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MENLO PARK--- Longitude Capital Closes $325 Million Life Sciences Fund |
| Companies mentioned in this article: |
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Sequenom, Inc. |
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| 7/8/2008 @ 8:11 AM
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Longitude Capital today announced the closing of its first investment vehicle, Longitude Venture Partners, L.P. (the "Fund"), a $325 million venture capital fund dedicated to life sciences investments. The Fund exceeded its target of $250 million.
The team at Longitude Capital includes: Managing Directors Juliet Tammenoms Bakker, Patrick Enright and Marc-Henri Galletti, Venture Partner Jeffrey Gold, Principals Douglas Foster and David Hirsch, and CFO Elaine Erickson. The firm was formed following the team's spin-out from Pequot Capital, where they were responsible for venture capital investments in life sciences companies since 1997.
Juliet Tammenoms Bakker, Longitude co-founder and Managing Director, commented, "We have a strong team and a unique style of investing that has produced excellent returns over multiple fund vintages. As has been the case in the past, we are active investors across all sectors and stages but tend to favor earlier-stage medical device companies and later-stage opportunities in biotech."
Prior to forming Longitude, the team was collectively responsible for over 100 venture capital investments in the life sciences. Representative investments include Ablation Frontiers, Acufocus, Align Technology, Cephalon, Codexis, CryoVascular Systems, Embolic Protection, eyeonics, Eyetech Pharmaceuticals, Horizon Therapeutics, Insulet, MAP Pharmaceuticals, Oratec, Prestwick Pharmaceuticals, Sequenom and SUGEN. The team's experience spans all stages of companies in most therapeutic areas within the medical device and biotechnology sectors. "In addition to traditional venture capital investments, we will also pursue special situations including PIPEs, recaps and spin-outs," commented Patrick Enright, Longitude co-founder and Managing Director. "Our research-intensive approach often leads us into areas that are contrarian, undercapitalized or otherwise out of favor."
"The team that formed Longitude is experienced and well-regarded in the community of life sciences venture investors," commented Pawan Chaturvedi, Partner at Altius Associates, a global private equity investment and advisory firm. "But what we found to be unique and what led us to invest on behalf of one of our clients was the team's ability to generate consistent, top-tier returns with relatively low loss ratios and shorter holding periods."
UBS Securities LLC acted as exclusive placement agent and financial advisor to Longitude Capital in connection with the offering. "We are very pleased that Longitude Venture Partners exceeded its target offering size and is one of the largest first-time funds ever raised in the life sciences sector," commented David Webb, Executive Director of UBS Securities.
About Longitude Capital
Longitude Capital is a life sciences venture capital firm specializing in investments in medical devices, biotechnology and pharmaceutical development. Founded in 2006, the firm consists of six investment professionals with more than 100 years of operating and investing experience in privately-held and publicly-traded companies. The team has operated bi-coastally for the past six years and Longitude Capital has offices in Menlo Park, CA and Greenwich, CT. For further information, please visit the Longitude Capital website at www.longitudecapital.com/. |
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