We believe in founders with vision and commitment.

Hong I. Wan Tallac Therapeutics

Portfolio

We build exciting companies that can accomplish big goals.

Karun D. Naga The Foundry, LLC

Approach

We fund novel, disruptive technologies to transform patients’ lives.

Susan Molineaux CEO and Advisor

People

We are partners, collaborators, and mentors.

Adam D. Gridley Allay Therapeutics

Portfolio

100 Years of combined operational experience

20 IPOS

19 Acquisitions

2 Industries:
Biotech & Medtech

1 Shared goal: bringing Impactful treatments To patients

The best people, the best science.

Our experienced life science investors seek out visionary founders to translate novel scientific breakthroughs into clinically and commercially meaningful therapies.

Approach

We don’t just invest in ideas. We invest in people.

Lightstone Ventures was founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients in need.

What defines us:

Our experience spans all stages of company growth

Our team collectively has nearly 100 years of company-building experience. We have been part of start-up ventures of all stages and played a critical role in evaluating, guiding, and building successful healthcare companies.

We are partners in company building

Fostering successful companies does not just mean writing a check. We not only back our companies financially, but we partner with them to navigate their day-to-day functions. Our team works hands-on with founders to help establish a strategy that can transform their vision into commercially viable products.

More than investors – we are guides

We invest with a long-term vision and patient capital that will fund the company through its life cycle from start-up to commercialization. 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.

Our reach is global

Our global footprint with offices in the U.S. and Ireland allows us to build a network with non-U.S. strategic and financial funding sources, as well as exploring novel development and commercialization strategies in these geographies.

Our portfolio companies succeed

Lightstone team members have been involved in some 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.

Portfolio

Big Ideas, Bright Futures.

We back driven entrepreneurs developing breakthrough therapies and technologies that have the potential to be industry-first or industry-leading products.

The success of a company is determined by its people, so we work closely with biotech and medtech founders to build teams with the experience and ambition necessary to achieve their goals.

Biotech

Our team looks for companies developing first-in-class drugs, across all modalities including small molecules, biologics and cell and gene therapies. We are focused on several disease areas including the central nervous system (CNS), immunology with particular interest in autoimmune diseases, next-generation approaches in oncology and ophthalmology.

Medtech

We look for founders with big ideas targeting the convergence of technology, medicine and consumer health. We see promise in companies focused on personalized medicines and targeted therapeutics that leverage data analytics and scientific platforms—groundbreaking medical technologies that address major diseases across immunology, cardiovascular, neurology and ophthalmology.

People

A common passion for uncommon discoveries.

We are like-minded collaborators with a shared purpose: to integrate business and science into breakthrough companies that can change the lives of patients.

Mike Carusi General Partner

Mike is a General Partner and Team Leader of Lightstone Ventures (LSV) and focuses on investments in the biopharmaceutical and medical device sectors. He is based in the firm’s Portola Valley, CA office, where he also serves as a General Partner at Advanced Technology Ventures (ATV). His representative investments include Allay Therapeutics, Altura Medical (acquired by Lombard), Ardian (acquired by Medtronic), Cala Health, EndoGastric Solutions, Gynesonics, MediSix Therapeutics, MicroVention (acquired by Terumo), Nuvaira, Plexxikon (acquired by Daiichi Sankyo), PowerVision (acquired by Alcon), Second Genome, Shoulder Innovations, Tallac Therapeutics, and Willow.

Featured on the Forbes Midas List of top technology and life science investors, Mike is a recognized thought leader in the industry and a frequent speaker at healthcare conferences. He serves as an Adjunct Professor at the Tuck School of Business Administration at Dartmouth College. In addition, Mike has been heavily involved with several programs at Stanford University including the Stanford Biodesign Program and, more recently, the Stanford Center for Clinical and Translational Research and Education (Spectrum). Lastly, Mike served as a Director on the National Venture Capital Association (NVCA) Board of Directors and remains active in helping to shape policy affecting both innovation and healthcare.

