What stage does PBM Capital invest at?

PBM Capital invests at the Seed, Series A, Series B, Series C, Growth, Late Stage stages.

What sectors does PBM Capital focus on?

PBM Capital focuses on Biotech, Digital Health, Healthtech, Medical Devices.

Where is PBM Capital located?

PBM Capital is headquartered in Charlottesville, US.

PBM Capital

Venture capital

Charlottesville · Seed–Late Stage · 6 people tracked

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Investment thesis

PBM Capital partners with scientists and entrepreneurs to build long-term value in life sciences and healthcare companies. The firm supplies capital at critical stages of company development while applying deep industry knowledge, strategic relationships, and hands-on operational experience. Its portfolio emphasizes companies developing life-changing therapies and products with meaningful real-world impact.

Invests inBiotech Digital Health Healthtech Medical Devices United States

Source: firm website, verified Aug 3, 2026.

Stage

Seed–Late Stage

Charlottesville, US

Instruments

Equity

Founded

2010

Last 12 months

1 investment

Tracked investments

Team · 6 people

from the firm's website

Paul B. Manning· Chairman and CEO

Founder of PBM Capital who previously built PBM Products from inception with minimal initial capital into the world's leading private label infant formula supplier serving over 50,000 retail stores, which was sold to Perrigo for over $800 million.

Jayson Rieger· Managing Partner

Joe Pedersen· Partner

Steven Goldman· Managing Partner

Steven M. Goldman is a managing partner at PBM Capital Group. He previously was a corporate partner at the New York law firm Kramer Levin Naftalis & Frankel, where he worked on mergers and acquisitions, financings, joint ventures, private placements, and leveraged buyouts. Before joining Kramer Levin in 2009, he served as Commissioner of the New Jersey Department of Banking and Insurance and held several roles related to insurance regulation with the NAIC.

Dave Zawitz· General Counsel

Dave Zawitz is General Counsel at PBM Capital, where he advises the firm on legal matters related to new investments, exits, and corporate governance, and supports legal due diligence for new investment opportunities. He joined PBM Capital in 2018 from CarMax, where he served as lead finance attorney handling capital markets transactions and corporate venture capital activities, and previously practiced securitization and structured finance law at McKee Nelson LLP and Bingham McCutchen LLP. He holds a B.S.C. in Commerce and a J.D. from the University of Virginia and is a CFA Charterholder.

Sean Stalfort· President

What they invest in

from 6 of 7 portfolio companies

Biotech ×5Healthtech ×2Deep Tech ×1Digital Health ×1Medical Devices ×1

HQs:United States×6

Investments · 7 tracked

founders shown can be your intro path

By year:2025 · 1 2022 · 1 2021 · 2 2020 · 1 2016 · 16 dated

Liquidia Corporationliquidia.comNASDAQ: LQDAApr 2021SEC filingmedium confidence

BiotechMorrisville, US

Damian deGoa(Executive Officer, Director)Michael Kaseta(Executive Officer)

BoardStephen Bloch(Director)inJoanna Horobin(Director)Raman Singh(Director)

Board seatPaul B. Manning· per SEC Form D · $21.7M raise · filed Apr 2021

Co-investorsCanaan Partners New Enterprise Associates (NEA)

Taysha Gene Therapiestayshagtx.com in 𝕏NASDAQ: TSHANov 2022SEC filingmedium confidence

Taysha Gene Therapies develops and commercializes gene therapies for monogenic diseases of the central nervous system, serving patients with rare and larger CNS conditions.

BiotechDeep TechDigital HealthHealthtechMedical DevicesTexas, US

R.A. Session II(Executive Officer, Director)Sean P. Nolan(Chief Executive Officer and Board Chairman)in

BoardSean Nolan(Director)

Board seatPaul B. Manning· per SEC Form D · $30M raise · filed Nov 2022

Co-investorsGV (Google Ventures)

Verrica PharmaceuticalsNASDAQ: VRCADec 2025

Publicly listed pharmaceutical company

BiotechWest Chester, US

Noah Rosenberg(Executive Officer)John Kirby(Executive Officer)Matthew Davidson(Executive Officer, Director)

BoardDavid Zawitz(Executive Officer)

Board seatPaul B. ManningJayson Rieger· per SEC Form D

ArcherDXarcherdx.comApr 2020SEC filingmedium confidence

HealthtechBoulder, US

Jason Myers(Executive Officer, Director)Christian LaPointe(Executive Officer)

BoardKyle Lefkoff(Director)inPaul Manning(Director)

Board seatPaul B. Manning· per SEC Form D · $1.6M raise · filed Apr 2020

Co-investorsCrawley Ventures Boulder Ventures Longwood Fund

Xalud Therapeutics, Inc.Jun 2021SEC filinghigh confidence

BiotechCharlottesville, US

Raymond Chavez(Executive Officer, Director)Stephen Collins(Executive Officer, Director)Linda Watkins(Director)

BoardPeter Heinecke(Director)John Forsayeth(Director)

Board seatPaul B. ManningJayson Rieger· per SEC Form D · $30M raise · filed Jun 2021

Avexis

Co-investorsForesite Capital RA Capital

Dova PharmaceuticalsSep 2016

Publicly listed pharmaceutical company

BiotechCharlottesville, US

Eugene R. Scavola(Executive Officer, Promoter)Damian deGoa(Executive Officer, Promoter)

BoardRussell T. Schundler(Executive Officer, Promoter)James C. Reebals(Executive Officer, Promoter)Hossein Ekrami(Director)John A. Stalfort(Executive Officer, Director, Promoter)

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Exits · 3

IPOs and acquisitions across the tracked portfolio

Liquidia CorporationNASDAQ: LQDATaysha Gene TherapiesNASDAQ: TSHAVerrica PharmaceuticalsNASDAQ: VRCA

Portfolio news

latest coverage across their companies

West Chester Drugmaker Secures $27.5M to Expand Its Only FDA-Approved Product

Verrica Pharmaceuticals · vista.today · Aug 12, 2026

Farallon reports 9.4% stake in Liquidia Corp. | LQDA SEC Filing - Form SCHEDULE 13G/A

Liquidia Corporation · stocktitan.net · Aug 4, 2026

Taysha Gene Therapies (TSHA) | Trefis | Trefis

Taysha Gene Therapies · trefis.com · Jul 13, 2026

Frequently asked questions

What stage does PBM Capital invest at?: PBM Capital invests at the Seed, Series A, Series B, Series C, Growth, Late Stage stages.
What sectors does PBM Capital focus on?: PBM Capital focuses on Biotech, Digital Health, Healthtech, Medical Devices.
Where is PBM Capital located?: PBM Capital is headquartered in Charlottesville, US.

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