C-Reveal Therapeutics's original offering opened on December 17, 2020 and was completed on May 1, 2021. Except for the Updates section which may contain more recent information, the information on this page was accurate as of May 1, 2021.

C-Reveal Therapeutics

C-Reveal’s proprietary technology helps the body’s natural immune system to identify and kill cancer cells.

Deal Highlights

  • Proprietary technology developed at Massachusetts General Hospital and Harvard University
  • Founded by Harvard Scientists
  • Multiple previous exits in excess of $8 billion
  • $141 billion oncology market expected to reach more than $390 billion by 2027

Exit Strategy

C-Reveal's planned exit strategy is to sell the company to a major pharmaceutical company. Oncology companies are popular acquisition targets, and during the last five years, the median acquisition premium for oncology companies is 100% for transactions with a deal value of more than $5 billion (McKinsey).

Recently, companies like ours have sold for multi-billion dollar price tags:

  • Pfizer’s 2019 acquisition of Array BioPharma for $11 billion
  • Eli Lilly's 2019 acquisition of Loxo Oncology for $8 billion
  • GlaxoSmithKline's 2019 acquisition of Tesaro for $5.1 billion

Previous Exits

C-Reveal’s founders have a history of successful exits in the oncology and pharmaceutical industries. Previous exits by members of our leadership team include:

Previous exits
Previous exits


Our immune system relies on distinct markers, called tumor antigens, to recognize what is and is not cancer. However, many tumors have a low antigen load and are thus largely hidden from the immune system. Because of this, new therapies that enlist the immune system to fight cancer (e.g., drugs such as OPDIVO® and KEYTRUDA®) are less effective than they could be, working well in only about 10% of patients.

“2 million cases of cancer are diagnosed annually.”
- Centers for Disease Control and Prevention


Our company has identified 2 key cancer-specific enzymes that, when inhibited, reveal hidden tumors to the immune system. C-Reveal plans to develop inhibitors for these enzymes, which will allow the immune system to recognize, target, and attack cancer cells. They will also allow existing cancer immunotherapies to work in a greater number of patients.

These findings are especially meaningful because the enzymes we’ve identified are:

  • Structurally unique from other enzymes
  • Widely expressed in different cancers
  • Produced exclusively in cancer cells and not normal healthy tissues
  • Provide actionable targets for the treatment of cancer
Cancer cell


Our patent-pending discoveries will allow us to develop small molecule inhibitors for these enzymes. We expect these inhibitors to produce multiple benefits, including:

  • Disabling a key tumor immune cloaking mechanism
  • Exposing tumors to immune responses and therapies
  • Improving the efficacy of cancer treatments on a broad range of cancers
  • A high degree of safety as the target enzymes are not expressed in healthy tissues


Our company will be entering the global oncology drug market, which was valued at $141 billion in 2019. The market is projected to reach $394.2 billion in 2027, with an estimated CAGR of 12% (Fortune Business Insights).

Globally, $200 billion will be spent on cancer therapeutics and care by 2022 (pwc). This is a growing market, and our technology has the potential to work as a support for emerging innovative therapies and drugs, expanding treatment options for the more than 18 million cancer patients in the United States alone.

Test tubes

Drug Development Partnership

C-Reveal is partnering with Evotec, a European-based contract research organization for the next step in our drug discovery process. With Evotec, we will be doing a chemical high-throughput screen for molecule discovery, with the goal of finding the drug candidates suited for inhibiting the enzymes we’ve identified.

Evotec is a world-leader in identification, with a compound collection that is one of the largest and most valuable sources of starting points for drug discovery. With a collection of 700,000 compounds representing 2 million molecules, Evotec has the flexibility to screen high volumes of molecules.



C-Reveal’s leadership team has decades of experience in successful entrepreneurial ventures and extensive oncology research. Our scientific co-founders serve in senior positions at Massachusetts General Hospital’s cancer research center as well as Harvard Medical School and are leading experts in the field of oncology drug discovery.

Thomas Haag, Ph.D, J.D.

Dr. Haag is a biotechnology IP lawyer, investor and entrepreneur. He previously served as co-founder and acting CEO of PhosImmune, acquired by Agenus, Inc. (NASDAQ: AGEN) for $45 million. He is the founder of Haag Life Sciences Law and is a Managing Partner of Linden Lake Venture Capital. Dr. Haag has a 20-year background in biotech IP and served as partner and Co-chair of Seyfarth Shaw LLP’s Life Sciences IP Practice.

Mark Cobbold, M.D., Ph.D.
Scientific Co-founder

Dr. Cobbold currently serves as the V.P. of Oncology Early Discovery at AstraZeneca. He previously co-founded Gritstone Oncology, which IPOed with a $100 million market cap. He also served as Scientific Co-Founder at Serascience, which was sold to Abingdon Health, PhosImmune Inc. (acquired by Agenus) and Revitope Oncology.