Earlier in his career, Mike served as a Director of Business Development for Inhale Therapeutic Systems (now Nektar Therapeutics, NASDAQ: NKTR), a venture-backed pulmonary drug delivery company that went public in 1994. At Inhale, Mike led partnering activities with a number of pharmaceutical and biotechnology companies in the U.S., Europe, and Japan. Mike also was a Principal at The Wilkerson Group, a leading management consulting firm focused exclusively on healthcare. At The Wilkerson Group, Mike helped establish the firm’s offices in London and San Francisco.

Education: M.B.A. from the Tuck School of Business
B.S. in Mechanical Engineering from Lehigh University
Sector: Biopharmaceuticals, Medical Technology
Location: Portola Valley

Representative Investments:

Jean George General Partner

Jean is a General Partner of Lightstone Ventures. She focuses on biopharmaceutical and medical device investments out of the firm’s Boston office, where she also serves as a General Partner of Advanced Technology Ventures (ATV). Her representative investments include Acceleron Pharma (NASDAQ: XLRN), Calithera Biosciences (NASDAQ: CALA), Cyteir Therapeutics, Disarm Therapeutics (acquired by Eli Lilly), Flex Pharma (NASDAQ: FLKS), Five Prime Therapeutics (NASDAQ: FPRX), Gemini Therapeutics, Hypnion (acquired by Eli Lilly), Portola Pharmaceuticals (NASDAQ: PTLA), Proteolix (acquired by Onyx Pharmaceuticals), Tizona Therapetics (acquired by Gilead), Verastem (NASDAQ: VSTM), and Zeltiq Aesthetics (NASDAQ: ZLTQ).

Jean has been featured on the Forbes Midas List and was previously a member of the Scientific Advisory Board for the Massachusetts Life Sciences Center. Prior to LSV and ATV, Jean worked for BancBoston Ventures and led its life sciences investments in Neurometrix (NASDAQ:NURO), Ironwood Pharmaceuticals (NASDAQ: IRWD), NuGenesis Technologies (acquired by Waters) and Syntonix Pharmaceuticals (acquired by Biogen/Idec).

She has been in the biopharmaceutical industry for over 30 years, including 10 years with Genzyme Corporation, where she held a variety of operational roles in marketing, product development, and business development, including Vice President of Global Sales and Marketing. She also was Vice President and Founder of Genzyme’s Tissue Repair Division. Previously, Jean spent six years working in chemistry and bioresearch.

Education: M.B.A. from Simmons College Graduate School of Management
B.S. from the University of Maine
Sector: Biopharmaceuticals
Location: Boston

Representative Investments:

Hanson S. Gifford, III Partner

Hanson is a Partner of LSV. He assists the LSV medical device team with deal sourcing, due diligence, and portfolio company management. He has served in this role since November 2013.

Hanson is also a Managing Partner at The Foundry, LLC, a medical device company incubator and a preferred partner to LSV. Since its inception in 1998, Hanson has led The Foundry in all of its activities. These include the invention, identification and development of new technologies, the formation, financing, and staffing of over twenty new companies, and ongoing support of these new ventures as a board member. Success stories include Evalve (acquired by Abbott), Concentric (acquired by Stryker), Ardian (acquired by Medtronic), Twelve (acquired by Medtronic). At ForSight Labs, an Ophthalmology-focused incubator started by Hanson, Eugene de Juan, MD, and K. Angela Macfarlane, successes include Transcend Medical (acquired by Alcon), Forsight Newco 2 (acquired by QLT), Forsight Vision 4 (acquired by Genentech/Roche), and Forsight Vision 5 (acquired by Allergan).

