PhotoPharmics

Deal Snapshot

Company: PhotoPharmics, Inc.

Website: www.photopharmics.com

Sector / Category: Medtech / neurodegenerative disease therapy / phototherapy

Headquarters: Lehi, Utah

Founded: 2011

Investor: Frazier VC

Investment Vehicle: Seed, Convertible Notes

Deal Type: Primary investments

Company Overview

PhotoPharmics is a clinical-stage medical device company developing specialized phototherapy for neurodegenerative diseases, with an initial focus on Parkinson’s disease. Its lead platform, Celeste, is an at-home, non-invasive therapy designed to address both motor and non-motor symptoms through photo-neuromodulation.

Public Funding / Capital Events

Nov 14, 2012 — Initial seed financing Public funding trackers identify PhotoPharmics’ first recorded financing in November 2012. This aligns with the company’s early formation period as it began developing specialized phototherapy solutions for neurodegenerative disease.

Feb 10, 2017 — Equity financing disclosed in Form D reporting The Wall Street Journal’s Form D roundup reported that PhotoPharmics, then based in Highland, Utah, had sold $2.3 million in equity. Kickstart Seed Fund was listed in connection with the financing.

Apr 2020 — FDA Breakthrough Device Designation PhotoPharmics announced that its non-invasive phototherapy device for Parkinson’s disease received FDA Breakthrough Device Designation. The designation marked an important regulatory milestone as the company advanced toward a pivotal clinical trial.

Nov 15, 2023 — $16M investment round first close PhotoPharmics announced the successful first close of a $16 million investment round led by Kickstart Fund to support its pivotal clinical trial for FDA market authorization. The company later referred to this round as an $18 million investment round in its newsroom summary.

Apr 18, 2025 — $6M Series B extension PhotoPharmics announced a $6 million oversubscribed Series B extension led by Kickstart Fund. The company said the proceeds would help complete its Phase 3 trial and fund pre-commercialization efforts.

Investment Summary

Frazier VC invested in PhotoPharmics through several primary financings, beginning with a Seed investment in December 2012, followed by convertible notes in February 2017, April 2018, May 2019, and May 2020.

Why We Invested

PhotoPharmics operates in a category with significant unmet need, where new therapies for Parkinson’s disease can create meaningful clinical and commercial value if they show durable patient benefit. Its approach is differentiated because it uses a non-invasive, at-home phototherapy platform rather than a traditional drug-based treatment path, which gives it a distinct position within neurodegenerative care. The company also benefits from regulatory progress, specialized intellectual property, and a platform that could potentially extend beyond a single indication over time. Its long development arc and continued investor support suggest a leadership team capable of advancing a complex medtech program through clinical and regulatory milestones.

Other Investors

Kickstart Fund