Life sciences entrepreneur Dale Pfost has joined Advent Venture Partners as a venture partner. Pfost will be based in the U.S., and will work alongside general partners Shahzad Malik and Raj Parekh to manage investments for the firm’s $120 million Advent Life Sciences venture capital fund, which closed in November.
Advent Venture Partners today announced that Dale Pfost has joined the firm as a Venture Partner. Dr. Pfost has more than 25 years of experience as a life science entrepreneur and CEO, with expertise in high technology research tools, genomics, diagnostics and therapeutics. He will be based in the U.S. and will assist General Partners Shahzad Malik and Raj Parekh in managing investments for the new $120 million (75 million pounds Sterling) Advent Life Sciences venture capital fund, which closed in November 2010.
Raj Parekh commented, “Dale is an outstanding addition to our team. His track record of building, growing and securing successful exits for his life sciences companies encompasses almost three decades. He has first-hand knowledge of what it takes to start, grow and achieve liquidity for companies in a variety of sectors, including therapeutics, diagnostics, research tools and specialty products in both Europe and the US. We believe that Dale’s experience, strategic acumen and practical knowledge will be of great benefit to Advent and our portfolio companies.”
Dale Pfost’s first company, Infinitek, was acquired by SmithKline Beckman. He was founding CEO and Chairman of Orchid BioSciences, a pioneer in genetic analysis and personalized medicine. He then served as founding CEO and Chairman of Acuity Pharmaceuticals, an innovative ophthalmology company that was acquired by OPKO Health. Earlier in his career, he was co-founder and CEO of Advent-backed Oxford GlycoSciences. He also served as CEO of Receptor BioLogix, a cancer drug developer acquired in 2008. Most recently, Dr. Pfost has helped establish a new medical food enterprise. He received a BS degree from the University of California and a PhD in physics from Brown University.
Dale Pfost noted, “I am delighted to join Advent at a time when the firm is expanding its activities in the life sciences sector. I have collaborated with Raj Parekh for over 20 years, and I have a high regard for what he and Shahzad Malik have accomplished at Advent. Converging advances in science and technology make this an especially promising time for new life sciences enterprises. I look forward to working with the team to expand the Advent portfolio.”
Advent’s recent investments include Avila Therapeutics, Biocartis, Respivert, Thiakis, Algeta and Amsterdam Molecular Therapeutics. The new Advent Life Sciences fund is investing predominantly in early-stage and growth equity life sciences companies in the UK, Europe and the U.S. It will back companies that have a first- or best-in-class approach in a range of sectors within the life sciences, including new drug discovery, enabling technologies, med-tech and diagnostics.
About Advent Venture Partners
Advent Venture Partners is one of Europe’s best established growth and venture capital firms, investing in world-class technology and life science businesses run by great teams that want a pragmatic and well-connected partner by their side. The Advent life sciences team is a leading European venture capital group, whose investments include: PowderMed, a therapeutic DNA vaccine company sold to Pfizer; Thiakis, an obesity treatment company acquired by Wyeth Pharmaceuticals; Respivert, a drug discovery company focused on respiratory diseases that was acquired by Johnson & Johnson; EUSA Pharma, a rapidly growing transatlantic speciality pharmaceutical company focused on late-stage oncology, pain control and critical care products; and, Algeta (OSE: ALGETA), an oncology company developing treatments for bone metastases and disseminated tumours.