Prior to The Foundry, Hanson was Vice President of Research and Development at Heartport, Inc., which had a successful IPO in 1996. From 1993-1998, he built and led a 62-person team at Heartport developing a wide variety of novel devices and procedures for minimally invasive cardiac surgery. In 1992-1993, Hanson co-founded and served as Managing Director of Bavaria Medizin Technologie, GmbH in Oberpfaffenhofen, Germany. In 1991, Hanson co-founded and served as President of Cardiovascular Therapeutic Technologies (acquired by Eli Lilly). From 1985-1990, Hanson worked at Devices for Vascular Intervention (acquired by Eli Lilly) in various engineering, clinical research and marketing capacities. Before joining DVI, Hanson worked in engineering roles at Oximetrix and General Dynamics.

Hanson is a named inventor on over 400 issued US patents. Hanson is a Director of FIRE1, Contego, Reprieve Cardiovascular, Half Moon Medical, Tangible Science, Apreo Health, and Mavericks Endo.

Education: B.S. in Mechanical Engineering from Cornell University
Sector: Medical Technology
Location: Portola Valley

Representative Investments:

Christina Isacson, Ph.D. Partner

Christina Isacson is a Partner of Lightstone Ventures and focuses on investments in the biopharmaceutical sector. Christina has spent nearly 20 years in the biotech industry across operational roles and in venture capital. She brings experience in creating, launching, building and operating early stage biotechnology companies including Magenta Therapeutics (NASDAQ:MGTA) and Decibel Therapeutics (NASDAQ:DBTX).

Before joining Lightstone in 2021, Christina was part of the founding team and Chief Business Officer at Magenta Therapeutics where she was accountable for portfolio strategy and management, program management, business development, alliance management and commercial strategy. Prior to Magenta, Christina was Principal at Third Rock Ventures, an early-stage life sciences venture capital firm. At Third Rock, Christina focused on new company formation, due diligence, and led business development efforts more broadly on behalf of Third Rock. Prior to being part of the founding teams of Magenta and Decibel, Christina held operational roles at Ironwood Pharmaceuticals (NASDAQ:IRWD) in corporate development. In addition, she has held venture roles with Boston University’s Technology Development Fund and with Accelerator Corp (Fund I).

Originally trained as a Ph.D. in Neuroscience, leading the integration of science and medicine with business is a fundamental objective in her career.

Education: Ph.D. Neuroscience from Tufts University School of Medicine, Graduate School of Biomedical Sciences
B.Sc. Biology from McGill University
Sector: Biopharmaceuticals
Location: Boston

Representative Investments:

Caroline Gaynor Partner

Caroline Gaynor is a Partner of Lightstone Ventures and focuses on new investments in the biopharmaceutical and medical device sectors out of the firm’s Dublin office. She currently serves as a board director for Parvalis Therapeutics, ProVerum, Carrick Therapeutics and FIRE-1 and as board observer for Volta Medical and Cerevance. She also previously served on the board of ALX Oncology. She is a council member of the Irish Venture Capital Association and a member of the BioInnovate Ireland Board of advisors.

Caroline joined Lightstone Ventures in 2017, bringing 15 years’ operational experience in the pharmaceutical industry and early stage medtech companies. Caroline spent 9 years at Bayer Healthcare, most recently serving on the board of senior management of Bayer Ltd. Ireland as head of market access, pricing and reimbursement. During her time in pharma she held a number of operational roles, predominantly focused on oncology, such as product management, strategic marketing, business development and regulatory/clinical affairs. Prior to Lightstone, and following completion of her BioInnovate fellowship in 2013, she co-led R&D on a device targeting Acute Pancreatitis and was subsequently involved in early pre-clinical, strategic clinical and commercial development at Vetex Medical.

In 2002 She received her degree in Pharmacy from Trinity College Dublin and subsequently went on to receive an M.Sc in Pharmaceutical Medicine in 2010.

Education: B.S. in Pharmacy from Trinity College Dublin
M.S. in Pharmaceutical Medicine from Trinity College Dublin
M.S. in BioInnovation from National University of Ireland, Galway
Sector: Biopharmaceuticals, Medical Technology
Location: Dublin

Representative Investments:

Mark Deem Operating Partner

Mark is an Operating Partner of LSV. He assists the LSV medical device team with deal sourcing, due diligence, and portfolio company management. He has served in this role since November 2013.

