Lightstone Ventures said Thursday that it has raised $172 million for its debut life sciences fund. The pool will focus on early-stage biotech and medical device firms.
PALO ALTO, CA and BOSTON, MA, May 01, 2014 (Marketwired via COMTEX) — Lightstone Ventures (LSV) today announced it has closed its first fund at $172 million, representing the largest, first-time, U.S. life sciences venture fund raised in over two years. The fund, Lightstone Ventures, L.P., targets investment opportunities in early-stage biotechnology and medical device companies.
Lightstone also announced it has made three investments: Catabasis, a clinical-stage biopharmaceutical company developing new treatments for inflammatory and metabolic diseases; FIRE1, a Dublin-based company focused on therapeutic devices for major unmet needs; and EarLens, which is developing a novel hearing technology that provides users with improved speech recognition.
“Our strategy is to invest in life science companies with novel, disruptive technologies led by exceptional entrepreneurs,” said founding LSV General Partner Mike Carusi. “We see tremendous opportunity in our focus areas thanks to a reinvigorated biotech and device IPO market, improvements at the FDA, greater clarity with the Affordable Care Act, and interest from the large corporate players to invest in and acquire innovative venture-backed companies.”
The Lightstone team — led by General Partners Mike Carusi, Chris Christofferson, Jean George, and Hank Plain — has been working together for more than a decade while at Advanced Technology Ventures and Morgenthaler Ventures. Collectively and individually, the team has an unparalleled track record of success, having participated in some of the industry’s largest deals on record. Recent successes include two noteworthy M&A transactions: Ardian and Plexxikon, as well as a strong run of IPOs: GI Dynamics, Zeltiq, Verastem, Portola Pharmaceuticals, OncoMed Pharmaceuticals, Acceleron Pharma and Five Prime Therapeutics. The four General Partners are also joined by Partner Jason Lettmann and Venture Partners Alain Baron, M.D. and Jim Broderick, M.D. The firm has offices in Palo Alto, CA; Boston, MA; and Boulder, CO.
About Lightstone Ventures Lightstone Ventures (LSV) was founded in 2012 by the General Partners of the life science teams at Advanced Technology Ventures (ATV) and Morgenthaler Ventures to invest in early-stage breakthrough medical device and biopharmaceutical companies that have the potential to change medicine. Members of the Lightstone team have been involved in several of the largest, venture-backed life science exits over the last decade. Visit www.lightstonevc.com .