NEW YORK, Jan. 16 /PRNewswire-FirstCall/ -- LOF Partners LLC, the life sciences investment arm of Sanders Morris Harris Group Inc. , today announced that it has closed Life Sciences Opportunities Fund II, L.P., with committed capital of $107 million. This fund will invest in companies in the life sciences and healthcare industry. It will invest $2 to $10 million per transaction in smaller life sciences companies. The sectors of greatest interest to the new fund include generic and specialty pharmaceutical companies, drug delivery businesses and companies that provide services to pharmaceutical companies. To a lesser extent, the fund, with offices in New York and Houston, will also consider investments in medical devices, healthcare services and other companies in the healthcare sector.
James Gale, managing director of Sanders Morris Harris and the chief investment officer of its earlier life science funds, will be the senior investment principal. Jerry Cobbs and Al Hansen will also serve as investment officers of the Fund. Investors in Life Sciences Opportunity Fund II include Messrs. Gale, Cobbs and Hansen, other officers of Sanders Morris Harris, institutions, corporations, pharmaceutical industry executives and qualified individuals.
The first life sciences fund, Corporate Opportunities Fund, L.P., commenced operations in February 1999 with over $47 million in committed capital. It has invested in fifteen companies including Able Laboratories, eResearch Technology and Valera Pharmaceuticals. Distributions to partners to date have already exceeded their capital commitments. The second fund, Life Sciences Opportunity Fund, L.P. was started in August 2001 with $11 million in capital commitments. This fund is investing in earlier-stage pharmaceutical companies pursuing drug discovery and development.
"We are especially pleased to have the continued support of the investors from our earlier funds," said James Gale, managing general partner. "Over 95% of these investors elected to invest in our new fund, which was oversubscribed. We are excited about the investment opportunities in this sector, and we continue to seek out niche, difficult to understand companies that offer superior investment return potential."
Sanders Morris Harris Group Inc. is the largest investment banking firm headquartered in the Southwest. It is a diversified financial services holding company based in Houston, Texas that provides investment banking services and manages $6 billion in client assets. Its operating entities are Sanders Morris Harris, Pinnacle Trust Co., Salient Partners, SMH Capital Advisors, Inc., Kissinger Financial Services, and LOF Partners LLC. Additional information is available at http://www.smhg.net/
Sanders Morris Harris Group Inc.CONTACT: James Gale, +1-212-419-3906, or Al Hansen, +1-917-817-1326,both of LOF Partners LLC
Web site: http://www.smhg.net/