SIIFIC Wellness Fund Invests in Toregem Biopharma
~Advancing the World’s First Tooth Regeneration Therapy for Future Generations~
SIIF Impact Capital Co., Ltd. (Co-Founders: Kazuhiro Umeda and Reiri Miura; Headquarters: Shibuya-ku, Tokyo; hereinafter “SIIFIC”), through the SIIFIC Wellness Investment Limited Partnership (“SIIFIC Wellness Fund”), which it jointly manages with the Social Innovation and Investment Foundation (“SIIF”; Chairman: Shuichi Ohno; Headquarters: Minato-ku, Tokyo), participated in a third-party allotment financing round conducted by Toregem Biopharma Co., Ltd. on April 27, 2026.
Toregem Biopharma Co., Ltd. is a Kyoto University-originated biotechnology startup focused on developing novel therapies in the field of dentistry. The company was founded in May 2020 based on years of research led by Dr. Katsu Takahashi, who served as an Associate Professor in the Department of Oral and Maxillofacial Surgery at Kyoto University Graduate School of Medicine and currently Director of the Department of Oral and Maxillofacial Surgery at the Kitano Hospital Medical Research Institute, Tazuke Kofukai Foundation. Driven by its mission to create a society where people no longer fear losing their teeth, Toregem is advancing the development of regenerative therapies aimed at restoring natural teeth.
Investment Rationale
The SIIFIC Wellness Fund has established four investment themes to guide its investment activities. This investment aligns with two of those themes:
Revolutionizing Healthcare by pioneering trustworthy medical standards. We invest in products and services that redefine healthcare’s reliability and trustworthiness, fostering behavioral change among providers.
Empowering Holistic Well-Being by inspiring positive lifestyle and activity choices. We invest in products and services that motivate individuals towards health-positive decisions, emphasizing the critical role of consumer behavior in wellness.
Congenital anodontia is a rare condition for which no curative treatment currently exists. Because affected patients are typically children or adolescents whose jawbones are still developing, conventional treatments such as dentures and dental implants are often not viable options. As a result, patients must rely on long-term supportive care until adulthood, while missing teeth can negatively affect nutrition, growth, and overall well-being. Toregem’s antibody-based therapy, designed to regenerate natural teeth, has the potential to provide a fundamentally new treatment option that addresses these challenges.
Through this investment, SIIFIC aims to accelerate the clinical development of what aims to become the world’s first tooth regeneration therapy, thereby improving the quality of life (QOL) of patients with congenital anodontia. Looking ahead, the technology has the potential to contribute broadly to dental care, including applications for improving oral frailty in aging populations. SIIFIC also believes that sharing clinical outcomes and evidence generated through the development process will help elevate treatment goals across the dental profession and contribute to the advancement of dental medicine as a whole. Based on these potential social and healthcare benefits, SIIFIC decided to make this investment.
Investment Decision Process
SIIFIC Wellness Fund made its investment decision based on the following assessment process.
1. Systems Analysis (Figure 1)
Using a systems thinking approach, SIIFIC evaluated Toregem Biopharma as a company that can contribute to the realization of wellness equity.
The analysis highlighted how current treatment approaches for congenital anodontia largely rely on prosthetics and dental implants as symptomatic interventions (B1), often resulting in lifelong dependence on restorative treatments. It also identified supply-side barriers that hinder a transition toward curative therapies, including a reimbursement system that favors surgical interventions and the lack of established clinical guidelines. Together, these factors reinforce a “status quo maintenance” (R2) loop that limits systemic change.
SIIFIC further assessed that TRG035, a human anti-USAG-1 antibody currently advancing through clinical development, has the potential to enable a curative treatment approach (B2). Beyond improving the quality of life (QOL) of patients with congenital anodontia, the therapy could serve as a catalyst for a “goal awakening” (R3) loop by promoting the sharing of clinical outcomes and broadening awareness of the relationship between oral health and overall quality of life. This, in turn, could help raise treatment aspirations among dental professionals and accelerate a broader paradigm shift across the dental care system (system change: R1).
