PALO ALTO, Calif., July 12 /PRNewswire/ -- Today, Life Science Angels, Inc. (LSA) announced that it has successfully closed on its first three investments and met its mid-year funding goal, having had invested a total of $1 million.
"We set out to build the premier life science angel group actively funding early stage biotechnology and medical device companies," said Allan May, Chairman of LSA. "With the closing of our first three investments, we are pleased to say we are on a course to accomplish exactly that."
The companies receiving early-stage capital from Life Science Angels are: Athenagen, Inc, Pegasus Biologics, Inc. and Uptake Medical Corporation.
-- Athenagen, Inc is a Bay Area drug discovery and development firm engaged in developing therapeutics to treat disorders of inadequate or pathological angiogenesis. Angiogenesis-related diseases include cancer, age-related macular degeneration, rheumatoid arthritis, and diabetic ulcer wounds. Athenagen was founded by two Stanford University scientists who discovered a new pathway for angiogenesis. Life Science Angels advised the company and participated in the seed funding. -- Pegasus Biologics, Inc. is a Southern California medical device company developing and manufacturing bio-implants for use in soft tissue reinforcement specifically for orthopedics, sports medicine, neurosurgical and spine applications. Their patented UltiFix(R) and UltiSter(TM) technologies have applications for the stabilization and sterilization of biological tissue, of animal or human origin for use in orthopedic, spine and neurological applications. Life Science Angels participated in this $10.2MM Series B funding with Three Arch Partners and Frazier HealthCare Ventures. -- Uptake Medical Corporation is a Seattle-based medical device company dedicated to improving the lives of patients suffering from emphysema and chronic obstructive pulmonary disease (COPD). Uptake Medical is currently developing a safe and effective bronchoscopic lung volume reduction (BLVR) treatment aimed at improving lung function and patient quality of life without the attendant risks and costs associated currently available technologies. Life Science Angels participated in the angel round.
LSA was founded by senior life science executives and experienced angel investors as a vehicle to bring angel capital to worthy early stage life science companies. Formally launched in January 2005 with the backing of 15 industry-leading sponsors, LSA follows a rigorous selection and due diligence process to identify investments with strong upside potential for its membership.
Sponsors of Life Science Angels Inc. include a number of top-tier technology and service providers to the life sciences industry. Founding sponsors of the group are PricewaterhouseCoopers (New York City), Silicon Valley Bank (Santa Clara, CA), and Wilson Sonsini Goodrich and Rosati (Palo Alto, CA). The group's current roster of sponsors lists the following firms:
BC Tech Inc. BioQuest LLC Boston Scientific Inc. The Carlock Group Centient Biotech Investor CPS-Corfac International Genentech Heffernan Insurance Brokers Horn Murdock Cole Jefferies Broadview Merrill Corp. PricewaterhouseCoopers Silicon Valley Bank Wilson Sonsini Goodrich and Rosati Windhover Information Inc.
For further information and participation criteria, visit the LSA website: www.lifescienceangels.com.
CONTACT: Ann Gaddy of LSA, +1-650-494-1464, or agaddy@lifescienceangels.com; or Jennifer Larson, +1-415-409-2729, or jlarson@labfive.com, for LSA.
Life Science Angels, Inc.CONTACT: Ann Gaddy of LSA, +1-650-494-1464, oragaddy@lifescienceangels.com; or Jennifer Larson, +1-415-409-2729, orjlarson@labfive.com, for LSA
Web site: http://www.lifescienceangels.com//