Murrieta, California-based Forentis Partners, LLC, has launched a $50m special purpose venture fund focused on biotechnology.
Forentis Fund aims to back companies and technologies that are transforming the pharmaceutical and diagnostic industries.
Led by Jay Goth, founder and managing partner, Forentis aims to apply new approaches and technologies to reduce the billions of dollars being wasted in clinical trials.
According to PhRMA (Pharmaceutical Research and Manufacturers of America), it takes over 10 years and costs more than $2.6 billion to bring a new drug to market. Close to 90% of all drugs entering clinical trials fail, and the failure rate in Phase 3 oncology drug trials is approximately 50%.
The fund, strategically located at the Murrieta Innovation Center, is available only to accredited investors.