A Medical Device Daily
The Bio-Star Private Equity Fund (Irvine, California) completed its funding this week after raising about $26 million. The Bio-Star Fund is a private equity venture fund specializing in investments in emerging medical technologies.
The Bio-Star Fund concept was originated by Louis Cannon, MD, and a group of cardiovascular specialists who practice in major private and university-based cardiovascular centers across the U.S.
Cannon serves as one of the general managers of the Bio-Star Fund.
"The size of the Bio-Star Fund was intentionally limited in order to enable us not only to invest in emerging technologies, but also to participate on a daily basis in the product development and operational activities of these new companies," said general operating manager John Lonergan. "We will be able to spend the time necessary with each portfolio company to assist them in managing both the achievement of milestones and the utilization of their cash resources."
The primary investors in the Bio-Star Fund are health-oriented institutions, corporate investors and accredited individuals. The fund's investment focus will be in emerging cardiovascular, peripheral vascular and neurovascular firms at an early stage of development.
The Bio-Star Fund has begun operations and has initiated investment commitments in some potentially breakthrough technologies in the cardiovascular arena including three investments in companies located in Irvine. These and other investments will be managed from the fund's offices in Irvine.
Acacia Research (Newport Beach, California) reported that it has obtained commitments to purchase $19.6 million of its Acacia Research-Acacia Technologies common stock in a registered direct offering.
Acacia will sell 3.5 million shares of its Acacia Research-Acacia Technologies common stock at $5.60 per share to a select group of institutional investors including investor funds and accounts affiliated with Apex Capital. The closing of the offering was expected to take place on Thursday, subject to the satisfaction of customary closing conditions.
All of the shares of Acacia Research-Acacia Technologies common stock are being offered by Acacia pursuant to an effective registration statement previously filed with the Securities and Exchange Commission.
Acacia Research comprises two operating groups, Acacia Technologies group and CombiMatrix group. The Acacia Technologies group develops, acquires and licenses patented technologies. Acacia controls 29 patent portfolios, which include 126 U.S. patents, and certain foreign counterparts, covering technologies used in a wide variety of industries.
The CombiMatrix group is developing a platform technology to rapidly produce customizable active biochips, which are semiconductor-based tools for use in identifying and determining the roles of genes, gene mutations and proteins.