Thuja Capital Management

Thuja Capital Management B.V. is a venture capital and private equity firm based in Utrecht, Netherlands, focused on early-stage investments in the healthcare sector. Established in 2006, the firm specializes in seed and start-up financing, primarily targeting innovations in medical devices, diagnostics, therapeutics, digital health, and nutraceuticals. Thuja Capital emphasizes investments in the Benelux region, including the Netherlands, Belgium, and Luxembourg, and typically commits between €0.25 million and €2.5 million in equity, as well as between €0.50 million and €1 million in debt. The firm prefers to take an active role by securing a seat on the supervisory board of its portfolio companies. Through its strategic investments, Thuja Capital aims to support the development of pioneering medical products and technologies that contribute to diagnosis, treatment, and prevention in healthcare.

25 past transactions

Synerkine Pharma

Series A in 2021
Synerkine Pharma focuses on developing novel fusion proteins for the treatment of inflammatory, neuropathic and osteoarthritic pain. The company's protein targets common regulatory mechanisms in different types of chronic pain and has unique properties, enabling patients to effectively reduce pain in multiple pre-clinical models.

ATRO Medical

Venture Round in 2021
ATRO Medical is a spin-out from DSM and Radboudumc and builds on the knowledge developed in the Public-Private Collaboration BioMedical Materials that started in 2010 with a consortium of universities, private companies, and financial support from the Dutch government. The collaboration between the clinical, biomechanical, and polymer expertise has created the base for the Trammpolin design and the development towards a prototype.

Alveron Pharma

Seed Round in 2021
Alveron Pharma develops treatment for hemorrhagic stroke, a severe unmet medical need. Alveron’s drug OKL-1111 strongly reduces hematoma expansion in a mouse model of intracranial hemorrhage. As an injection solution that is ready to use, OKL-1111 is being developed to do away with a laborious pre-treatment process.

Salvia BioElectronics

Series A in 2020
Salvia is an innovative startup active in the emerging field of bioelectronics. The name Salvia is derived from the Latin word salvere, which means to stay healthy. In addition, the Salvia-plant has been used to treat headaches, pain, and mental disorders over centuries. Salvia's mission is to deliver bioelectronic solutions that restore health for people suffering from chronic migraine. Salvia aims to provide drug-free solutions that are effective and inherently side-effect free and make the novel solutions widely accessible. The Salvia team consists of experienced entrepreneurs, engineers and scientists with diverse professional backgrounds and proven track-record throughout the medical device industry (Sapiens, Medtronic, Philips, St Jude, BioSensors International, Kyphon, etc).

NutriLeads

Series B in 2020
NutriLeads is an innovative startup that develops nutritional ingredients with demonstrated health effects. NutriLeads aims to catalyze nutritional health innovation in the food industry by partnering with relevant companies to identify promising lead ingredients, develop sustainable and commercially viable production processes, and initiate scientific and clinical programs to substantiate the health effects of these ingredients. Together we will bring the benefits of the proprietary ingredients to patients and consumers.

Salvia BioElectronics

Seed Round in 2019
Salvia is an innovative startup active in the emerging field of bioelectronics. The name Salvia is derived from the Latin word salvere, which means to stay healthy. In addition, the Salvia-plant has been used to treat headaches, pain, and mental disorders over centuries. Salvia's mission is to deliver bioelectronic solutions that restore health for people suffering from chronic migraine. Salvia aims to provide drug-free solutions that are effective and inherently side-effect free and make the novel solutions widely accessible. The Salvia team consists of experienced entrepreneurs, engineers and scientists with diverse professional backgrounds and proven track-record throughout the medical device industry (Sapiens, Medtronic, Philips, St Jude, BioSensors International, Kyphon, etc).

ATRO Medical

Series A in 2017
ATRO Medical is a spin-out from DSM and Radboudumc and builds on the knowledge developed in the Public-Private Collaboration BioMedical Materials that started in 2010 with a consortium of universities, private companies, and financial support from the Dutch government. The collaboration between the clinical, biomechanical, and polymer expertise has created the base for the Trammpolin design and the development towards a prototype.

Nightbalance

Series B in 2016
NightBalance B.V. is an enterprise which was started by TU Delft alumni. In 2007 the research into improved position therapy aids began at the Delft University of Technology. NightBalance was founded in 2009 based on the research at the university in order to further develop the Sleep Position Trainer.

