|New Science Ventures co-founder Somu Subramaniam|
With investors revved up about biotech's future, a string of funds have outlined plans to raise billions of dollars to back a new generation of life science companies. And New Science Ventures is joining the frenzy with a $100 million game plan of its own.
The New York-based venture group filed documents with the SEC for New Science Ventures Fund III illustrating that they had raised the first $24 million of a $100 million fund. According to its website, the firm is managing about $300 million in funds invested in early and late-stage life sciences companies as well as IT.
In recent years the relatively small venture operation with global aspirations has jumped into a number of syndications. New Science has invested in the NeXeption startup Alexar, the Cleveland Clinic-spinout Juventas, the Dutch biotech Dezima and the U.K.'s Ario Pharma, which is working on respiratory programs.
The general attitude in biotech VC circles now is to make hay while the sun is shining. With public biotech valuations running high the IPO window has been wide open for the past 18 months, handing over some long-awaited payouts to the original investors. And in just a little more than a week the industry has seen Sofinnova, Versant and Essex Woodlands map plans for $1.6 billion in new funds. In recent months we've also seen Abingworth close a $350 million fund, a $250 million second close from 5AM and Orbimed's launch of a $735 million effort.
Somu Subramaniam co-founded the firm back in 2014 and is listed as the managing partner of New Science Ventures.
- here's the document fom the SEC