Houston biotech biz to merge with public co., set local HQ

big deal

Tvardi Therapeutics and Cara Therapeutics are expected to merge and headquarter in Houston. Photo via Getty Images

Houston-based Tvardi Therapeutics and Cara Therapeutics announced the companies have entered into a definitive merger agreement to combine in an all-stock transaction. Once completed, Houston will house the headquarters.

Tvardi is a clinical-stage biopharmaceutical company that focuses on the development of novel, oral, and small molecule therapies that target STAT3 to treat fibrosis-driven diseases. Tvardi will merge with a wholly owned subsidiary of Cara.

Once complete, the pre-merger Cara Therapeutics stockholders are expected to own approximately 17 percent of the combined company and pre-merger Tvardi Therapeutics investors are expected to own 83 percent of the combined company. Prior to adjustment from the issuance of the shares in the recently completed Tvardi financing and assuming Cara, which went public in 2014, has net cash at closing of between $22.9 million and $23.1 million with the percentage of the combined company that pre-merger Cara stockholders and pre-merger Tvardi stockholders will own upon the closing of the merger, which is subject to further adjustment if Cara’s net cash balance falls outside of the range.

“As we approach meaningful value inflection points next year, including two Phase 2 readouts of our lead program in idiopathic pulmonary fibrosis, followed by the readout in our hepatocellular carcinoma program, this merger, the recently completed financing, and becoming a publicly traded company give us access to the critical funding required to further advance our promising pipeline programs that address significant unmet needs,” Imran Alibhai, CEO of Tvardi Therapeutics, says in a news release.

Also, Tvardi has completed an approximately $28 million private financing from a syndicate of new and existing institutional investors. With the cash from both companies at closing and the proceeds of this financing, the post-merger company plans to have cash to fund its operating expenses and capital expenditure requirements into the second half of 2026.

“I am grateful to the Cara Board, leadership team, and shareholders who share our vision of Tvardi that is well-positioned to introduce effective, new treatment options to patients suffering from serious, chronic, fibrosis-driven diseases,” Alibhai continues.

In 2021, Tvardi emerged from stealth and closed a $74 million series B funding round led by New York-based Slate Path Capital, Florida-based Palkon Capital, Denver-based ArrowMark Partners, and New York-based 683 Capital, with continued support and participation by existing investors, including Houston-based Sporos Bioventures.

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Tvardi Therapeutics Inc. has fresh funds to support its drug's advancement in clinical trials. Photo via Getty Images

Cancer-fighting company based in Houston emerges from stealth and snags $74M in its latest round

fresh funds

A Houston-based clinical-stage biopharmaceutical company has raised millions in its latest round.

Tvardi Therapeutics Inc. closed its $74 million series B funding round led by new investors New York-based Slate Path Capital, Florida-based Palkon Capital, Denver-based ArrowMark Partners, and New York-based 683 Capital, with continued support and participation by existing investors, including Houston-based Sporos Bioventures.

"We are thrilled to move out of stealth mode and partner with this lineup of long-term institutional investors," says Imran Alibhai, CEO at Tvardi. "With this financing we are positioned to advance the clinical development of our small molecule inhibitors of STAT3 into mid-stage trials as well as grow our team."

Through Slate Path Capital's investment, Jamie McNab, partner at the firm, will join Tvardi's board of directors.

"Tvardi is the leader in the field of STAT3 biology and has compelling proof of concept clinical data," McNab says in the release. "I look forward to partnering with the management team to advance Tvardi's mission to develop a new class of breakthrough medicines for cancer, chronic inflammation, and fibrosis."

Tvardi's latest fundraise will go toward supporting the company's products in their mid-stage trials for cancer and fibrosis. According to the release, Tvardi's lead product, TTI-101, is being studied in a Phase 1 trial of patients with advanced solid tumors who have failed all lines of therapy. So far, the drug has been well-received and shown multiple durable radiographic objective responses in the cancer patients treated.

Dr. Keith Flaherty, who is a member of Tvardi's scientific advisory board and professor of medicine at Harvard Medical School, offered his support of the company.

"STAT3 is a compelling and validated target. Beyond its clinical activity, Tvardi's lead molecule, TTI-101, has demonstrated direct downregulation of STAT3 in patients," he says in the release. "As a physician, I am eager to see the potential of Tvardi's molecules in diseases of high unmet medical need where STAT3 is a key driver."

After a recent raise, this Houston biotech company is headed to first-in-human clinical trials. Photo via stellanovatx.com

JLABS-based cancer therapies company closes $15.5M series A led by Houston bioventure

fresh funds

Houston-based Stellanova Therapeutics closed a $15.5 million series A financing this month, which will advance the company's first-in-human clinical trials for oncology and help build out its team.

Stellanova is a resident company at Johnson & Johnson's biotech incubator in the TMC (JLABS @ TMC) and is one of four entities that make up cancer and disease biotech company Sporos Bioventures, which officially launched last month after closing a $38.1 million series A of its own.