Mark is a co-founder of the Foundry, LLC. The Foundry is the premier medical device company incubator and a preferred partner to LSV. Since its inception in 1998, The Foundry has founded and financed over twenty new medical device companies. Success stories include Twelve (acquired by Medtronic), Ardian (acquired by Medtronic), eValve (acquired by Abbott), and Concentric (acquired by Stryker). Mark joined The Foundry at its inception in 1998. In addition to spearheading the research and invention process on new clinical opportunities, Mark led the early stage effort in The Foundry’s new companies until the company’s CEO and Senior Staff was hired.

Prior to joining The Foundry, Mark served in a founding role as consulting Director of Research and Development for Ventrica, Inc. Previously, Mark was a senior member of the Research & Development team at Medtronic Micro Interventional Systems. Mark joined MIS as one of the initial members of the company’s engineering team and remained there through the acquisition by Medtronic.

Previously, Mark held engineering positions with Devices for Vascular Engineering, Cordis Corporation and the USCI Division of C.R. Bard.

Mark has spent over thirty years in the design, testing and manufacture of medical devices. He is a co-inventor on over 250 issued and pending U.S. patents.

Mark serves as Chairman of the Board for Allay Therapeutics (formerly Foundry Therapeutics 1), is a Director for FIRE1, and Half Moon Medical and is a board observer for Nuvaira and Shoulder Innovations.

Education: B.S. in Biomedical Engineering from Boston University
Sector: Medical Technology
Location: Portola Valley

Stacy Enxing Seng Operating Partner

Stacy is an Operating Partner of LSV and assists the LSV medical device team with deal sourcing, due diligence, and portfolio company management. She joined the LSV team in March 2016.

Since 2013, Stacy has also focused her work on engaging as a Professional Director, serving as an Independent Director and Committee Member for both public and venture-backed private companies across the healthcare ecosystem. Stacy currently serves as a non-executive Independent Director and member of the Compensation and Management Committee for Hill-Rom Holdings, Inc. (NYSE: HRC), Sonova Holding AG (VTX: SOON), and LivaNova, Inc. (NASDAQ: LIVN). Stacy also serves as Chairwoman of the Board for both CALA Health and Contego, an Independent Director for Vesper Medical, as well as a Director for the Fogarty Institute, a non-profit educational innovator. Past Director appointments include PreCARDIA Inc, (exited to Abiomed), Claret Inc, (exited to Boston Scientific), Spirox, (exited to Entellus/Abbott) FIRE 1, (Covidien/Medtronic Investment), CVI (exited to Covidien/Medtronic) and Solace Therapeutics.

An accomplished executive leader, Stacy has over 25 years in sales, marketing and operational leadership roles building innovative technology portfolios, demonstrated clinical outcomes, exceptional management teams and world-class company cultures. She has been recognized as one of the Top 100 Women in Business and is a frequent speaker on healthcare, innovation leadership and corporate culture.

Prior to Independent Director work, Stacy served as the President of Covidien’s $1.7B Vascular Therapies business. Stacy joined Covidien following its $2.6B acquisition of ev3 Inc., a medical technology start-up that Stacy co-created in 2000 with ev3’s founding team. Over the course of her career, Stacy has been involved in the launch of over 20 medtech technologies, more than 10 substantive M&A transactions, and under her operating leadership, a reputation of achieving world class customer and employee
engagement.

Stacy’s earlier work in medtech included sales and marketing leadership roles with SCIMED/Boston Scientific and sales and product management roles with American Hospital Supply/Baxter.

Education: B.A. in Public Policy from Michigan State University
M.B.A. from Harvard University
Executive Course on Governance from Stanford Business School
Sector: Medical Technology
Location: Portola Valley

Frank D. Lee Advisor

Frank joined LSV in February 2023 and is an Advisor to LSV. He assists the LSV biopharmaceutical team with deal sourcing, due diligence, and support of our portfolio companies.

