within ExploraMed.
Lead: Mike Carusi
Fund: LSV
Location: Mountain View, CA
News:
Select Exits | Medical Devices
ZELTIQ is a medical device company developing and marketing a non-invasive, office-based procedure that uses Cryolipolysis, a proprietary cooling technology, to eliminate fat. The company successfully completed an IPO in 2011.
NASDAQ: ZLTQ
Lead: Jean George
Fund: ATV
Location: Pleasanton, CA
A common passion for uncommon discoveries
Lightstone Team
We are a group of like-minded people who live by collaboration and by integrating business and science into breakthrough companies.
The latest developments
Lightstone News
12.01.20
04.01.20
01.24.20
01.13.20
12.16.19
06.28.19
06.12.19
04.30.19
03.05.19
09.25.18
09.11.17
06.05.17
03.16.17
03.14.17
11.01.16
10.11.16
08.24.16
04.12.16
09.29.15
03.01.15
01.22.15
10.07.14
Lightstone Ventures is committed to advancing a more diverse, equitable & inclusive venture capital ecosystem. As part of this commitment, we have signed the #VCHumanCapital Pledge to submit our firm’s demographic and talent management details to support the industry’s data collection and tracking efforts. As an industry, we can only improve what we measure, and the 2020 VC Human Capital Survey—powered by NVCA, Venture Forward, and Deloitte—is a critical component to tracking and measuring our progress.
Learn more about the survey and see the full list of VC firms who have pledged their participation here: https://nvca.org/nvca-and-venture-forward-vchumancapital-pledge