Montreal-based CTI Life Sciences raised C$134m in the first close of its second venture fund.
Limited partners include Teralys Capital and BDC Capital via the Government of Canada’s Venture Capital Action Plan.
CTI II will invest mostly in biotherapeutics and opportunistically in medical technologies and healthcare IT.
The fund mainly seeks to build companies that develop assets at the pre-clinical to early clinical phase. Its primary focus of investment will remain in Québec and Canada where approximately two thirds of the investments will be located, with the remainder in the U.S. In line with its expanded reach, CTI has opened an office in the Northeast USA, which complements its main base in Montréal.
Led by Jean-François Leprince, Ken Pastor, Shermaine Tilley, Janelle Anderson and Laurence Rulleau, CTI Life Sciences was established in 2006 with a C$ 100m first fund, which has had three successful exits to date including the US$ 1.1 billion acquisition of Enobia Pharma by Alexion Pharmaceuticals.