Stellanova is focused on advancing therapies for cancers that are resistant to current treatments, like chemotherapy and immune therapies. According to a release, it has seen unprecedented anti-tumor activity in preclinical models of pancreas and triple negative breast cancer through the use of its lead antibody, which targets DKK3, a factor secreted by cancer-associated fibroblasts that spur tumors.

The company was founded based on research out of Dr. Rosa Hwang's lab at Houston's MD Anderson Cancer Center.

"We are thrilled to bring Stellanova into the Sporos group of companies. Stellanova means 'new star,' and it is clear the Stellanova team embraces this namesake with their entirely new approach to treating cancer," Harold Levy, Stellanova and Sporos founder and board member said in the statement. "We have been impressed by Stellanova's accomplishments and look forward to being involved in the advancement of the company's platform, one that we believe has the potential to directly combat the most devastating of cancers."

In conjunction with the financing, Stellanova also announced that it has named JLABS @ TMC founding team member Emmanuelle Schuler as the company's inaugural CEO.

Stellanova joins Sporos's Tvardi Therapeutics as it moves toward clinical trials. Tvardi, named a "most promising" by BioHouston and the Rice Alliance in December, is in Phase 1 clinical trial of its STAT3 oral inhibitor for treatment of cancer, inflammation and fibrosis.

Asylia Therapeutics and Nirogy Therapeutics were also founding entities of Sporos. The companies are in the proof of concept and discovery phases and focus on cancer, autoimmune diseases, infectious diseases, and inflammatory diseases.

A Houston biotech company has raised $38.1 million.  Photo by Dwight C. Andrews/Greater Houston Convention and Visitors Bureau

Houston-based cancer and disease bio-venture launches after $38.1M series A

money moves

Sporos Bioventures LLC launched this month after closing a $38.1 million round of series A financing.

The Houston-based biotech company aims to accelerate the development of breakthrough therapies for cancer and immune diseases by sharing resources, capital, access to clinical trial infrastructure, and talent from within its knowledgeable team of biotech executives, entrepreneurs, academic scholars, and investors. The company was launched with four entities: Tvardi Therapeutics, Asylia Therapeutics, Nirogy Therapeutics, and Stellanova Therapeutics.

The most advanced of the four entities, Tvardi, is currently in Phase 1 clinical trial to evaluate it's STAT3 oral inhibitor. It was named a "most promising" life sciences company at the 2020 Texas Life Science Forum, hosted by BioHouston and the Rice Alliance in December. The remaining entities are in the development stages and are focused on cancer, autoimmune disease, fibrosis, and tumor growth, among other conditions.

"Sporos was founded to accelerate the development of new medicines by addressing inefficiencies and risk in the establishment of new biotech companies," Peter Feinberg, Sporos co-founder, said in a statement. "By leveraging our extensive network, including the Texas Medical Center, we first identify transformative scientific opportunities and then deploy our top-tier talent, funding, and operational support to drive these insights into a growing pipeline of first-in-class treatment options."

In conjunction with the launch, Sporos named Michael Wyzga as the company's founding CFO. Wyzga was previously CFO at Genzyme for 12 years and has held various senior-level positions in the industry.

"By strategically deploying valuable resources to young companies that would not typically be supported by top-tier seasoned talent and infrastructure, we believe that we can efficiently bring a diverse set of therapies through clinical development," Wyzga said in a statement. "I am thrilled to join a team with decades of scientific and operational expertise and look forward to guiding our strategic and financial growth."

Wyzga joins a team of seasoned leaders in the biotech and cancer research fields, including Dr. Ronald DePinho, professor of Cancer Biology and past president of MD Anderson, who will serve as the chair of Sporos' Strategic Advisory Council. Jeno Gyuris, a biotech executive in oncology drug discovery and development with more than 25 years of experience, will serve as chief science officer. And Alex Cranberg, an experienced active early-stage biotech investor, serves as director.

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Houston students develop new device to prepare astronauts for outer space

space race

Rice University students from the George R. Brown School of Engineering and Computing designed a space exercise harness that is comfortable, responsive, and adaptable and has the potential to assist with complex and demanding spacewalks.

A group of students—Emily Yao, Nikhil Ashri, Jose Noriega, Ben Bridges and graduate student Jack Kalicak—mentored by assistant professor of mechanical engineering Vanessa Sanchez, modernized harnesses that astronauts use to perform rigorous exercises. The harnesses are particularly important in preparing astronauts for a reduced-gravity space environment, where human muscles and bones atrophy faster than they do on Earth. However, traditional versions of the harnesses had many limitations that included chafing and bruising.

The new harnesses include sensors for astronauts to customize their workouts by using real-time data and feedback. An additional two sensors measure astronauts’ comfort and exercise performance based on temperature and humidity changes during exercise and load distribution at common pressure points.

“Our student-led team addressed this issue by adding pneumatic padding that offers a customized fit, distributes pressure over a large surface area to reduce discomfort or injuries and also seamlessly adapts to load shifts — all of which together improved astronauts’ performance,” Sanchez said in a news release. “It was very fulfilling to watch these young engineers work together to find innovative and tangible solutions to real-world problems … This innovative adjustable exercise harness transforms how astronauts exercise in space and will significantly improve their health and safety during spaceflights.”

