Complexa

Who owns Complexa?

Complexa was owned by Andera Partners through BioDiscovery 5 (2017 vintage) since 2017, exited via Trade Sale.

Buyer identity available on Pro.

Hand-verified · updated 2026-04-21

About Complexa

Complexa was a clinical-stage biopharmaceutical company focused on treating fibrosis and inflammation-associated orphan diseases through a proprietary platform built around endogenous nitrated fatty acids, naturally occurring cell-signaling molecules that regulate the body's core fibrotic and inflammatory pathways. Its lead candidate, CXA-10, acted as a modulator of the Nrf2 and NF-kB pathways and was developed for rare conditions including focal segmental glomerulosclerosis, a severe kidney disorder, and pulmonary arterial hypertension. Originally spun out of the University of Pittsburgh, the company was headquartered in the Philadelphia suburbs of Pennsylvania, at Berwyn and later Radnor, and positioned itself in the orphan and rare-disease segment where its nitro-fatty-acid chemistry offered a differentiated mechanism. By the time of its Series C round it had raised close to 79 million dollars in venture financing and had dosed roughly 97 subjects across four Phase 1 studies.

Ownership journey

Complexa was founded in 2008 as a University of Pittsburgh spin-out based on the nitrated fatty acid research of Bruce Freeman, and it built out its clinical program through successive venture rounds, including a 13 million dollar Series B. In July 2017 the company closed a 62 million dollar Series C to advance CXA-10 into two orphan-disease proof-of-concept trials, a round backed by Andera Partners through its BioDiscovery franchise, at that time operating within Edmond de Rothschild Investment Partners before the team spun out as Andera in 2018. Andera participated as one of several institutional and strategic investors rather than as a controlling owner, taking a minority position in the syndicate. The company later exited in 2021 via a trade sale, at which point the CXA-10 program passed to a new sponsor; no return figures are disclosed here and the acquiring party is not named.

Under PE ownership

The 2017 Series C was earmarked to move CXA-10 from early safety work into mid-stage efficacy testing, and under the investment Complexa advanced the compound into Phase 2 across two rare indications. It completed four Phase 1 studies in which both intravenous and oral formulations were well tolerated in the subjects dosed, then progressed the FIRSTx Phase 2 trial in focal segmental glomerulosclerosis, completing patient enrollment in that study by mid-2020, while also pursuing pulmonary arterial hypertension. This clinical maturation of the nitro-fatty-acid platform ultimately underpinned the 2021 trade sale, through which the CXA-10 asset was carried forward into further development for additional indications under new ownership.