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Hot Life Science Mandate 3: Opportunistic Institutional Alternative Investor Investing Globally

9 Jan

Allocation Information

The life science investment subsidiary of a major investment group has assets under management of $400m and is investing from its second fund, which closed at roughly  $300m in 2012. The firm typically makes initial equity investments of $3-7m with the potential to invest up to $20m over the life of an investment.  While most of the firm’s portfolio companies are US-based the firm will consider opportunities worldwide.

Sectors & Subsectors of Interest

The firm invests opportunistically across the life science sector, and is active in the therapeutic, diagnostic and medical device sectors. The firm prefers to invest in companies with products in the late preclinical stage (typically about 12 months from IND; animal data is required).  In the case of medical devices, companies that have developed a prototype and obtained FIM data are of interest. While not all investments are made at this stage, the firm prefers to build relationships with companies at an early stage. The investor will consider investing in any indication.

Company & Management Team Requirements

The firm invests in both experienced management teams, as well as new entrepreneurs and is open to investing in both privately-held and public companies.

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Hot Life Science Investor Mandate 1: Private Investment Firm Invests in Wide Range of Assets with Proof of Concept

18 Dec

A private investment firm based in the Western US invests in seed and early-stage health technology companies. The typical investment size for start-ups ranges from $500K to $750K (usually in equity or convertible notes). For early-stage companies, the firm typically co-invests with other VC firms in Series A and B financing and the investment size will depend on the company’s financial needs. The firm is geographically agnostic but prefers start-ups to be based on the West Coast. The firm is actively seeking new investment opportunities.

The firm invests in novel therapeutics, medical devices, and informatics. Generally, the firm focuses on opportunities that avoid or mitigate FDA regulatory risks. The firm is agnostic in terms of subsectors and indications, but does not consider orphan indications. The firm will only consider technologies with proof of concept. Historically, the firm has invested in therapeutics that address oncology, infectious diseases, cardiovascular, and metabolic disorders; drug delivery; orthopedic devices; genomics.

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Hot Life Science Investor Mandate 2: Family Office Allocates Based on Financial Needs of Company

18 Dec

A group of accredited investors based in the Eastern US is made up of healthcare professionals seeking to invest in technologies that significantly advance the standard of care. The group considers companies from seed to later stage and is geographically agnostic. Since the members are investing their own capital, the investment size and capital structure are highly flexible and will depend on the financial needs of the company. The group is actively seeking new investment opportunities.    

The office is interested in therapeutics, diagnostics, and medical devices. Currently, the group is interested in cell therapy and oncology but is generally agnostic in terms of subsectors and indications. The group is not interested in dermatology. The group will only consider products that have shown clinical efficacy.  Therefore, the group prefers therapeutic products in phase II. The group may consider phase I if it is evidently supported by human efficacy data.

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Hot Life Science Investor Mandate 3: VC is Interested in Single Use Devices, Several Indications

18 Dec

A venture capital company based in the Western US has raised 2 funds to date, and is currently investing out of its 2nd $15 million dollar fund. The firm makes primarily equity investments ranging from $50,000 to $5 million over the lifetime of the investment. The firm is looking for companies located within the United States and plans to make approximately 2 new investments over the next 6-9 months.

The VC is looking for seed and venture stage medical and diagnostic device companies. In these areas the firm is most interested in single use devices capable of delivering a therapy, and in indications such as cancer, cardiovascular and neurological diseases, orthopedic problems, respiratory conditions, and gastrointestinal disorders. While this is the firms primary focus, they remain open minded to other types of devices and indications as well.

The VC looks for professionalism in a firms management teams and is willing to work with firms that do not yet have a complete management team in place.

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Hot Life Science Investor Mandate 1: Private Investment Company is Flexible in Allocation Strategy

12 Dec

A private investment company established by a single high net worth individual is looking to make direct investments in the therapeutics space. Based in the Eastern US, the firm manages an evergreen structure, allowing it to have a very large range for investment size, capital structure, and holding period. The firm has no set number of allocations that it plans to make over the next 6-9 months and will evaluate all relevant opportunities on a case by case basis.

The firm is currently looking for US based companies companies in the therapeutics space and is open to considering both Biologics and Small Molecules. Companies with assets in phase II or later are of high interest, and companies in phase I that have some human efficacy data are also open to consideration. The firm is not interested in therapeutics areas with subjective endpoints such as pain and mental disorders.

The firm is looking for both private and micro-cap publicly held companies, and evaluates management on a case by case basis. Taking a board seat is not a requirement for the firm and their involvement in the management of the firm varies based on the needs of the company. The firm is interested in both leading as well as co-investing in investment rounds.

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Hot Life Science Nation 2: Family Office Makes Direct Investments in Several Areas

12 Dec

A multi-family office based in the Central US is looking to make direct investments in a variety of sectors including healthcare & life sciences.  Investments from this firm in early-stage companies are typically in the form of equity, whereas debt investments in later-stage companies may be considered.  The office’s allocations are highly variable, but are typically at least $3 million.  The firm primarily invests in US-based companies, but Canadian companies may also be considered.

Within the life science sector, the firm has diverse interests, with a primary focus on medical devices and medical service providers (including biotech R&D services and healthcare IT companies). Investments in therapeutic drug development may also be considered. The firm is a generalist investor, and is open to investing in both preclinical and clinical-stage companies and considers opportunities on a case by case basis. While the firm will consider investments in almost any indication, they prefer to invest in large markets, and do not consider investment opportunities in rare diseases.

This family office seeks to invest in solid management teams that have developed a product based on proprietary, patented technology. While the firm does make investments into pre-revenue companies, they require that the company have a clearly defined path to revenue.

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Hot Life Science Investor Mandate 3: VC Incubator Seeks Wide Range of Early Stage Opportunities

12 Dec

A life-sciences focused venture capital incubator / accelerator based in the Western US is looking to provide capital in the form of equity and convertible notes to seed and venture stage companies in the life science space. The firm can provide capital in the range of a few hundred thousand to $2 million or more by leveraging its groups of angel syndicates. The firm invests in companies across the United States, Europe and Australia with a preference for California based companies. The firm looks to be involved in 3 new companies per year. The VC is currently looking for companies in areas of Medical Technology / Devices, Therapeutics and Companion Diagnostics. In the Medical Device space the firm is open in terms of sector and indication and will consider firms that are in the development phase as well as those that have entered clinical trials. In the therapeutics space the firm is generally open as well however the firm is highly interested in areas of cell and gene therapy and oncology. For therapeutics the firm tends to get involved at the preclinical stage or during phase I of clinical trials. The firm is looking for confident and experienced management teams. Given the early stage investment style that the firm has, they often work with management teams that are incomplete and have primarily academic backgrounds. Part of the value that the firm looks to add is helping firms fill in the gaps in their current management.

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