The Florida Opportunity Fund has made a commitment of $3 million to 5AM Ventures II, a bioscience venture capital fund that recently completed an investment with a life sciences startup company in South Florida.

With the commitment to 5AM Ventures, the Florida Opportunity Fund has announced five investments from the States $29.5 million fund.Fund managers have been on an aggressive schedule since 2009 to make commitments that will attract more venture dollars to the State.

An investor syndicate led by 5AM Ventures recently announced an $8 million investment in Envoy Therapeutics Inc.Based in Jupiter, FL.

Envoy attracting large pharma partners

Envoy is developing new therapeutics for psychiatric and neurological diseases such as schizophrenia, Parkinsons disease, Alzheimers disease and epilepsy.

The company already has attracted significant interest from large pharmaceutical companies, including a partnership with Merck & Co., Inc. and an equity investment from Roche Venture Fund andTakeda Research Investment.

5AM is building relationships with companies in Gainesville, Tampa Bay, Cocoa Beach and Fort Lauderdale, with a focus on product development, drug discovery and medical technology.

The venture fund projects its Florida investments could total in excess of $15 million during the next 5 years.

Todays announcement follows a Florida Opportunity Fund commitment of $4 million announced January 13, 2010, toHarbert Venture Partners, a regional venture capital firm that has opened its first Florida office in Gainesville to focus on opportunities in information technology and healthcare.