Premier Evergreen Fund Made 7 New Investments in 2003
WEST CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Feb. 26, 2004--S.R. One, Limited, a leading corporate life sciences venture fund, announced today the finalization of its new investing team. The independently operating, corporate venture affiliate of GlaxoSmithKline (GSK) added several investment professionals in recent months, bringing additional scientific and operational experience to its roster.
Managing Partner Maxine Gowen, Ph.D., also noted that S.R. One had increased its investment activity over the past 12 months, providing continued strong support for its current portfolio companies and completing 7 new investments. "During 2003, our funding activity increased, both in terms of the size of the investments and the number of high quality companies funded. We expect to continue to see this level of activity and investment maintained over the coming years."
S.R. One Limited, established in 1985, is one of the longest operating corporate venture capital funds in the pharmaceutical industry and has $200 million under management. The fund operates on an "evergreen" basis, investing $30 to $40 million per year in companies at all stages of development that engage in drug discovery, drug development, and tools that facilitate the discovery and development of new drugs. During 2003, S.R. One, Limited led or co-led new investments in Descartes Therapeutics, Inc., Santarus, Inc., Conforma Therapeutics, and Protein Forest, Inc., and participated in financing of Hypnion, Inc., Morphotek, Inc., and Linguagen Corp.
Dr. Tachi Yamada, Chairman of R&D for GSK, reaffirmed the support of GSK for the activities of S.R. One. "S.R. One made many exciting new investments in high potential companies over the past year. GSK continues to see great value in the S.R. One portfolio."
The S.R. One Team
Members of the S.R. One investment team now include:
Managing Partner Maxine Gowen, Ph.D., a member of the S.R. One team since July 2002. Max was previously vice president, GSK Ventures, responsible for placing assets with privately held companies in return for equity. She originally joined SmithKline Beecham in 1992 and held a series of increasingly responsible positions in the R&D organization, ultimately serving as vice president, drug discovery, musculoskeletal diseases at GSK, following SmithKline Beecham's merger with Glaxo Wellcome. She holds a Ph.D. in cell biology from the University of Sheffield, U.K., and an MBA degree from the Wharton School, University of Pennsylvania. Max currently is a director of Conforma Therapeutics, Morphotek, Inc., Nucleonics Inc., and Santarus Inc.
General Partner and Chief Financial Officer John Braca, a member of the S.R. One team since 1997 and general partner since 1999. Prior to joining S.R. One, John held positions of increasing responsibility within GSK's subsidiaries and corporate businesses in finance and audit roles. He holds an MBA in marketing from Saint Joseph's University and a CPA license from the State of Pennsylvania. John currently serves on the boards of Aegis Analytical Corp. and MicroMass Communications, Inc.
General Partner Philip Smith, Ph.D., a member of S.R. One since June 2002 and a general partner since January 2003. Phil previously held positions of increasing responsibility within the Pharmaceutical Development Group at SmithKline Beecham/GSK, ultimately heading up a transnational group responsible for identifying and recommending drug delivery technologies for internal development. He received his Ph.D. degree in medicinal chemistry/pharmacology from Northeastern University. Phil currently serves on the boards of Descartes Therapeutics, Inc., Onyvax, Ltd., and Avantium Technologies.
Principal Kent Gossett, D.V.M., Ph.D., joined S.R. One in November 2003. Kent previously was director of asset screening for GSK Ventures. Prior to that time, he held scientific licensing and scientific positions at such companies as SmithKline Beecham and Sterling Winthrop Pharmaceuticals. Kent holds a D.V.M. degree from Purdue University and a Ph.D. in veterinary clinical pathology from Louisiana State University, is a Diplomat of the American College of Veterinary Pathologists, and is currently enrolled in the MBA for Executives program at the Wharton School, University of Pennsylvania. He serves as board observer of Alere Medical, Inc., Morphotek, Inc., and Neurogenetics, Inc.
Senior Associate Mark Strobeck, Ph.D., joined S.R. One in August 2003. Mark was previously with EuclidSR Partners, the joint venture fund created by Euclid Partners and S.R. One, Limited, where he was responsible for deal origination and evaluation, technical and financial analysis. Prior to that time, he spent eight years in cardiovascular and neuropharmacology research within academia. He holds a Ph.D. in pharmacology and biophysics from the University of Cincinnati. Mark is a director of Protein Forest, Inc. and serves as a board observer of Conforma Therapeutics, Rib-X Pharmaceuticals, Scion Pharmaceuticals, and Xenogen, Inc.
Associate Rajeev Dadoo, Ph.D., joined S.R. One in January 2004. Prior to S.R. One, Rajeev had a variety of work experiences, including a venture investment role at NJTC Venture Fund and a business development role at Genome Therapeutics Corp. He has also worked in scientific and managerial roles at such companies as Genentech and Bio-Rad Laboratories, and was a co-founder of Unimicro Technologies. Rajeev holds a Ph.D. degree in chemistry from Stanford University and an MBA degree from the Wharton School, University of Pennsylvania.
"The broad experience base that this team offers in terms of both scientific and drug development know-how and business and financial expertise provides both S.R. One and our portfolio companies with a strong competitive advantage," said John Braca. "This strength allows us to take an active role in helping our companies successfully grow their business, from advising on scientific and technical issues to assisting with strategic and operational considerations."
About S.R. One, Limited
S.R. One, Limited is an evergreen venture capital fund with $200 million under management, established in 1985. It is a wholly owned affiliate of GlaxoSmithKline, one of the world's leading health care companies. S.R. One, Limited, invests in companies at all stages of development that engage in all aspects of drug discovery and development, including biologics, and platform tools and technologies. For more information on S.R. One, Limited, its staff and portfolio companies, please visit the company's website at www.srone.com.
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Contact:
S.R. One, Limited
Maxine Gowen, Ph.D., 610-567-1006
or
GlaxoSmithKline
Louise A. Dunn, 44 208 047 5495
or
Kureczka/Martin Associates (For Media)
Joan E. Kureczka, 415-821-2413
Jkureczka@aol.com
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Source: S.R. One, Limited
