MA2 targets bright ideas, empty pockets

Boston-based investor Richard Anders has set up a new angel fund to back life science start-ups.

Anders tells Xconomy he's been frustrated by watching promising inventions abandoned after failing to find seed money. He created Mass Medical Angels (MA2) to fill the void.

The investor says this is the only angel fund he knows of in Massachusetts that is devoted to investing in the life sciences field. And as Xconomy notes, MA2 is likely to be warmly welcomed as seed money has been sharply reduced as the economy has contracted. The fund plans to join rounds raising anywhere from $250,000 to $3 million.

Anders background is in software, but he says biotech is where it's at today.

"In the software business it's very tough now to figure out something that hasn't already been done," Anders says. "In life science there are enormous needs, tremendously bright minds, and lots of ideas."

- read the report [1] from Xconomy

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