Breath Therapeutics

Health & Care

Company profile

Breath Therapeutics is a spin-out from Munich-based PARI Pharma GmbH (, specializing in advanced and first-in-class inhalation therapies for severe respiratory diseases. Breath Therapeutics is using proprietary drug formulations optimized for inhaled administration with exclusively licensed, high performance nebulizers. Its lead program develops a first-in-class inhalation therapy against Bronchiolitis Obliterans Syndrome (BOS).

Investment rationale

BOS is a high medical need orphan disease market opportunity with potential for attractive peak sales and margins. Given the limited number of centers, in which BOS patients are treated, there is an attractive commercialization opportunity in EU / US with a lean organizational structure. Overall we see an attractive risk-return profile as the ability of inhaled L-CsA to impact development of BOS has already been validated in a randomized clinical trial.
We have followed this opportunity for more than a year and worked closely with the Breath-team to orchestrate this spin-out. This carve-out is therefore a nice example of a mid-sized company inviting external expertise and financial resources to bring to maturity an in-house innovation.

Growth strategy

Our financing, which is one of the larger rounds for a European start-up over the past years, will enable Breath Therapeutics to conduct the phase III trials in Europe and the US, to submit for marketing approval and prepare for commercialization. Our sector experience in respiratory indications and in orphan diseases through prior investments in Prosonix and Prosensa will enable us to support Breath’s ambitions.

Press releases

Breath Therapeutics

Karl Nägler, Partner

Karl Nägler joined Gimv in 2011.

Having started his professional career in 2002 at Atlas Venture in London and Munich, he later joined Ventech, a Paris-based venture capital firm focused on Europe and China.

Karl has a successful track record in early and later stage Life Science investing and was instrumental in the formation, financing and/or exit of several start-ups across Europe, including U3 Pharma (acquired by Daiichi Sankyo), Nitec Pharma (acquired by Horizon Pharma, HZNP:US), Egalet (EGLT:US), Funxional Therapeutics (acquired by Boehringer Ingelheim) and Themis.

Since he joined Gimv, Karl has led investments into Prosonix (acquired by Circassia, CIR:LN), Covagen (acquired by Johnson & Johnson, JNJ:US), Biom'up (BUP:EPA), Topas Therapeutics, Breath Therapeutics and Imcheck Therapeutics and has represented Gimv on the boards of those companies as well as on the board of Actogenix (acquired by Intrexon, XON:US).

Previously, Karl had worked as a Scientific Fellow at the CNRS for Neurochemistry in Strasbourg (France) and holds a PhD in the area of molecular neurobiology from the Max-Delbrück-Center for Molecular Medicine (Berlin) and a Diploma in Biology from the Free University of Berlin.


+49 89 4423 275 50

Promenadeplatz 12
80333 München


Karl Nägler