April 26, 2006
By Gary Perilloux, Louisiana Business Report
A Louisiana venture capital firm will raise $30 million by year’s end to harness technology transfer opportunities at the Pennington Biomedical Research Center. Ross Barrett, managing partner of VCE Capital, says the development of cancer therapeutics will be among the ventures pursued by the new fund, which has raised $11 million in the Baton Rouge area so far.
Two years ago, VCE Capital created a $25 million Louisiana Ventures fund that is backing biotech ventures inside the state and steering more business here. The Pennington Foundation and the Stanford Group are major investor partners of VCE Capital, which has offices in Bossier City, New Orleans and New York. The new fund, Themelios Venture Partners, derives its name from the Greek word for “foundation.” Pennington Center director Claude Bouchard says the private sector fund will create a strong asset for recruiting scientists to the LSU center and comes at a critical time for converting research knowledge at Pennington to the marketplace.