Richmond, Virginia – Effective July 1, 2009 the Virginia Life Science Investments, LLC (VLSI), a newly formed company established to invest in life science companies, has acquired the Virginia BioScience Commercialization Center (VBCC), a company formed in 2007 to support the commercialization of new life science products and technologies. The Commercialization Center, located at the Virginia Biotechnology Research Park, is now a wholly owned subsidiary of the VLSI.
The VLSI is a for-profit company, supported by private capital, which invests in high-quality, later-stage life science companies. The newly acquired VBCC provides services that accelerate the development and growth of these bioscience companies, helping to mitigate risk and increase overall valuation. Since its formation two years ago, the VBCC has developed and implemented commercialization strategies for several companies, including reimbursement and regulatory strategies, positioning and pricing analysis, clinical program management and sales and distribution solutions. To date, these companies have been Israel based ventures looking to enter the U.S. market.
“The VBCC was formed two years ago with the goal of providing high impact commercialization of technologies based in Israel; however, the rapid growth and success of the Center has created a significant opportunity for expanding the concept. The VLSI represents a source of investment that will support a company’s progression through the commercialization process, a significant valuation building phase” stated Donna Edmonds, President and CEO of the VBCC. “We believe our ability to provide value to these companies is now clearly demonstrated, and we expect to drive further growth and development of our portfolio companies as part of the VLSI.”
“While the Virginia BioTechnology Research Park has enjoyed tremendous success over the 14 years since the first companies moved into the Virginia Biotechnology Center, one of the major tools we have lacked is a source of investment to attract companies to the Park. The VLSI will be a tremendous addition to help us grow the region’s biotechnology industry,” stated Robert T. Skunda, president and CEO of the Virginia BioTechnology Research Park.
About the VLSI / VBCC
Virginia Life Sciences Investments, LLC was formed to serve two primary functions. First through the newly acquired VBCC, the company can develop and lead implementation of tailored business and commercialization strategies. This includes market assessments, reimbursement strategies, product validation and through utilization of clinical leadership, product launches, and strategic partnerships with industry leaders. Second and in conjunction with the VBCC activities, the company invests in promising later-stage, market validated life sciences companies. The company utilizes a broad network of industry experts and strategic partners in its activities, including Owens and Minor, McKesson, and integrated Healthcare Systems.
About the Park: The Virginia BioTechnology Research Park is currently home to a unique mix of more than 55 public and private bioscience companies, research institutes affiliated with the VCU Medical Center and major state and national medical laboratories. These companies are housed in nine buildings totaling more than 1.1 million square feet of space, representing an employee base that exceeds 2,000. The Virginia Biosciences Development Center is the Research Park’s business assistance program located in its 27,000-square-foot incubator. Since opening in 1995, 67 companies have started in the Park’s incubator facility; 40 of which have graduated into larger spaces in the Park or greater Richmond community. The Park’s Commercialization Center has been created to take incubator graduates through commercialization to M&A or IPO, giving the Park’s tenants full-scale business assistance. The Commercialization Center is now the home of eight companies from the Israeli life science community and continues to expand its resource base. It has created alliances with leading incubators in Israel. To date, the Park’s incubator has graduated three companies that are now publicly traded.
Courtney L. Skunda
Virginia BioTechnology Research Park
Phone: (804) 827-2137
E-mail: [email protected]
Web site: www.vabiotech.com