Philadelphia, PA – Quaker BioVentures announced that it has closed its inaugural fund with approximately $280 million under management. Founded in early 2002 by veterans from the life sciences industry, Quaker is providing capital to life science companies in the Mid-Atlantic region, including North Carolina. Quaker has already invested in one North Carolina firm, Biolex, which is developing new production technologies for high volume and hard-to-make proteins. Quaker co-led the Biolex deal with Durham-based Intersouth Partners.

Quaker BioVentures considers investment opportunities across the life sciences industry in varying stages of development, from early stage businesses to public companies. The fund is particularly interested in companies focused on biopharmaceuticals and medical devices. Matt Rieke, a Principal with Quaker tells the TechJournal the firm is open to the best deals they find between New York and North Carolina and is not looking to limit the amount of investment in one particular state or area.

The fund was oversubscribed by $80 million and includes investments from large institutional investors, including state and city pension plans, corporate pension plans, university endowments, and other community leaders. While the fund had several meetings with North Carolina based pension plans and university endowments, it did not receive any investments from the state. Rieke says that fact will not influence their desire to do deals in the state.

www.quakerbio.com

Southeast Venture Conference, February 29 – March 1, 2012 at the Ritz Carlton in Tysons Corner, VA – Where Smart Money Meets Smart People.
www.seventure.org

© 2004, TechJournal South. All rights reserved.