In most chronic diseases, including heart failure, kidney failure, and pulmonary fibrosis, the extracellular matrix becomes abnormal, leading to inflammation, fibrosis, and hypoxia, or reduced oxygen supply. In 2019, with the support of BBII funds, Jeffrey Morgan, a professor of pathology and laboratory medicine, developed a process for producing uniform injectable particles that potentially could be used to treat damaged tissue in various organs. The company XM Therapeutics was formed to further develop the treatment and bring it to clinical trials. XM Therapeutics is initially focusing on two of the most serious disorders, heart failure and pulmonary fibrosis, for which the clinical need and market size are enormous and continue to grow.