Vesna VC backs Croatian biotech P3 Therapeutics

What's the deal? Southeast European venture firm Vesna VC has invested in P3 Therapeutics, a biotech startup focused on anti-inflammatory therapeutics. The deal was announced by P3 Therapeutics co-founder Miroslav Harjaček, who thanked Vesna VC partners Srdja Ivekovic, Dalibor Marijanović, and Nina Dremelj for the backing. No financial details were disclosed.

P3 Therapeutics describes its approach as a "Triple AI" — anti-inflammatory multi-target activation — drawing a parallel to Eli Lilly's "Triple G" strategy in the obesity drug market.

Why now? The investment comes as multi-target therapeutic approaches gain traction in drug development, particularly after the success of GLP-1-based obesity treatments from Eli Lilly and Novo Nordisk. Inflammation remains one of the largest addressable markets in pharma, underpinning conditions from cardiovascular disease to autoimmune disorders.

What could go wrong? Biotech investing is inherently high-risk. Multi-target drug development faces steep regulatory hurdles, long timelines, and high failure rates in clinical trials. For an early-stage company in Southeast Europe, attracting follow-on funding from larger international investors could also prove challenging.

The signal: Vesna VC's bet on P3 Therapeutics underscores a broader pattern of regional investors backing deep-science founders in Southeast Europe before they relocate to more established biotech corridors. With anti-inflammatory therapeutics addressing a vast and growing market — spanning cardiovascular, autoimmune, and metabolic conditions — the round positions P3 to build early clinical credibility that could attract larger international follow-on capital down the line.

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