VC Zombies: Oxford Bioscience Partners

Oxford Bioscience Partners

Update: An attorney for Oxford writes in to tell us that the firm should be excluded from this list, as its latest fund still has 33% of its capital remaining. He adds that Oxford just invested in GloriOil, a Kleiner-backed startup using biotech to enhance oil field recovery. So Oxford is being at least temporarily removed from the zombie list.

As an FYI, my original info came from someone with an intimate knowledge of Oxford, and 33% of a pharma-laden fund is just about what you’d need for reserves. But it’s hard to get around that GloriOil news (not that we’d want to). Welcome back to the land of the living Oxford…

Unlike most firms on this list, Oxford Bioscience Partners has raised a new fund since the Red Sox have raised a banner. Unfortunately, that fund came in at just $150 million, which was well under the Boston-based firm’s $400 million target.

This is a particularly tough situation for Oxford, which often invests in capital-intensive pharmaceutical companies. It’s still got capital for follow-ons, but not for any new additions. The current portfolio has more than 40 companies, including 13 from the $150 million fund (Oxford Bioscience Partners V). A real key here is for the IPO window to reopen a bit, which would relieve late-stage financing pressure on Oxford.

Here’s a link to Oxford’s website.