The project was developed in response to a challenge posted by the HumanWorks Lab and Life Science Labs at NASA and NASA Johnson Space Center for the 2025 Technology Collaboration Center’s (TCC) Wearables Workshop and University Challenge, where teams worked to solve problems for industry leaders.

Rice’s adaptive harness won the Best Challenge Response Award. It was funded by the National Science Foundation and Rice’s Office of Undergraduate Research and Inquiry.

“This challenge gave us the freedom to innovate and explore possibilities beyond the current harness technology,” Yao added in the release. “I’m especially proud of how our team worked together to build a working prototype that not only has real-world impact but also provides a foundation that NASA and space companies can build and iterate upon.”

Houston hospital performs first fully robotic heart transplant in the U.S.

robotic surgery

A team at Baylor St. Luke’s Medical Center, led by Dr. Kenneth Liao, successfully performed the first fully robotic heart transplant in the United States earlier this year, the Houston hospital recently shared.

Liao, a professor and chief of cardiothoracic transplantation and circulatory support at Baylor College of Medicine and chief of cardiothoracic transplantation and mechanical circulatory support at Baylor St. Luke’s Medical Center, used a surgical robot to implant a new heart in a 45-year-old male patient through preperitoneal space in the abdomen by making small incisions.

The robotic technology allowed the medical team to avoid opening the chest and breaking the breast bone, which reduces the risk of infection, blood transfusions and excessive bleeding. It also leads to an easier recovery, according to Liao.

"Opening the chest and spreading the breastbone can affect wound healing and delay rehabilitation and prolong the patient's recovery, especially in heart transplant patients who take immunosuppressants," Liao said in a news release. "With the robotic approach, we preserve the integrity of the chest wall, which reduces the risk of infection and helps with early mobility, respiratory function and overall recovery."

The patient received the heart transplant in March, after spending about four months in the hospital due to advanced heart failure. According to Baylor, he was discharged home after recovering from the surgery in the hospital for a month without complications.

"This transplant shows what is possible when innovation and surgical experience come together to improve patient care," Liao added in the release. "Our goal is to offer patients the safest, most effective and least invasive procedures, and robotic technology allows us to do that in extraordinary ways."

7 can't miss Houston business and innovation events for July

where to be

Editor's note: While many Houstonians are flocking to vacation destinations, there are still plenty of opportunities to network and learn at tech and business events for those sticking close to home this month. From an inaugural biotech summit to the 12th edition of a local pitch showcase, here are the Houston business and innovation events you can't miss in July and how to register. Please note: this article might be updated to add more events.

July 10 - Out in Tech Mixer 

Out in Tech Houston provides an inclusive networking space for LGBTQ+ people and allies working in tech. Check out this relaxed, social-mixer event, hosted on the second Thursday of every month.

This event is Thursday, July 10, from 7 to 8:30 p.m. at Second Draught. Register here.

July 14 – Latinas in Tech Coworking Day 

Connect with fellow Latinas in the industry at Sesh Coworking. Network or work alongside peers, board members and community leaders in a shared office environment.

This event is Monday, July 14, from 9-11:30 a.m. at Sesh Coworking. Find more information here.

July 17 – UTMB Innovation VentureX Summit

Attend the inaugural UTMB Innovation VentureX Summit, where innovators, entrepreneurs, researchers and investors will dive into the future of biotech. Expect panel discussions, fireside chats, a technology showcase and networking opportunities.

This event is Thursday, July 17, from 7:30 a.m.-4 p.m. at The University of Texas Medical Branch at Galveston. Find more information here.

July 17 – Open Project Night 

Collaborate on solutions for some of Houston’s most pressing issues at this month’s Open Project Night at Impact Hub Houston. Hear from guest speakers and listen to open mic pitches. July’s theme is Decent Work & Economic Growth.

This event is Thursday, July 17, from 5:30-7:30 p.m at Impact Hub Houston. Register here.

July 24 – NASA Tech Talks

Every fourth Thursday of the month, NASA experts, including longtime engineer Montgomery Goforth, present on technology development challenges NASA’s Johnson Space Center and the larger aerospace community are facing and how they can be leveraged by Houston’s innovation community. Stick around after for drinks and networking at Second Draught.

This event is Thursday, July 24, from 6-7 p.m. at the Ion. Register here.

July 30 – Ion Bike Club

Join Bike Houston at the Ion for a 45-minute guided cruise through the Ion District and Midtown. Afterward, enjoy a complimentary beer and network with like-minded riders at Second Draught.

This event is Wednesday, July 30, from 5:30-7:30 p.m. at the Ion. Register here.

July 31 – Bayou Startup Showcase

Hear pitches from startups and small businesses from Rice University’s OwlSpark and the University of Houston’s RED Labs accelerators at the 12th annual Bayou Startup Showcase. Read more about this year’s teams here.

This event is Thursday, July 31, from 3:30-7 p.m. at the Ion. Register here.

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