reprintbackCosmos Arranges $6.5M in Investments in Panacea, EluSys, Sensatex, & AcugenBy Estee Pierce
1/15/2003WASHINGTON --
The Cosmos Bio Life Sciences Alliance, an international organization founded last summer by former FDA commisioner Frank Young to foster the development of biomedical products through the formation of equity-sharing alliances between startups and well-established companies, announced that it has overseen the completion of a total of $6.5 million in investments, in companies including Gaithersburg, Md.-based Panacea Pharmaceuticals, a biotech company focused on developing therapeutics and diagnostics for cancer, Alzheimer's disease, and Parkinson's disease; New York-based EluSys Therapeutics, a developer of treatments for blood-borne diseases; New York-based Sensatex, a developer of textiles that monitor biometric information; and Seattle-based Acugen Neuropeutics, a company developing in vitro neural disease models for diseases including glaucoma, macular degeneration and Alzheimer's disease.
The Cosmos Alliance is an invitation-only membership organization that connects large bio life science companies to carefully screened small technology, research, and development member companies seeking Series B or C round equity investments and/or collaboration opportunities.
Cosmos does not manage a fund of its own. Rather, the organization acts as a middleman for the deals, and receives a 5% finders fee on each investment made, according to Dr. Young, who serves the organization's chairman and CEO.
The organization aims to provide "a new mechanism" for international bio life science companies to learn about, invest in, and commercially collaborate with small and emerging companies developing platform technologies.
The recently disclosed investments were made by four of the organization's large corporate members -- specific investors were not disclosed -- and were comprised of offerings of between $500,000 and $1 million each. Investments are designed to be a part of larger financings, Dr. Young said.
Cosmos currently has 11 technical members, and includes Mitsubishi among its founding corporate member investors. The group will look to increase its membership to 50 companies over the next 18 months, Dr. Young said, with a ratio of 1.2 private startups to every one large company. Mitsubishi has assisted in securing members in Japan, and is working with the to expand membership to Korea, China, Europe, and the U.S.
Panacea's investors include its collaboration partner, MedImmune, a Gaithersburg, Md.-based publicly traded biotech firm, as well as individual investors. Prior to the latest investment the company has raised $4.5 million in two venture rounds, including $3 million in a Series B round that closed last year.
In July 2001 EluSys Therapeutics raised $17 million in a Series C round from Crescendo Ventures, Eagle Advisors, Emerald Investment Partners Fund, Essex Woodlands Healthcare Ventures, and Invesco Private Capital, giving the company a post-money valuation of $47 million. Prior to that round, the company raised $9 million in Series B funding from Essex Woodlands Healthcare Ventures and Crescendo Ventures.
Sensatex is backed by Seed One Ventures and individual investors.
Acugen Neuropeutics is backed by undisclosed investors.http://www.acugen-neuro.comhttp://www.cblsa.comhttp://www.elusys.comhttp://www.panaceapharma.comhttp://www.sensatex.com
