Dr Sasha Bakhru says 108 BioCapital’s $20 million investment into Pinwheel Therapeutics will fund a Phase 2b trial of Ciraparantag, a late stage anticoagulant reversal asset.
India, February 5, 2026: Pinwheel Therapeutics, a clinical stage biopharmaceutical company developing differentiated therapeutic assets, has raised $20 million from US based growth equity firm 108 BioCapital. The capital will support a Phase 2b clinical trial of Ciraparantag, a universal anticoagulant reversal therapy.
The investment follows the first close of over $40 million by 108 BioCapital, which is in the process of registering a Gift City feeder vehicle. The fund is backed by several prominent investors, including the family office of Mike Bingle of Silverlake Partners, Claypond, the family office of Dr Ranjan Pai, Chairman and Managing Director of Manipal Group, the Daftary family, promoters of Bharat Serum, Suresh Vazirani of Erba TransAsia Group, and Siddharth Parekh, Founder of Paragon Partners, along with other US based and global institutional investors.
The transaction represents a special situation recapitalisation of a late stage clinical asset acquired following the sale of PE backed Covis Pharmaceuticals to Azurity Pharmaceuticals. The investment comes ahead of a defined late stage clinical inflection point for Ciraparantag.
Commenting on the investment, Sasha Bakhru, Managing Partner and Chief Executive Officer of 108 BioCapital, said the transaction marks the fund’s inaugural investment and reflects its focus on next generation clinical stage opportunities addressing high impact unmet medical needs. He added that Ciraparantag has the potential to address a significant gap in emergency anticoagulant reversal following the withdrawal of Andexxa from the US market in December 2025.
Ciraparantag was originally invented and developed by Perosphere Pharmaceuticals and is designed to reverse the effects of direct oral Factor Xa inhibitors such as Eliquis, Xarelto, and Lixiana, as well as direct thrombin inhibitors like Pradaxa, and both low molecular weight and unfractionated heparins. The therapy is being developed as a ready to use intravenous injection for emergency settings including trauma, intracranial haemorrhage, and urgent surgical procedures.
Pinwheel Therapeutics holds worldwide rights and patents for Ciraparantag until at least the first quarter of 2034. The company also retains the flexibility to re license territories, creating potential non dilutive revenue streams and further de risking the asset ahead of a strategic exit.
General Partners at 108 BioCapital, Shom Jagtiani and Shahryar Oveissi, said the US healthcare market presents a strong opportunity, with the fund maintaining a pipeline of pre identified portfolio companies. They noted that the firm follows an operationally engaged investment approach, working closely with management teams to navigate critical clinical and commercial milestones.
The global anticoagulant reversal market is estimated at approximately $1.4 billion and continues to expand as the use of direct oral anticoagulants increases among aging populations in the US and Europe. Despite the scale of the market, limited approved therapies and clinical competition have historically constrained effective reversal options.
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