Maxwell Biotech Venture Fund Officially Opens its Office in Boston
BOSTON--(BUSINESS WIRE)--Maxwell Biotech Venture Fund (MBVF), the first Russian venture fund fully dedicated to investments in the life sciences sector, has officially opened its Boston office. Representatives of MBVF will be working at 420 Boylston St. along with colleagues from RVC USA Inc.
Igor Agamirzyan, CEO of Russian Venture Company: "The opening of RVC's office in Boston was accompanied by another significant event. Without any delay, we had the official opening of the Boston office of Maxwell Biotech Venture Fund, established with the participation of RVC capital. The presence of this leading Russian fund specializing in life sciences in Boston's technological cluster creates all the necessary conditions for the effective promotion of Russian technological projects in the global market."
Maxwell Biotech Venture Fund is a $100M fund focused on investments in medical innovations and biotechnology. The fund was founded as a public-private partnership between RVC and private investors and is managed by one of the leading Russian financial firms, Maxwell Asset Management, which has assembled a dedicated team of professionals with decades of experience in healthcare, biotechnology and the investment banking industry.
MBVF started its international activities in 2009, long before the official opening of its U.S. office. Four out of six transactions undertaken by MBVF in 2010-2011 are international deals and include investments and licensing collaborations with U.S. private and public companies Sequella, AtheroNova (OTC: AHRO), Bionevia and Dental Photonics.
Dmitry Popov, Managing Partner at Maxwell Biotech Venture Fund: "Opening an office in Boston will significantly expand opportunities for our cooperation with foreign partners and allow our fund to more effectively participate in the global technology and industrial networks. We're gradually integrating into the Boston biotech cluster and getting direct access to the most promising investment opportunities."
Alexey Eliseev, Managing Director at Maxwell Biotech Venture Fund, Boston: "Maxwell is proudly positioned as the first RVC fund with permanent operation in the U.S. The opening of our new office in Boston puts the fund in close proximity to the source of cutting-edge innovation, ranging from top academic centers including Harvard and MIT to dozens of biotech and medtech companies. The office is located in the Back Bay area, a place chosen by numerous renowned venture funds, many of which are open to co-investment opportunities with us."
MBVF has extensive experience of structuring international deals using its unique business-models. These enable the best use of financial resources through access to an established and cost efficient Russian infrastructure at various stages of the product or technology's development, as well as offer a commercialization path to one of the most lucrative emerging markets.
The investment managers of MBVF are looking for investment opportunities with biotech and pharmaceutical companies (i) that are developing products and technologies synergistic with the fund's portfolio companies, (ii) whose products can benefit from testing in Russian pre-clinical and clinical centers and (iii) that are interested in commercializing innovative therapeutics in the rapidly growing Russian market.
The typical investment size is between $1M and $5M in a single company, depending on the stage of the company and its products, with priority given to investments that are likely to lead to a financial exit within five years.
About Russian Venture Company
Russian Venture Company (RVC) is a government fund of funds and a development institute of the Russian Federation; since 2006 it has been one of Russia's key tools in building its own national innovation economy. RVC invests government capital through VC funds that it creates in partnership with private investors.
RVC has backed 12 funds (including two funds outside Russia) with a total capitalization of RUB 26 billion (about $860 million), its share amounting to RUB 16 billion (about $530 million). As of December 2011, RVC-backed funds hold a portfolio of 101 companies, with invested capital totaling RUB 9.2 billion (about $300 million).
About Maxwell Biotech Venture Fund
Maxwell Biotech Venture Fund (MBVF) formed with the participation of Russian Venture Company, provides investment capital and access to an established infrastructure for conducting high-quality clinical trials in Russia, and helps enable the rapid and cost-effective achievement of clinical objectives. The fund's unique business models can add value to our partners' pipelines and provide a commercialization path to one of the most lucrative emerging markets. MBVF relies on an experienced international team of managers and financial and industry experts and has offices in Moscow and Boston. MBVF is investing in product development companies specializing in specific therapeutic areas or medical devices categories. To date, MBVF has invested in OncoMax (oncology), NeuroMax (CNS), MetaMax (oncology & metabolic diseases), Infectex (infectious diseases), CardioNova (cardiovascular diseases) and Photonics (novel lasers for medicine and dentistry). Products in these companies originated either from Russian scientists or were licensed for commercialization in Russia from international biopharma companies.