A Medical Device Daily
Bailard (Foster City, California) reported final closing of its Emerging Life Sciences Fund I, with more than $40 million in committed capital.
It said the fund would invest in emerging life science companies, which “present a highly specialized opportunity to bring a private equity approach to the public markets.”
The fund will be managed by Selena Chaisson, MD, who joined the firm in September. Chaisson launched her own firm, Coyote Capital, in 2002, where she launched and managed a hedge fund and provided investment advisory services.
Chaisson said the fund's portfolio would be “concentrated” and consist of fewer than 20 holdings, including a limited number of PIPE transactions.
Capital distributions could begin soon after the end of the fund's two-year investment window.
In other financing activity, bioMETRX (Jericho, New York) reported closing a $1.65 million-dollar placement, in which First Montauk Securities was selling agent.
bioMETRX, a developer of finger-activated products, said that the money would be used for operating capital. Last week the company reported establishing credit facilities with its largest component suppliers.
“bioMETRX has grown very quickly from a development-stage company to a market-entry company within the last six months. The rapid growth of our company and the flow of orders dispels the myth that consumers are wary of finger-scanning technology, especially when its use simplifies a daily routine,” said CEO Mark Basile.
He added, “We believe that consumers, not banks and governments, will be the driving force behind the use and acceptability of this technology. The more smartTOUCH products are used by the consumer, the more familiar they will become with the benefits of the technology opening up greater acceptance by them to other uses, such as financial transactions.”
The company's smartTOUCH finger-activated products include rolling medicine carts and a variety of consumer applications, including automobile access and starter systems.