WHITE ROCK, BRITISH COLUMBIA--(Marketwired - Oct. 2, 2013) - Five Corners Capital Inc. (5CC), a newly formed investment firm, announced today that is has been appointed as the General Partner to manage the remaining portfolio of biotechnology and technology investments of VW8LP and VW7LP, formerly managed by subsidiaries of Ventures West Capital Ltd.Ventures West Capital, one of Canada's oldest, largest and most established venture capital firms, will wind down active operations in October after being in business since 1973.
5CC was recently formed by Kenneth Galbraith, who has been a General Partner at Ventures West Capital since 2007 and Dr. Gary Bridger, who served as a Venture Partner for Ventures West Capital from 2010 to 2012. Galbraith and Bridger collectively have more than fifty years of operating and investing experience gained principally in the North American biotechnology sector. The principals of 5CC have built a solid reputation, global networks and track record of successful investments within the biotechnology sector having previously been involved as executives, directors, advisors and investors in many biotechnology companies in North America, including QLT ( NASDAQ:QLTI), AnorMED ( acquired by Genzyme), Genzyme (acquired by Sanofi ) (NYSE:SNY), Oncogenex (NASDAQ:OGXI), Novadaq (NASDAQ:NVDQ), Angiotech (NASDAQ:ANPI), Tekmira (NASDAQ:TKMR) and Cardiome (NASDAQ:CRME).
"We are extremely pleased to be able to continue working proactively with world-class management teams and our co-investors to help the companies held in these funds achieve their potential success, and provide our fund holders with investment returns," said Kenneth Galbraith, Managing Director of 5CC.
"After years of development and investment, many of the remaining portfolio companies are close to achieving value-driving milestones within the next several years in a rapidly improving exit environment for private-stage companies," Galbraith added.
Among the remaining active portfolio investments of VW7LP and VW8LP are the following companies:
-- Macrogenics (Rockville, MD) -- a leading next-generation antibody
development platform company with multiple products in clinical
development, multiple pharmaceutical partnerships that recently filed an
S-1 with the SEC for a potential NASDAQ IPO;
-- Alder Biopharmaceuticals (Bothell, WA) -- a novel antibody therapeutic
development company with multiple products under clinical development,
including clazakizumab in development with Bristol Myers Squibb as a
potential treatment for rheumatoid arthritis;
-- Celator Pharmaceuticals
) -- a cancer development company with
its most advanced product, CPX-351, currently in Phase 3 clinical
studies as a potential treatment for AML, that recently became a public
company after raising approximately US$50 million of additional equity