Keith Flaherty, M.D.
Scientific Co-founder

Dr. Flaherty previously co-founded Loxo Oncology, which was acquired by Eli Lilly for $8 billion. Dr. Flaherty currently serves as the Director of The Termeer Center for Targeted Therapies, Director of Clinical Research, and Richard Saltonstall Endowed Chair in Oncology at Mass General Hospital Cancer Center. He is also a Professor of Medicine at Harvard University and leads the Developmental Therapeutics research program at the Dana-Farber/Harvard Cancer Center.

Cyril Benes, Ph.D.
Scientific Co-founder

Dr. Benes currently serves as the Director of Oncology Bioinformatics at the Genomics Institute of the Novartis Research Foundation. He was previously a professor at Harvard Medical School and was the former Head of the Center for Molecular Therapeutics at the Massachusetts General Hospital Cancer Center.

Use of Proceeds

If the offering's maximum Reg CF allocation of $1,070,000 is raised:

UseValue% of Proceeds
R&D Pilot phase (Evotec)$325,00030.4%
R&D HTS (Evotec)$325,00030.4%
MGH Patent$60,0005.6%
New Patents$20,0001.9%
Outsourced CFO$50,0004.7%
Marketing & BD Expenses$50,0004.7%
Operating Expenses (IT)$42,5704.0%
Intermediary fees$52,4304.9%

If the offering's maximum amount of $3,250,000 across Reg. CF and Reg. D is raised:

UseValue% of Proceeds
R&D Pilot phase (Evotec)$1,045,37532.2%
R&D HTS (Evotec)$1,045,37532.2%
MGH Patent$200,0006.2%
New Patents$50,0001.5%
Outsourced CFO$50,0001.5%
Marketing & BD Expenses$50,0001.5%
Operating Expenses (IT)$50,0001.5%
Intermediary fees$159,2504.9%


This is a side-by-side offering of Common Units, under registration exemptions 4(a)(6) and 506(c), in C-REVEAL THERAPEUTICS LLC, doing business as C-Reveal Therapeutics. Up to $1,070,000 may be raised under the 4(a)(6) exemption. Netcapital will determine which exemption applies to your investment and notify you before you complete your investment.

The amount raised under the two exemptions must total at least $10,000 by May 1, 2021 at 12:59am ET. If the total doesn’t reach its target, then your money will be refunded. C-Reveal Therapeutics may issue additional securities to raise up to $3,250,000, the offering’s maximum.

If the side-by-side offering is successful at raising the maximum amount, then the company’s implied valuation after the offering (sometimes called its post-money valuation) will be:

1,388,720 units
$10 per unit
$13,887,200implied valuation


C-Reveal Therapeutics’ official name is C-REVEAL THERAPEUTICS LLC, so that’s the name that appears in the statements below.

These financial statements have been reviewed by an independent Certified Public Accountant.

SEC Filings

The Offering Statement is a formal description of the company and this transaction. It’s filed with the SEC to comply with the requirements of exemptions 4(a)(6) and 506(c) of the Securities Act of 1933. Similar information is sometimes offered in a Private Placement Memorandum for 506(c) offerings.

We’re also required to share links to each of the SEC filings related to this side-by-side offering with investors.

Understand the Risks

Be sure to understand the risks of this type of investment. No regulatory body (not the SEC, not any state regulator) has passed upon the merits of or given its approval to the securities, the terms of the offering, or the accuracy or completeness of any offering materials or information posted herein. That’s typical for Regulation CF offerings like this one.

Neither Netcapital nor any of its directors, officers, employees, representatives, affiliates, or agents shall have any liability whatsoever arising from any error or incompleteness of fact or opinion in, or lack of care in the preparation or publication of, the materials and communication herein or the terms or valuation of any securities offering.

The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company’s control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

More Info


  • Jul 7, 2023
    Dear NetCapital Investors. Please see the...

    Dear NetCapital Investors. Please see the attached July 2023 Investor Update from C-Reveal Therapeutics. Thank you for your continued support. Sincerely, Thomas Haag, Ph.D., CEO

    2023-07-07 C-Reveal Investor update.pdf
  • Jul 7, 2022
    Dear C-Reveal Investors, I am excited to share...

    Dear C-Reveal Investors, I am excited to share that we have brought Pam Sharma MD PhD onto the team as a Senior Advisor. She is Professor of Oncology and Immunology, Co-Director for Immunotherapy at the MD Anderson Cancer Center, and a leading cancer immunotherapy translational scientist. She completed her residency at the Cornell Medical Center in New York, and her fellowship the Memorial Sloan-Kettering Cancer Center.
    Our R&D program has been successful so far and we have generated promising drug leads and additional proof of concept data. The company has been involved in many discussions with several investors over the last 6 months. While the current financing climate for biotechnology companies has become less favorable, we continue to aggressively and optimistically pursue all financing options to fund the next stage of our R&D plan. We will update you as soon as we have a definitive arrangement in place. Wishing you a relaxing summer, Thomas Haag, Ph.D., CEO

    2022-07-07 C-RT NC.pdf
  • Feb 8, 2022
  • Jan 14, 2022
    Dear Investors and Supporters of C-Reveal...

