PassionBio Capital

PassionBio Capital

PassionBio Capital targets undervalued and dormant biopharma assets in therapeutic areas where medical need remains high and existing therapies fall short. Our focus is on poor prognosis cancers, obesity in transitional markets, liver disease, organ regeneration, and ME/CFS.

Our team sources assets through insider networks built across BioNTech, Sanofi, GSK, Johnson & Johnson, and Takeda, structures deals around convertible notes, and co-designs clinical development plans to accelerate signal detection and time to exit. This approach compresses the risk curve and creates proprietary entry points.

The fund operates as PBC I EuVECA GmbH & Co. KG under Austrian law and the European Venture Capital Fund regulation. The fund is registered in the Austrian Commercial Register under FN 672223p (EUID: ATBRA.672223-000), with registered address at Wasagasse 11/9, 1090 Vienna, Austria.

PassionBio Capital is in its first close phase. Accredited investors seeking documentation are invited to reach out directly at capital@passion.bio. Access to fund documentation is provided to eligible investors in accordance with applicable regulatory requirements.

How We Work

The fund’s sourcing originates from direct relationships with the scientists, clinicians, and development teams who built the programs we evaluate, often before they become broadly visible. We have worked from the inside on the same class of assets we now invest in. We know their development history, their failure modes, and where the residual value sits.

We target programs at clinical and late preclinical inflection points where a defined next milestone is the primary value driver and where our operational involvement in clinical plan design materially increases the probability of reaching it.

Portfolio construction is concentrated by design. Each position receives the level of operational attention that justifies the conviction behind it. Exit timelines are anchored to trade sale readiness.

Once a program enters formal evaluation, assessment covers scientific rationale, mechanism of action, regulatory pathway, clinical development options, manufacturing feasibility, and commercial positioning. For programs at the clinical stage, this includes independent review of existing data packages and a structured assessment of what a redesigned development plan would require in terms of time, capital, and risk.

Programs that pass evaluation are presented to the Investment Committee with a full IC Memo covering investment thesis, deal structure, milestone framework, and exit pathway. The Committee includes members with direct drug development experience across oncology, metabolic disease, and rare conditions. Formal investment decisions are executed by the General Partner, Infra.One AT Management GmbH, in accordance with the LPA and applicable regulatory requirements.

Post-investment, PassionBio remains the operational counterpart for each portfolio program. Clinical protocol design, CRO selection, regulatory strategy, and milestone tracking are managed through the same team that sourced and evaluated the asset. The fund does not hand off programs after closing a transaction.

Therapeutic Focus

Each therapeutic priority reflects two questions we apply consistently: does a clinically meaningful improvement over the future standard of care deliver real impact for patients, and can we credibly contribute to achieving it given our team’s background and network. The selected areas meet both criteria. Each represents a large patient population, a development pathway where our team’s operational expertise matters, and a market defined by demand that existing therapies have so far failed to address.

Poor prognosis cancer
Obesity in transitional countries
Liver diseases
ME/CFS

Should We Do It?

Three conversations shaped how PassionBio thinks about what matters:

A pancreatic cancer patient: “I don’t need a cure. I need enough time to see my daughter graduate.” Someone with ME/CFS: “People think I’m better because I look fine. But I wake up exhausted every day and the smallest tasks drain me completely.” A diabetes patient in a middle-income country: “I’ve had diabetes for years. Now I have fatty liver. The medications that could prevent this from getting worse cost more than I can afford. I’m watching my body fail while treatments exist that I cannot access.”

The conversations are reconstructed to capture what drives our selection framework, namely substantial progress versus standard-of-care at the time of launch. Every therapeutic priority we pursue is anchored to this paradigm.

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Poor prognosis cancers

Achieve clinically meaningful survival extension for patients with cancers of extremely poor prognosis, setting new standards beyond current therapies

 

Cancers such as pancreatic, glioblastoma, or advanced lung and biliary cancers remain largely untreatable. Most patients die within months, and existing therapies offer limited efficacy while severely impacting quality of life. Innovation has stagnated, and progress is incremental at best. Developing therapies that extend overall survival by a clinically meaningful factor versus the future standard of care delivers tangible hope where medicine has so far failed.

Obesity in Transitional Countries

Enable effective and affordable obesity treatment in transitional countries, achieving ≥20% weight reduction within one year while maintaining muscle mass and long-term health

 

Populations in transitional countries face a rapidly growing obesity and cardiovascular disease pandemic, driven by rising incomes and carb-heavy diets. Unlike developed markets, where reimbursement or disposable income supports access to treatment, these healthcare systems lack the resources for current GLP-1-based therapies. Providing scalable, accessible solutions that deliver substantial and lasting weight loss while preserving metabolic health addresses a critical public health challenge and unlocks a multi-billion market opportunity.

Liver failure

Prevent liver failure, cancer progression, and the need for transplantation, reducing individual suffering and systemic healthcare costs

 

With rising obesity and type 2 diabetes, a wave of metabolic dysfunction-associated steatohepatitis (MASH) is emerging, often overlapping with chronic viral hepatitis. Despite viral control, patients face silent fibrosis progression and increasing liver cancer risk. Healthcare systems face unsustainable treatment and transplant costs, and drug options are limited so far. Addressing this “time-bomb” represents one of the largest untapped markets in biopharma.

ME/CFS

Enable restoration of daily functioning for patients with persistent post viral fatigue through therapies that deliver measurable and lasting symptom relief within months rather than years


Post viral fatigue syndromes such as ME/CFS and post COVID syndrome cause profound exhaustion, cognitive impairment, and loss of independence, often persisting long after the initial infection. Despite the high disease burden and societal cost, treatment options remain absent. Leveraging existing compounds from mitochondrial, neuroinflammatory, and metabolic programs enables a rapid, translational path toward therapies that address underlying dysregulation of energy metabolism and neuroimmune balance.