With over 25 years of global experience in product development and commercial leadership both in small biotech and large pharma, Frank served as Chief Executive Officer and member of the Board of Directors of Forma Therapeutics (FMTX) from March 2019 until its acquisition by Novo Nordisk for $1.1Billion in October 2022.

During his tenure at Forma, Frank transformed Forma from an early stage drug discovery company into one focused on the clinical development of lead assets in rare hematologic disorders and cancer. Frank led three equity financings raising approximately $700MM and built a patient centered organization.

Prior to Forma, Frank served as Senior Vice President, global product strategy and therapeutic area head for the immunology, ophthalmology and infectious diseases at Genentech, a member of the Roche Group. He was responsible for driving global development and commercialization strategy for the late stage portfolio and for global in-line product sales of $11 billion. Frank’s 13-year career path at Genentech included leadership positions of increasing scope and responsibility for delivering transformative medicines to patients and for driving the growth of multiple products to blockbuster / multi-blockbuster status in oncology, immunology, and ophthalmology.

Prior to joining Genentech, Frank spent approximately 13 years across Novartis, Janssen and Eli Lilly.

Frank received a bachelor’s degree in chemical engineering from Vanderbilt University and an MBA from the Wharton Graduate School of Business.

He currently serves as Chairman of Catamaran Bio ( Private ) board of directors and as a member of the board of directors of Bolt Biotherapeutics Inc. (BOLT). Previously, he served on the board of directors of the Genentech Foundation.

Education: B.S. in Chemical Engineering from Vanderbilt University
M.B.A. from the Wharton Graduate School of Business
Sector: Biopharmaceuticals
Location: Boston

José-Alain Sahel, M.D. Advisor

José-Alain Sahel, M.D., joined LSV in April 2024 as an Advisor. He assists the LSV biopharmaceutical team with deal sourcing, due diligence, and support of our portfolio companies. Dr. Sahel trained at Paris University Medical School, Louis Pasteur University, Strasbourg, and Harvard University. He is the Endowed Distinguished Professor and Chairman of the Department of Ophthalmology at the University of Pittsburgh School of Medicine/UPMC. He founded and directed the Vision Institute (Sorbonne Université-Inserm-CNRS) in 2008 in Paris, France, and the Vision Institute at UPMC, which opened in May 2023, two of the world’s largest interdisciplinary research centers. His work has contributed to understanding and preventing vision loss from photoreceptor cell degeneration and developing several novel vision restoration strategies. He conducted dozens of clinical trials on retinal conditions, including the first in human trials of artificial retina, gene therapy, and optogenetics. He co-authored over 700 peer-reviewed articles and 90 patents. He has co-founded companies developing innovative therapies for vision restoration. He is a member of the Académie des Sciences-Institut de France, the Académie des Technologies, the Association of American Physicians, the American Ophthalmology Society, the German National Academy of Sciences Leopoldina, and a fellow of the National Academy of Inventors. He holds an Honoris Causa Doctorate from the University of Geneva and the Chaire d’Innovation Technologique Liliane Bettencourt at Collège de France (2015-2016). He is an Officer of the Ordre National de la Légion d’Honneur and Commander of the National Order of Merit (France). He received, among numerous awards, the Alcon Research Institute Award for Excellence in Vision Research, the Grand Prix NRJ-Neurosciences-Institut de France, the 2015 Foundation Fighting Blindness Llura Liggett Gund Lifetime Achievement Award, the Médaille Grand Vermeil, Ville de Paris (2019), the 2021 Breakthrough in the Life Sciences – Falling Walls Foundation, Berlin, Germany, the 2022 Chica and Heinz Schaller Foundation Award for Translational Neuroscience, the 2023 International Prize for Translational Neuroscience from the Max Planck Society, Germany and the 2024 Michaelson Award from the Macula Society. President Macron appointed him to the Conseil Présidentiel de la Science in Dec. 2023.

Education: Paris University Medical School, Louis Pasteur University, Strasbourg, and Harvard University
Sector: Biopharmaceuticals
Location: Boston