Pioneering Success: Calypso’s journey to a successful exit

April 3, 2024

Calypso Biotech (hereafter “Calypso”) is dedicated to advancing the research and development of monoclonal antibodies tailored for a diverse range of autoimmune indications, with a specialized focus on IL-15 biology. IL-15 represents a broad, yet untapped immune axis pivotal in regulating barrier function and subsequent immune cascades observed in numerous chronic autoimmune diseases.

At the forefront of Calypso’s technology pipeline is their lead product candidate, CALY-002, poised as a potential best-in-class therapeutic antibody designed to bind to and neutralize Interleukin-15.CALY-002 holds promise in addressing conditions like coeliac disease andeosinophilic esophagitis—a condition characterized by allergic inflammation of the esophagus.


The challenge

 CalypsoBiotech is a spin-out from Merck and was launched in 2013. After the initial seeding-phase the Company secured a Series-A round in 2019, further extended in 2021 with Fountain Healthcare Partners joining as a shareholder, raising a total of $28 million. With the Series-A completed, Calypso faced the challenge of managing their expanding financial needs and reporting requirements. They sought a financial partner capable of overseeing their entire financial vertical, from day-to-day bookkeeping to investor-grade reporting.


The solution

 F.INSTITUTE stepped in to provide Calypso with a comprehensive financial suite, handling all aspects of their financial operations, including bookkeeping, payroll, management reporting, forecasting, audit preparation, annual reporting, tax filings, and grant administration. This partnership not only relieved Calypso of the burden of in-house personnel and related costs but also elevated their financial reporting standards and cash management capabilities.

KeyBenefits of the Partnership included:

  • Seamless integration of financial data into a single platform, streamlining operations and enhancing efficiency.
  • Detailed financial projections and models to track project spending and optimize budget control.
  • Enhanced financial insights and strategic planning through user-friendly reports.

During the exit transaction, F.INSTITUTE supported Calypso by managing the cap table and liquidation waterfall, as well as navigating the financial due diligence process. Post-closing, the partnership continues to ensure smooth integration into the buyer's structure.

F.INSTITUTE’s added value has been worry-free, high-quality accounting and financial services with powerful tracking and reporting tools. The quality of human contact and the ability to answer all of our various needs on short notice is also very appreciated.

Alain Vicari, CEO and co-founder

The impact 

  1. Peace Of Mind – Calypso found a trustworthy, single-solution financial partner who ensured they always maintained a high level of financial control and make informed decisions.
  2. Trusted Partnership Between Series-A and exit F.INSTITUTE was the only financial resource the company needed, providing a rock-solid foundation and strategic soundboard.
  3. Triumph ending – The company’s excellent performance in de-risking the asset and proof the value of their technology ended in a high-profile exit.

We are excited for this transaction with Novartis, a company with relentless commitment to the development of innovative therapies for autoimmune conditions. As part of the Novartis portfolio, CALY-002 is in the best position to be developed effectively, so that it can promptly address unmet medical needs in multiple indications

Alain Vicari, CEO and co-founder

Successfully exited for up to


to Novartis

Single-stop financial solution spanning

5 years

from Series-A to Exit


Curated investor-proof monthly reports since onboarding