NutriLeads

Seed Round in 2015
NutriLeads is an innovative startup that develops nutritional ingredients with demonstrated health effects. NutriLeads aims to catalyze nutritional health innovation in the food industry by partnering with relevant companies to identify promising lead ingredients, develop sustainable and commercially viable production processes, and initiate scientific and clinical programs to substantiate the health effects of these ingredients. Together we will bring the benefits of the proprietary ingredients to patients and consumers.

FABPulous

Series B in 2015
FABPulous is an innovative healthcare company which develops and markets solutions for diagnostics in primary care and emergency medicine. FABPulous is a company based in The Netherlands. It was spun out of Maastricht University at the end of 2008. In December 2009 FABPulous closed a first equity financing round co-led by Thuja Capital, Health Innovations, Limburg Ventures and NV Industriebank LIOF. The company has developed a technology that allows a simple, robust and ultra-rapid diluted plasma preparation from a drop of blood. This offers great advantages in the point-of-care (POC) and home testing setting, over current technology. It concerns a disposable plasma preparation device that can be integrated with many IVD detection platforms, such lateral flow devices. The first product application under development by FABPulous is a rapid test for the cardiac biomarker heart-type fatty acid binding protein (H-FABP), to aid in the first-line diagnosis of acute myocardial infarction.

Hemics

Series B in 2015
Hemics is a medical device company active in the field of Rheumatoid Arthritis (RA). We aim at improving the quality of life of patients with RA by creating imaging devices that support the rheumatologist in monitoring and treatment of this disease. Its devices are based on the patented Optical Inflammation Detection technology, a non-invasive, fast and objective method that supports rheumatologists in the quantification of inflammation, a key parameter in the treatment of patients with RA. Hemics was founded as a spin-out of Royal Philips Electronics, where the Optical Inflammation Detection technology was invented.

Cristal Therapeutics

Venture Round in 2014
Cristal Therapeutics is a pharmaceutical company developing a new class of nanomedicine based on its proprietary polymeric technologies. It aims to find valuable solutions for medical needs by creating superior drug products. Both new and existing drugs can be combined with Cristal Therapeutics Polymeric Technologies, shortly abbreviated as CriPec. CriPec-based products are versatile as a crystal and allow to improve the treatment of various diseases.

Nightbalance

Series A in 2013
NightBalance B.V. is an enterprise which was started by TU Delft alumni. In 2007 the research into improved position therapy aids began at the Delft University of Technology. NightBalance was founded in 2009 based on the research at the university in order to further develop the Sleep Position Trainer.

Hemics

Series A in 2011
Hemics is a medical device company active in the field of Rheumatoid Arthritis (RA). We aim at improving the quality of life of patients with RA by creating imaging devices that support the rheumatologist in monitoring and treatment of this disease. Its devices are based on the patented Optical Inflammation Detection technology, a non-invasive, fast and objective method that supports rheumatologists in the quantification of inflammation, a key parameter in the treatment of patients with RA. Hemics was founded as a spin-out of Royal Philips Electronics, where the Optical Inflammation Detection technology was invented.

TheraSolve

Venture Round in 2011
TheraSolve NV is a medical technology company dedicated to developing and commercializing innovative, user-friendly, and cost-effective solutions to promoting medication adherence. TheraSolve’s patented technology platform will motivate broad patient populations to take their medications as prescribed, and more generally, to perform any health-promoting activity in a timely fashion.

Nightbalance

Seed Round in 2011
NightBalance B.V. is an enterprise which was started by TU Delft alumni. In 2007 the research into improved position therapy aids began at the Delft University of Technology. NightBalance was founded in 2009 based on the research at the university in order to further develop the Sleep Position Trainer.

Cavadis

Series A in 2009
CAVΛDIS™ is a Dutch biomedical company active in the field of cardiovascular risk assessment. They develop prognostic tests to identify patients at risk of cardiovascular and disease. The company identified several novel biomarkers predictive for cardiovascular events. It is their goal is to develop clinically meaningful risk stratification tools that will help personalize treatment and achieve better patient outcomes.

DCPrime

Venture Round in 2009
DCPrime is a clinical-stage cancer immunotherapy company, which develops therapeutic vaccines based on its proprietary DCOne platform. DCOne‐based vaccines share all immune‐stimulatory properties with patient-derived dendritic cell‐based vaccines, and have the simple logistics of off‐the‐shelf products. DCOne cells express a range of known tumor antigens, which are targeted in several cancer types.

