Foresite Capital Closes $100 Million Fund for Late-Stage Biotechs

Published: Jan 31, 2013

Biotech venture capital isn’t what it used to be, but there’s still money to invest in healthcare. Now one biotech investment firm just starting out has found $100 million to plow into “late-stage” companies. Foresite Capital Management, a San Francisco and New York-based firm founded by Jim Tananbaum in 2011, said today it has officially pulled together $100 million for its Foresite Capital Fund I. The fund’s strategy, according to a statement, is to invest in “disruptive, late-stage products and services in a broad range of healthcare from biotechnology, genomics and diagnostics to healthcare services and medical devices.” Foresite chose to highlight six current investments in today’s statement, four of which are public companies, while the two private companies have both completed Phase II clinical trials. Foresite singled out AcelRx Pharmaceuticals (NASDAQ: ACRX), Intarcia Therapeutics, Keryx Biopharmaceuticals (NASDAQ: KERX), Puma Biotechnology (NYSE: PBYI), Solta Medical (NASDAQ: SLTM), and Tarsa Therapeutics as model examples from its portfolio. As opposed to seed or early stage investments just starting out with lots of time, expense, and risk ahead of them, Foresite said it plans to focus on providing growth capital to help companies that are more established.

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