Longitude Focusing on Medical Device and Biotechnology Companies
MENLO PARK, Calif., July 8 /PRNewswire/ -- Longitude Capital today
announced the closing of its first investment vehicle, Longitude Venture
Partners, L.P. (the "Fund"), a $325 million venture capital fund dedicated
to life sciences investments. The Fund exceeded its target of $250 million.
The team at Longitude Capital includes: Managing Directors Juliet
Tammenoms Bakker, Patrick Enright and Marc-Henri Galletti, Venture Partner
Jeffrey Gold, Principals Douglas Foster and David Hirsch, and CFO Elaine
Erickson. The firm was formed following the team's spin-out from Pequot
Capital, where they were responsible for venture capital investments in
life sciences companies since 1997.
Juliet Tammenoms Bakker, Longitude co-founder and Managing Director,
commented, "We have a strong team and a unique style of investing that has
produced excellent returns over multiple fund vintages. As has been the
case in the past, we are active investors across all sectors and stages but
tend to favor earlier-stage medical device companies and later-stage
opportunities in biotech."
Prior to forming Longitude, the team was collectively responsible for
over 100 venture capital investments in the life sciences. Representative
investments include Ablation Frontiers, Acufocus, Align Technology,
Cephalon, Codexis, CryoVascular Systems, Embolic Protection, eyeonics,
Eyetech Pharmaceuticals, Horizon Therapeutics, Insulet, MAP
Pharmaceuticals, Oratec, Prestwick Pharmaceuticals, Sequenom and SUGEN. The
team's experience spans all stages of companies in most therapeutic areas
within the medical device and biotechnology sectors. "In addition to
traditional venture capital investments, we will also pursue special
situations including PIPEs, recaps and spin-outs," commented Patrick
Enright, Longitude co-founder and Managing Director. "Our
research-intensive approach often leads us into areas that are contrarian,
undercapitalized or otherwise out of favor."
"The team that formed Longitude is experienced and well-regarded in the
community of life sciences venture investors," commented Pawan Chaturvedi,
Partner at Altius Associates, a global private equity investment and
advisory firm. "But what we found to be unique and what led us to invest on
behalf of one of our clients was the team's ability to generate consistent,
top-tier returns with relatively low loss ratios and shorter holding
periods."
UBS Securities LLC acted as exclusive placement agent and financial
advisor to Longitude Capital in connection with the offering. "We are very
pleased that Longitude Venture Partners exceeded its target offering size
and is one of the largest first-time funds ever raised in the life sciences
sector," commented David Webb, Executive Director of UBS Securities.
About Longitude Capital
Longitude Capital is a life sciences venture capital firm specializing
in investments in medical devices, biotechnology and pharmaceutical
development. Founded in 2006, the firm consists of six investment
professionals with more than 100 years of operating and investing
experience in privately-held and publicly-traded companies. The team has
operated bi-coastally for the past six years and Longitude Capital has
offices in Menlo Park, CA and Greenwich, CT. For further information,
please visit the Longitude Capital website at
http://www.longitudecapital.com/.
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