Bioceros

Venture Round in 2008
Bioceros B.V. operates as a biopharmaceutical research and development contract organization. The company focuses on providing a range of technical and scientific expertise ranging from discovery research to pre-clinical development. Its services include assay development and quantification, pre-clinical development, molecular biology, cell biology and immunology, protein expression in various systems, upscaling/fermentation, protein purification, and consulting services. The company offers its services to other biotech companies, academic institutions, and pharmaceutical companies. Bioceros B.V. was founded in 2003 and is based in Utrecht, the Netherlands.

Intercell

Post in 2007
Intercell AG, a biotechnology company, engages in the design and development of vaccines for the prevention and treatment of infectious diseases. It discovers and develops antigens and adjuvants, which are derived from its proprietary technology platforms. The company was founded in 1998 and is headquartered in Vienna, Austria.

Galapagos

Venture Round in 2007
Galapagos is a clinical-stage biotechnology company, specialized in the discovery and development of small molecule medicines with novel modes of action. Our ambition is to become a leading global biopharmaceutical company, focused on the discovery, development and commercialization of innovative medicines that will improve people's lives.

Enanta Pharmaceuticals

Venture Round in 2007
Enanta Pharmaceuticals, Inc., a research and development company, engages in the discovery, development, and promotion of small molecule drugs in the areas of anti-infective. It develops protease, NS5A, polymerase, and cyclophilin-based inhibitors for the treatment of hepatitis C virus (HCV). The company also develops ABT-450/r, an oral protease inhibitor for the treatment of hepatitis C (HCV) infection. In addition, it develops Bicyclolides, a macrolide antibiotic, which overcomes bacterial resistance; and EDP-420, a bicyclolide antibiotic for the treatment of community-acquired pneumonia. The company's antibacterial focus areas include superbugs, respiratory tract infections, and intravenous and oral treatments for hospital and community MRSA. The company has strategic alliances with Abbott Laboratories; and Shionogi & Co., LTD. Enanta Pharmaceuticals, Inc. was formerly known as NovirX, Inc. and changed its name to Enanta Pharmaceuticals, Inc. in May 1999. The company was founded in 1998 and is based in Watertown, Massachusetts.

Drug Abuse Sciences

Venture Round in 2007
Drug Abuse Sciences develops and commercializes therapies for the treatment of alcohol and drug addictions. It offers Naltrexone Depot, a sustained-release formulation of Naltrexone for the treatment of alcohol and opiate addictions; DAS-431 for the treatment of cocaine addiction; and Buprenorphine Depot, a sustained-release formulation of buprenorphine for the treatment of heroin and various opiate addictions. Drug Abuse Sciences is based in Menlo Park, California.

Develogen AG

Venture Round in 2007
Develogen is a biology-driven drug discovery company that is engaged in the development of therapies for diabetes and obesity. The company was founded in 1995 and is based in Georgia, United States.

Avantium

Venture Round in 2007
Avantium is a leading technology company specialized in advanced high-throughput R&D for applications in the energy, chemicals and pharmaceutical industries. The company's headquarters and laboratories are located in Amsterdam, in the Netherlands. Avantium's proprietary high-throughput technology enables a faster and more cost-effective development of new and improved products and production processes. Using its unique rational approach towards the design of experiments and data analysis, Avantium is capable of accomplishing innovations with superior success rate. Avantium has demonstrated the validity and commercial viability of its technology by successfully providing research services and tools to more than 70 companies worldwide, including many industry leaders. The company's mission is to increase the success rate and economics of product and process development. Building on its expertise and track record in the energy, chemicals and pharmaceutical industries, Avantium focuses on developing products in two fields: new biofuels and bio-based chemicals, and new crystal forms of marketed drugs under patent. Avantium's strategy is to progress its development programs and exploit the commercial value of its expanding patent portfolio by securing value-adding partnerships during the coming years. Avantium seeks continuous expansion of its profitable services and tools business. Avantium has assembled a team of highly educated professionals who are experts in catalysis, crystallography, organic chemistry, engineering of robotic systems, process engineering, statistics, cheminformatics and software development. Its teams collaborate closely with partner R&D organizations.
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