A renewed ecosystem to finance the life sciences sector's growth
MONTREAL, Oct. 25, 2012 /CNW Telbec/ - Teralys Capital, taking stock of the Québec City conference's international reach, highlights recent developments within its life sciences partner funds in Québec. These illustrate the strengthening of financing activities and emphasize the significant changes implemented in the past two years to support the growth of this critical sector of great potential for Québec.
"TVM Life Science" fund
In collaboration with partner fund TVM Life Science VII ("TVM"), Chorus, an autonomous drug development of Eli Lilly and Company ("Lilly"), has officially implanted Canada-based personnel in Montréal. The new Montréal team will be involved in cost-effectively advancing drugs from candidate selection to clinical proof of concept in humans. Chorus will allow to interface entrepreneurs, partners and service providers across Québec with Lilly's worldwide resources.
"We are very impressed by the speed and commitment with which Lilly did set up a Chorus team in Montreal and we have already received a lot of very positive feedback from the Québec life sciences business community for the work that Chorus is doing with TVM", said Hubert Birner, Managing Partner at TVM.
"Lumira Capital" fund
Thrasos Therapeutics ("Thrasos") today announced a $35 million financing round which included participation from Lumira Capital via the Merck Lumira Biosciences Fund ("MLBF"). This significant financing for a Québec-based life science company illustrates the impact of many of the important levers sought by Teralys when investing in new funds: the ability to make investments of a sufficient size to reach value-creation milestones, the ability to attract investment by strategic partners and access to an international business network.
"Our investment in Thrasos illustrates the importance of our network both with leading entrepreneurs and co-investors. Having closely followed the development of Thrasos for many years, we are very pleased to be able to be part of an investment syndicate that enjoys strong support from local investors such as the Fonds de solidarité FTQ as well as significant commitments from leading strategic investors and venture funds such as SR One, Advanced Technology Ventures (ATV), MP Healthcare Venture Management and Pappas Ventures", stated Daniel Hétu, Managing Director, Lumira Capital. This financing is a major milestone in allowing Thrasos to move forward its lead therapeutic program for the treatment of acute kidney injury.
Jacques Bernier, Managing Partner of Teralys Capital, concluded by saying: "The life sciences sector is critically important for Québec and Teralys Capital. We have invested in or will participate in investment funds that will combine the appropriate fund size, an international mindset and experience, and a degree of proximity with strategic partners. These funds will tailor their investment strategy based on the sub-sectors and development stages on which they focus. We are very proud to be an integral part of the renewed enthusiasm for investing in this sector in Québec."
About Teralys Capital
Teralys Capital is a fund of funds created to finance private venture capital funds focused on investing in life sciences, information technology and cleantech companies. The fund has over $700 million in capital commitments from Caisse de dépôt et placement du Québec, the Solidarity Fund QFL and Investissement Québec. Teralys Capital is also managing two existing portfolios of venture capital funds with additional assets under management of over $600 million. It is currently the largest fund of funds in Canada. Visit www.teralyscapital.com for more information.
SOURCE: Teralys Capital
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