Perceptive Xontogeny Venture Fund

Perceptive Xontogeny Venture Fund (PXV) is the early-stage life-sciences venture capital platform of New York-based Perceptive Advisors, operated in strategic partnership with Boston-based accelerator and operating company Xontogeny. Perceptive Advisors launched its venture strategy with Perceptive Xontogeny Venture Fund I in 2018, an oversubscribed $210 million vehicle backed by endowments, foundations, family offices, and institutional investors. Fund II closed in May 2021 at $515 million, bringing the combined platform to more than $700 million dedicated to financing early-stage private life-sciences companies. The Investment Committee is anchored by Joe Edelman (CEO of Perceptive Advisors), Adam Stone (CIO of Perceptive Advisors), and Chris Garabedian (Portfolio Manager and Chairman and CEO of Xontogeny), alongside operating partners Fred Callori and Ben Askew, PhD. The platform leads rounds and invests typical checks of $10 million to $20 million, targeting 8 to 10 concentrated positions per fund across biotechnology, medtech, digital health, and healthcare tools and services. Across its 27 investments, PXV has backed Landos Biopharma (the first Xontogeny company, acquired by AbbVie in May 2024 as the platform's headline exit), Lexeo Therapeutics (which entered a partnership with venBio Partners in June 2025 providing up to $40 million for novel cardiac RNA therapeutics), and other early-stage therapeutics companies. Xontogeny's operating role distinguishes PXV from traditional life-sciences funds: the platform provides deep operational support from the pre-company stage through clinical and commercial scale-up, allowing the investment team to co-build companies alongside founders rather than simply writing checks and attending board meetings.