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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Leen Kawas did not have a verified $150 million fund close when Propel Bio Partners launched in March 2022. The firm, which she co-founded with investor Richard Kayne after leaving Athira Pharma, said it would invest in life-sciences companies; GeekWire reported that Propel Bio was seeking a $150 million pooled fund, based on an SEC filing. The available reporting does not establish that the fund ultimately raised or closed at that amount.
What Propel Bio announced—and what the $150 million meant
Propel Bio Partners announced that it had begun operations on March 18, 2022. The firm said it would make equity investments in life-sciences companies at different development stages, supporting companies developing what it described as disruptive technologies and therapies. Those statements describe Propel Bio’s intended strategy, not a record of completed investments or outcomes. Propel Bio’s launch announcement
GeekWire reported the same day that Propel Bio was seeking a $150 million pooled fund, citing a Friday SEC filing. That is a reported fundraising target—not evidence that investors committed that amount or that the fund closed at $150 million. The available reporting does not establish the final amount raised or whether the fund closed. GeekWire’s March 18, 2022 report
Who founded Propel Bio, and which Athira-linked people were involved?
Kawas co-founded Propel Bio with Richard Kayne, an investment veteran and an early Athira investor. At Propel Bio, Kayne was identified as a general partner and Kawas as managing general partner. Kayne said, “I am proud to be partnering with Dr. Leen Kawas in this important new venture.” Kawas said, “I am looking forward to providing promising and passionate entrepreneurs the same opportunity that Ric Kayne and others gave to me when I started Athira.” Both statements appeared in the firm’s launch announcement. Propel Bio’s launch announcement
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GeekWire reported support from other people connected to Athira, including board member John Fluke Jr., who said he was investing in Propel Bio. It also reported that Carol Criner, an early Athira investor, joined Propel Bio’s advisory board and planned to invest. These are distinct roles: an adviser or supporter should not be described as a confirmed investor unless the reporting says so. GeekWire’s report on Propel Bio’s launch
Why Kawas had left Athira Pharma
The launch followed a public controversy over Kawas’s doctoral research. In a June 2021 SEC filing, Athira disclosed that its board had placed her on temporary paid leave while the company reviewed research she conducted for her doctorate at Washington State University. Athira’s June 2021 SEC filing
In October 2021, GeekWire reported that Kawas resigned after an independent Athira board committee found altered images in her dissertation and at least four research papers. That is the committee’s finding as reported by GeekWire, not an independent assessment here. GeekWire’s October 2021 report
Athira’s March 30, 2022 statement said Kayne had urged the company to resume a formal relationship with Kawas. The company said its board believed ending her relationship with Athira remained in the best interests of the company and its shareholders; it also described her as a former CEO who had resigned as an executive and left the board. That statement represents Athira’s position at the time. Athira’s March 30, 2022 statement
What later reporting establishes
A Puget Sound Business Journal report dated August 21, 2026 described Propel Bio as Kawas’s investment firm before her return to an operating CEO role at EIT Pharma. That later career context does not establish Propel Bio’s current operating status, portfolio, or the final size or closing of its fund. Puget Sound Business Journal, August 21, 2026
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