What You Should Know:
– Perceptive Advisors and biotech accelerator Xontogeny, focused on seed investment, incubation and collaboration, have raised their second venture capital fund, the Perceptive Xontogeny Ventures Fund II (PXV Fund II), totaling an over-subscribed $515 million. This more than triples Assets Under Management to more than $700M in less than two years.
– The PXV Fund aspires to be “entrepreneur-friendly” with “right-sized” Series A investing in the range of $20-40 million with capacity to participate in subsequent Series B financings helping early-stage life science founders advance their assets and establish proof-of-concept data and the next significant value inflection in approximately 18 to 24 months.
– The PXV Funds are focused exclusively on life sciences technologies across a broad range of therapeutic areas with a greater emphasis on drug technologies and a lesser focus on early drug and discovery platforms. The primary goal of PXV Funds’ Series A and subsequent Series B financings will be advancing products and technologies from preclinical stages through early clinical development and the generation of proof-of-concept data in patients.
– This news builds on the PXV Fund I, which made 10 investments including leading 8 Series As and participation in 3 syndicates for Series Bs, including the recent $120M Forge Biologics Series B.
The PXV Funds are led by Chris Garabedian, Portfolio Manager, who also serves as Chairman and CEO of Xontogeny. Xontogeny is a Boston-based accelerator that provides seed investments along with strategic and operational support to early-stage life sciences companies through its professional staff and network of consultants and service providers.
The PXV Fund II Investment Committee consists of Joe Edelman, CEO of Perceptive Advisors, Adam Stone, Chief Investment Officer of Perceptive Advisors and Chris Garabedian, Portfolio Manager. Fred Callori, Xontogeny’s SVP of Corporate Development and Ben Askew, PhD, Xontogeny’s Head of R&D, are also Partners in PXV Fund II.