Third Fund Dedicated to Life Science Investing
PALO ALTO, CA – Prospect Venture Partners, a venture capital firm dedicated to investing in medical technology and life science companies, today announced the closing of its third fund, Prospect Venture Partners III. The oversubscribed fund was closed at $500 million. The majority of investors represented returning Limited Partners from the firm’s previous funds, Prospect Venture Partners I and II.
The fund’s four Managing Partners are Alex Barkas, Ph.D., Russell Hirsch, M.S., Ph.D., David Schnell, M.D. and Jim Tananbaum, M.D., who collectively bring over 40 years of previous venture capital experience to Prospect Venture Partners. The partners have strong investment track records, having led investments in over 70 health care and biomedical companies from 1992 to 2004. In addition, the partners have significant biomedical industry operating experience, successful entrepreneurial track records, and extensive biomedical research training from leading institutions including Harvard Medical School, Memorial Sloan Kettering Cancer Center, UCSF Medical School and the Whitehead Institute/MIT.
The prior fund, Prospect Venture Partners II was a $500 million fund raised in 2001 which has invested in over 25 life science companies including Archemix, Gloucester Pharmaceuticals, Jazz Pharmaceuticals, Infinity Pharmaceuticals, Portola Pharmaceuticals, Rinat Neurosciences, Tercica (NASDAQ: TRCA), and medical device companies Opus Medical (NASDAQ: ARTC) and Visiogen.
“We are very pleased with the enthusiastic support that we received from our Limited Partners in this fundraising process. We share the belief that the life sciences industry represents a very promising arena for innovative companies and entrepreneurs to create important new products that serve critical and medical needs,” said a spokesperson for Prospect Venture Partners. investing environment,” said Managing Partner David Schnell, M.D. of Prospect [Venture Partners]. “The pace of innovation in biomedicine is unprecedented, and we are very excited about the opportunity to support breakthrough medical technologies while creating value for both patients and shareholders in emerging growth companies.”