News: Novitas Capital

PA Early Stage Contact:

Rob McCord, Managing Director

610-254-4150

 

Media Contact:

Ron Ticho

610-360-0205

 

PA Early Stage III Announces Final Close at $86 million Close of Third Fund Brings Total Under Management to $237.5 Million

WAYNE, PA – November 5, 2004 – PA Early Stage Partners, a family of venture funds that makes investments in early stage technology and life sciences companies, announced today a final close on its third fund, PA Early Stage III, at $86 million. With three funds, totaling $237.5 million under management, PA Early Stage will continue to lead and co-lead investments in start-up and early stage technology and life sciences companies primarily based in the Mid-Atlantic region, with a focus on investments based in Pennsylvania.

 

Investors in PA Early Stage III include state and city pension funds, university endowments, medical centers, corporations and individuals. Initial round fundings in new portfolio companies will range from $100,000 to $2 million, and the fund may invest as much as $6 million over the lifetime of a portfolio investment. PA Early Stage invests in both technology and life sciences companies at the start-up and early stages, typically either at pre-revenue or in the early stages of revenue generation. On the technology side, PA Early Stage invests in software, communications systems and applied technologies. For life sciences, PA Early Stage primarily focuses on therapeutic products and medical devices that address major unmet clinical needs, especially those targeting aging disorders and cancers.

 

The new fund has completed five investments in early stage companies and is actively seeking investment candidates that are characterized by strong intellectual capital, proven leadership, breakthrough concepts, and unique positioning. PA Early Stage III has invested in the following companies:

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