Perceptive Advisors, a New York, NY-based investment management firm focused in life sciences, closed its inaugural venture capital fund, the Perceptive Xontogeny Venture Fund, LP, at $210m.
Commitments came from a global investor base including prominent endowments, foundations, family offices, and institutional investors.
Led by Chris Garabedian, Portfolio Manager, the PXV Fund is solely focused on investment in early-stage life science companies, complementing Perceptive Advisors’ Life Sciences Master and Credit Opportunities Funds. It expects to be the sole or predominant lead investor in Series A rounds in the range of $10-20 million with capacity to participate in subsequent Series B rounds.
The fund will be focused exclusively on life sciences technologies across therapeutic areas with a greater emphasis on drug technologies and less focus on early drug and platform discovery. The general goal of PXV Fund’s Series A financings will be advancing a product/technology from a preclinical lead into or through early clinical development.
Garabedian also serves as Chairman and CEO of Xontogeny, a Boston-based accelerator that provides seed investments along with strategic and operational support to early-stage life science companies through its professional staff and network of consultants and service providers.
The fund will benefit from the Xontogeny model and its ability to seed finance, incubate and de-risk early-stage technologies by providing operational expertise, a capital-efficient structure, and a partnership in advising and mentoring entrepreneurs and scientific founders, who will benefit from a team with deep industry experience.
The Xontogeny team will assist emerging companies in navigating the development pathway from lead preclinical asset to clinical proof of concept.
The PXV Fund also has the ability to invest directly in companies that have received previous seed financing or convertible equity and are more mature in their development and management team build-out but are seeking their first institutional Series A financing.
Founded in 1999 and led by Joseph Edelman, Chief Executive Officer, Perceptive Advisors is an investment management firm focused on supporting the progress of the life sciences industry by identifying opportunities and directing financial resources to the most promising technologies in healthcare.