Penn-BioNTech Innovative Therapeutics Seed Fund Announces First Investment

Emvena Therapeutics is the first company launched by the fund, advancing placenta-targeted mRNA medicines for serious maternal and fetal conditions

PHILADELPHIA--(BUSINESS WIRE)--The Penn-BioNTech Innovative Therapeutics Seed Fund (PxB Fund) today announced its investment in Emvena Therapeutics, a biotechnology company developing mRNA medicines designed to deliver treatments directly to the placenta to address serious maternal and fetal conditions. Emvena is the first company launched and financed by the PxB Fund, which supports the translation of promising University of Pennsylvania research for the advancement of human health.

Emvena’s lead program targets preeclampsia, a serious gestational complication affecting an estimated 2%–8% of pregnancies worldwide. A leading cause of maternal and infant illness and death, preeclampsia has no approved therapy that addresses the underlying disease, leaving clinicians with limited options beyond managing symptoms and, in severe cases, delivering the baby prematurely.

“Emvena represents the kind of company the PxB Fund intends to catalyze and help build: one translating important Penn science into potential treatments for a serious medical need that has received inadequate attention,” said Anna Turetsky, PhD, General Partner, PxB Fund. “We’re proud to make Emvena our first investment and look forward to supporting more Penn innovations as they advance toward patients.”

Founded in 2026, Emvena is advancing technology developed in the laboratory of Michael J. Mitchell, PhD, the Hibbert Professor of Bioengineering in the School of Engineering and Applied Science at the University of Pennsylvania. In research published in Nature, the team demonstrated that a novel lipid nanoparticle (LNP) preferentially delivers mRNA to the placenta compared with conventional LNPs. The Mitchell Lab also demonstrated that delivery of mRNA encoding vascular endothelial growth factor (VEGF), a protein involved in blood vessel growth, reduced disease severity in mouse models of preeclampsia.¹

“The PxB Fund made this happen in a matter of months, seeing the potential of our technology and bringing the right team together to launch it. It’s exciting that we have the opportunity to develop new therapeutics for maternal and fetal conditions that have historically been underserved by drug development,” said Dr. Mitchell.

Building on this foundational research, Emvena is developing placenta-targeted mRNA medicines with the potential to address preeclampsia and other maternal and fetal conditions for which treatment options remain limited.

“Preeclampsia has long been managed by treating symptoms and, when the mother’s health is at risk, delivering the baby early - often much earlier than is ideal,” said Young T. Kwon, PhD, Chief Executive Officer and Executive Chair of Emvena. “The science emerging from the Mitchell lab offers a potential new way to deliver medicine directly to the placenta, where key processes underlying the disease occur. Our goal is to build Emvena into a company that can bring meaningful new treatment options to mothers, babies, and the physicians who care for them.”

Proceeds from the seed financing will support advancement of Emvena’s lead program toward investigational new drug (IND)-enabling studies and expansion of its placenta-targeted platform into additional maternal and fetal indications.

Founding Team

Emvena’s founding team brings together researchers who developed the underlying technology along with experienced clinical and biotechnology leaders.

• Michael J. Mitchell, PhD, scientific co-founder and advisor, is the Hibbert Professor in Bioengineering at the University of Pennsylvania’s School of Engineering and Applied Science.
• Kelsey L. Swingle, PhD, scientific co-founder and advisor, is an assistant professor of bioengineering at Rice University. She helped develop the technology as a PhD student in the Mitchell lab.
• Hannah Safford, PhD, scientific co-founder and Director of Research and Development at Emvena, helped develop the technology as a PhD student in the Mitchell lab.
• Allison August, MD, co-founder and Senior Clinical Advisor, is an obstetrician-gynecologist with 25 years of clinical and drug development experience, including senior leadership roles at Comanche Biopharma and Moderna.
• Young T. Kwon, PhD, co-founder, Chief Executive Officer and Executive Chair, brings extensive biotechnology operating experience, including senior leadership roles at Momenta Pharmaceuticals and Alchemab Therapeutics. Dr. Kwon is an advisor to the PxB Fund.

About Emvena Therapeutics

Emvena Therapeutics, Inc is a biotechnology company developing placenta-targeted mRNA medicines for serious maternal and fetal conditions. Founded in 2026 based on research from the University of Pennsylvania, the company is advancing a novel lipid nanoparticle platform designed to preferentially deliver mRNA to the placenta. Emvena’s lead program targets preeclampsia, a serious pregnancy complication with significant unmet medical need. Based in Philadelphia, Emvena is backed by the Penn-BioNTech Innovative Therapeutics Seed Fund. For more information, visit www.emvenatx.com.

About the Penn-BioNTech Innovative Therapeutics Seed Fund

The PxB Fund is a $50 million venture capital fund formed by the University of Pennsylvania, BioNTech SE, and Osage University Partners (“OUP”) to invest in early-stage life science companies based on Penn intellectual property and/or founded by Penn researchers. The fund focuses on seed and Series A investments in therapeutics, platforms, diagnostics, and research tools emerging from Penn’s faculty and researcher community. The fund helps Penn investigators translate promising biomedical discoveries and advance them to improve human health and address serious medical conditions. The PxB Fund is managed by OUP, a Philadelphia-based venture capital firm with over $800 million under management that has invested in more than 150 startups commercializing university research, including more than 10 Penn startups. For more information, visit www.pxbfund.com.

Reference

¹ Swingle KL, Hamilton AG, Safford HC, et al. “Placenta-tropic VEGF mRNA lipid nanoparticles ameliorate murine pre-eclampsia.” Nature. 2025;637:412–421.