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BioVeda China to Receive $10 Million Investment from Lilly Asian Ventures


6/6/2007 12:45:58 PM

SHANGHAI, China, June 6 /Xinhua-PRNewswire/ -- BioVeda China today announced a $10 Million investment from Lilly Asian Ventures. BioVeda China is the first international venture capital fund focusing on life sciences investments in China. The investment has shown Lilly's commitment to expand its economic footprint in the fast growing life science industry in China.

BioVeda China helps to create and build future industry leaders, and transform Chinese companies into the next generation multinationals. BioVeda China will use funds provided by Lilly Asian Ventures along with other investors to invest in local Chinese life sciences companies.

Lilly Asian Ventures is a newly established spin-off of Lilly Ventures, one of the top venture capital organizations in the health care industry. Lilly Ventures identifies developing enterprises that have promising new technologies but need the funding and support of experienced investors to be successful.

"We are extremely pleased to receive the investment from Lilly Asian Ventures. This partnership with Lilly has validated BioVeda's prominent position and will enhance BioVeda's ability to invest in promising local Chinese life sciences companies. Together we look to contribute to the long- term growth of the life sciences industry in China," said Zhi Yang, Ph.D., Founder, Chairman & Managing Partner of BioVeda China.

"As one of the world's fastest growing economies, China represents huge potential in the area of life sciences. But many of China's fledgling companies need financial assistance and other support to become successful," said John Lechleiter, Ph.D., Lilly's president and Chief Operating Officer. "With today's investment, Lilly is helping to seed the growth of China's life sciences industry, which will ultimately lead to improving medical care for the people of China and for people around the world."

For the past 12 months, BioVeda China has led a total of more than US$120 Million financing for six companies. In addition, BioVeda provides strategic assistance to its portfolio companies to power their next stage growth.

Brief Introduction of BioVeda China:

BioVeda China is the first international venture capital fund dedicated to the life sciences industry in China. Investments are focused broadly and include biotechnology, pharmaceuticals, biomaterials, bio-fuels, medical technologies, hospital/healthcare services, environmental products & services and agriculture products. BioVeda China helps to create and build future industry leaders, and transform Chinese companies into next generation multinationals.

For the past 12 months, BioVeda China has led a total of more than US$120 Million financing for six companies. In addition, BioVeda provides strategic assistance to its portfolio companies to power their next stage growth.

Prior to this, BioVeda invested US$30 million in 13 companies in the US, China, Singapore and the UK (three of which were founded by Nobel Laureates). Three companies are now listed on NASDAQ, two on the London Stock Exchange main board, and one was acquired by Pfizer in Feb 2005. Since its inception in 2000, BioVeda has been well regarded by its industry peers. BioVeda was selected as one of the "top 25" Biotech VC funds in US by Venture Reporter in 2002/03, being the only Asian VC fund on the list.

BioVeda China's headquarter is in Shanghai. Additional information about BioVeda China is available at http://www.biovedavc.com.cn .

For more information, please contact: Ms. Moling Chen, Tel: +86-21-5137-0720 Email: moling@biovedachina.com

China

BioVeda

CONTACT: Ms. Moling Chen, +86-21-5137-0720, or moling@biovedachina.com forBioVeda China


Read at BioSpace.com


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