BioVentures Investors has raised almost $20 million of a new $100 million fund, according to a regulatory filing with the SEC. If it's successful, that would almost double its amount under management, which was $133 million in three funds prior to recent fundraising.
It's been a long fundraising dry spell for this firm. Its third fund closed at $50.9 million in 2007, according to an SEC filing.
The firm's investment is focused on healthcare, specifically med tech including medical devices and diagnostics. The convergence of "advanced engineering and biomedical technology with clinical research" is driving a wave of med tech innovation and expansion, according to its website.
BioVentures expects this confluence will bring about advances in drug delivery, percutaneous surgery, advanced diagnostic systems, patient monitoring and healthcare services. Another investment focus is diagnostic tools and technology that are driven by genomics advances that are leading to personalized approaches to disease treatment.
It targets early stage med techs that address unmet needs or that provide technology that is significantly less invasive and more cost-effective for patient care delivery. The firm typically invests $3 million to $10 million per portfolio company with the expectation of an exit within 5 years and a total capital need of about $15 million to $20 million to get to a regulatory approval.
The firm's exits include the acquisition of GI diagnostic startup Spirus Medical by Olympus for $60 million in June 2011; the sale of clinical trial data management company Phase Forward for $685 million to Oracle in 2010; the purchase of point-of-care diagnostics company Claros Diagnostics for $59 million to Opko Health ($OPKO) in October 2011; and the sale of wound closure system player Angiolink to Medtronic ($MDT) in 2005 for a reported $45 million.
BioVentures' portfolio includes Valeritas spinoff BioValve Technologies, which is developing a disposable, miniature insulin pump for Type 2 diabetes; CardioSolutions, which has a device to address moderate to severe mitral regurgitation; and Vital Sensors, which is developing a continuous patient at-home monitor for cardiovascular disease.
- here is the SEC filing