Figure 1. Systems Change Loop for Dental Care Transformation Through Curative Treatment of Congenital Anodontia
2. Theory of Change Development (Figure 2)
SIIFIC developed a Theory of Change to visualize the impact pathway of Toregem Biopharma’s business across three stages: short-, medium-, and long-term outcomes.
Short-term: Increase in the number of hospitals and research institutions participating in clinical studies on congenital anodontia, as well as surveys measuring awareness and perceptions of tooth regeneration therapy among men and women in their 20s to 40s.
Medium-term: Increase in the number of patients with congenital anodontia receiving active treatment, together with growth in academic presentations, publications, and symposiums related to tooth regeneration.
Long-term: A broader societal paradigm shift and improvements in quality of life (QOL), driven by the inclusion of tooth regeneration therapy in clinical practice guidelines and reimbursement systems across countries.
Figure 2. Theory of Change
Value Creation Support
SIIFIC Wellness Fund will work closely with Toregem Biopharma to implement Impact Measurement and Management (IMM) practices and provide impact-focused support, alongside IPO preparation through post-listing investor relations activities. Through this partnership, SIIFIC aims to help advance a future in which tooth regeneration becomes a standard treatment option, enabling more people to eat, speak, and smile with their natural teeth throughout their lives.
About Toregem Biopharma Co., Ltd.
Established: May 12, 2020
Head Office: Rooms 210–211, 448-5 Kajii-cho, Kawaramachi-dori Imadegawa Sagaru, Kamigyo-ku, Kyoto, Japan
Employees: 13 (as of April 2026)
Representative Director: Honoka Kisou
Business Overview:
Toregem Biopharma is a drug discovery startup dedicated to developing regenerative therapies for tooth loss under its mission of creating a society where people no longer fear losing their teeth. The company is working to enable individuals born without teeth due to genetic conditions, as well as those who have lost teeth for various reasons, to regain their own natural teeth. Through the development and commercialization of innovative technologies that allow people to continue using their natural teeth throughout their lives, Toregem aims to contribute to healthier and longer lives.
https://toregem.co.jp/
About SIIF Impact Capital Co., Ltd. (SIIFIC)
Established: September 8, 2022
Co-Founders: Kazuhiro Umeda and Reiri Miura
Business: Management of impact investment funds
Current Fund: SIIFIC Wellness Investment Limited Partnership
Company Overview:
SIIFIC is an impact investment firm that supports innovative startups in the wellness sector. Through its investment activities, SIIFIC seeks to generate positive, measurable social and environmental impact alongside financial returns.Through the SIIFIC Wellness Fund, the company invests in entrepreneurs and businesses that are advancing solutions to improve well-being while contributing to a more sustainable and inclusive society.
https://siific.co.jp/
About the Social Innovation and Investment Foundation (SIIF)
The Social Innovation and Investment Foundation (SIIF) is a nonprofit organization dedicated to advancing impact investing and catalyzing social innovation in Japan.
SIIF began conducting research on impact investing within the Nippon Foundation in 2013 and was established in 2017 as the Japan Social Innovation and Investment Foundation with grant support from the Nippon Foundation. In 2019, it merged with the Social Change Agency to form the current Social Innovation and Investment Foundation.
SIIF has played a leading role in developing Japan’s impact investing ecosystem, including supporting the establishment of the Japanese National Advisory Board of the Global Steering Group for Impact Investment (GSG), convening ecosystem stakeholders, publishing research reports and policy recommendations, and organizing study sessions with financial institutions in collaboration with Japan’s Financial Services Agency (FSA).
By promoting the circulation of social and financial capital, SIIF seeks to help build a society capable of addressing complex social challenges beyond the traditional boundaries of self-help, public support, and mutual aid.
https://www.siif.or.jp/
