Stamford-based Daniel R. Frank, in conjunction with MM Dillon & Co, has unveiled Sea Dragon Healthcare Partners L.P., a new healthcare fund that will invest in U.S.-based healthcare companies with a focus on medical devices and technology, diagnostics imaging and specialty pharmaceuticals. The fund has already secured approximately $15 million in seed round funding from internal sources and close associates and has closed on its first investment GlucoTec Incorporated.
In September 2011, Daniel R. Frank, in conjunction with MM Dillon & Co., launched a new health care fund called Sea Dragon Healthcare Partners L.P. (“the Fund”). The Fund is a unique new investment vehicle that will invest primarily in U.S.-based healthcare companies, with a focus on medical devices/technology, diagnostics/imaging and specialty pharmaceuticals. The Fund is focused on early to advanced stage companies that have developed or are developing products and services related to the diagnosis, prevention, alleviation and treatment of serious illnesses with an emphasis on products that drive cost reduction and/or containment. These sectors are ripe with innovation posing investment opportunities in growing global markets. In September of this year, the Fund began operations by securing approximately $15 million in seed round funding from internal sources and close associates. The Fund subsequently closed on its first investment GlucoTec Incorporated, an innovative, F.D.A. approved, easy to use software program for tight glycemic management for both in hospital and outpatient control of diabetic patients.
Danny Frank started his investment career in 1979 as an analyst with Fidelity Management and Research “Fidelity Investments”. In 1981, he became an assistant to Peter Lynch on Fidelity Magellan Fund, and in 1982 formally launched his own fund “Fidelity Special Situations/Strategic Opportunities Fund” which he grew to over $800.0 million.
For the past decade Danny was a Managing Director at Cerberus Capital Management responsible for healthcare related investments in both the public and private markets, from start-ups to established businesses in need of growth capital. In this role he served as lead investor, co-investor, and various roles on the Board of Directors of the respective investments. The areas of focus encompassed diagnostics, specialty pharmaceuticals and medical devices.
About M.M. Dillon & Co.
M.M. Dillon & Co. is an employee-owned investment banking partnership where industry and product specialists collaborate to provide creative, idea-driven advice and solutions to its institutional and corporate clients. M.M. Dillon offers public and private financing, M&A advisory and restructuring advisory services. M.M. Dillon’s team of experienced professionals provides execution capabilities for companies across a range of industry sectors. The firm’s senior banking professionals have a minimum of 20 years of experience with major Wall Street firms.