TheraVasc Inc., which is reformulating a drug to treat vascular diseases, has raised a $1.8 million Series A1 round of investment capital. But the company isn’t stopping there — it’s looking to add about $450,000 to the round.

Theravasc Inc., a Cleveland company that is reformulating an approved drug to treat vascular diseases, has received investment commitments of $500,000 to do its initial clinical study.

Venture capitalists discussed their role in entrepreneurial companies, what will generate the most money in health care in the next 10 years and what they look for when choosing an investment Friday at the Ohio Venture Association panel in Cleveland.

Eight venture capitalists gathered Thursday evening at TechColumbus to discuss bioscience innovation in the state. The audience included a mix of start ups, portfolio companies and research institutions trying to navigate their way into the panelists’ pockets.

The Cleveland-area company claims its software and services can extend nursing home stays and cut down on hospital visits for patients, which increases revenue for the facilities.

Portal Capital, an under-the-radar investment fund in Beachwood, hopes to make two to three deals in the life sciences sector this year and focus its efforts on Northeast Ohio medical device and equipment companies.