    Dear Investors and Supporters of C-Reveal Therapeutics,

    I hope you have had a great start into the New Year. With this note, I would like to review 2021 and update you on a few developments at the Company. Please see the attached/linked redacted slides for an overview.

    In January 2021 we kicked off a comprehensive R&D program with industry leading drug development partner Evotec SA. Over the course of 2021, we successfully completed this program and having generated new IP around highly promising drug candidate leads for a drug lead optimization campaign we aim to kick off in the coming months. We also generated additional exciting new in vitro proof of concept data.

    Over the course of 2021, we also expanded our team with world-class scientists and drug developers including Drs. Renato Skerlj, Elyse Bourque, and Jose Luis Millan. Their experience and input have been critical to our success so far, and we look forward to continuing to build out our scientific and management team in 2022.

    The company has raised about $3.7m since founding. As we look to 2022, C-Reveal is in advanced discussions with institutional investors about making a significant investment into the company. We plan on using this financing to initiate our Drug Lead Optimization plan, engineer and test new antibody-based therapeutics against our targets, as well as explore additional newly discovered oncology targets to complement our current programs.

    I plan on providing an additional update in the coming 1-2 months to share more developments as they arise. Thank you for your continued support of C-Reveal.

    Warm wishes,

    Thomas Haag, Ph.D. CEO

  • May 1, 2021
    Primary offering finalized, selling 119,300 units
    Sold 119,300 units at $10 for a total of $1,193,000
  • Apr 13, 2021
  • Feb 16, 2021
  • Feb 4, 2021
    C-Reveal is excited to announce that Renato...

    C-Reveal is excited to announce that Renato Skerlj, Ph.D., Elyse Bourque, Ph.D., and Feng Shi, Ph.D. have joined the team.

    “We are thrilled to have Renato, Elyse and Feng on board. They have been working together with members of the C-Reveal team for many years and are absolutely world class scientists and drug developers,” said Thomas Haag, Ph.D., Co-Founder of C-Reveal. Dr. Skerlj and Dr. Bourque are veteran medicinal chemists and have worked together to create several successful therapeutics. Dr. Shi is one of the inventors of C-Reveal’s technology and an expert in the mechanisms of PD-1/PD-L1 in inhibition and human CD8+T cell responses, such as activation, cytokine release, killing efficiency and proliferation. He completed post-doctoral fellowships at MIT and in Mark Cobbold’s lab at the Harvard Medical School. He completed his Ph.D. at the Chinese Academy of Sciences in Beijing.

    Dr. Skerlj has more than 25 years of experience leading the discovery and development of disease modifying small molecule drugs to treat genetically defined rare diseases. He has authored 67 publications, holds 52 patents and has advanced multiple drug candidates into clinical development. Dr. Skerlj served as Chief Scientific Officer for X4 Pharmaceuticals, Inc., where he also was one of the company’s scientific founders and co-inventor of its lead drug candidate, mavorixafor. Prior to joining X4, Dr. Skerlj held leadership roles in drug discovery and development at Lysosomal Therapeutics where he co-invented LTI-291, a CNS drug in clinical development for Parkinson’s disease. Previous to that, he was interim Head of Small Molecule Discovery at Genzyme and part of the executive team at AnorMED, a publicly traded company that was acquired by Genzyme in 2006. Dr. Skerlj is an accomplished drug developer with two approved drugs; plerixafor, a CXCR4-targeted stem cell mobilizer approved by the U.S. Food and Drug Administration (FDA) in 2008, and ertapenem, an anti-bacterial approved by the FDA in 2001. Dr. Skerlj received his Ph.D. in synthetic organic chemistry from the University of British Columbia, and completed postdoctoral fellowships at the University of Oxford and Ohio State University.

    Dr. Bourque has over 15 years of pharmaceutical experience in drug discovery and development. As Associate Scientific Director at Genzyme she led medicinal chemistry programs for the rare diseases portfolio, resulting in the development of venglustat, a CNS-penetrant compound currently in Phase 2 for Fabry’s disease. Elyse received her Ph.D. in Organic Chemistry from the University of Sherbrooke, Canada and completed a Postdoctoral Fellowship at the University of Leeds, United Kingdom.

    C-Reveal 2021-02-03 Press release.pdf
  • Dec 18, 2020
  • Dec 18, 2020
  • Dec 17, 2020
    Primary offering of 325,000 units at $10

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