BioVista Capital, which had a letter of intent to close on $20 million in capital to trigger an additional $30 million from the Golden Leaf Fund to invest in biotechnology companies if it closed by December last year, missed the deadline.
BioVista General Partner Clay Thorpe tells Local Tech Wire that instead, BioVista “signed a subscription agreement that allows a first closing March 31 this year.”
Thorpe says the binding legal document BioVista and Golden Leaf signed will help the venture firm close verbal commitments to the fund.
Thorpe says BioVista plans to invest the total of $50 million – $30 million from Golden Leaf and the $20 million it raises – in “product-oriented, clinical stage life science companies.” They might include pharmaceuticals or diagnostic devices “either in or closely approaching clinical trials,” he says.
Founded in the fourth quarter 2002, BioVista has four general partners.
Biovista Capital: www.biovistacapital.com