AstraZeneca has committed an additional $100 million to its venture capital arm, MedImmune Ventures, increasing the total capital under management to $400 million. MedImmune Ventures is an evergreen venture capital fund that focuses on equity investments in private companies in the areas of biopharmaceuticals, medical and healthcare technology.
"With the additional funding from AstraZeneca, we look forward to expanding our investment activities globally and across therapy areas. We believe that in the current financial environment, there is a growing role for corporate venture capital funds such as MedImmune Ventures," said Ron Laufer, Senior Managing Director, MedImmune Ventures.
Simon Lowth, Chief Financial Officer, AstraZeneca said: "We continue to support MedImmune Ventures strategy that combines commitment to advance science and technology in the life science industry while generating financial returns expected of venture capital funds."
Additionally, AstraZeneca also announced that MedImmune Ventures has co-led the second round of financing for NeuProtect Pty Ltd, an Australian life science company specialised in the reduction of cardiac remodelling post myocardial infarction. Ron Laufer said: "We are delighted to co-lead with Starfish Ventures a new round of financing for NeuProtect Pty Ltd, our first investment in an Australian company."
About MedImmune Ventures
As the wholly-owned venture capital arm of AstraZeneca, MedImmune Ventures invests in private companies that develop small and large molecules, vaccines, pharmaceutical technologies and platforms. MedImmune Ventures also seeks investments in medical devices, diagnostics, imaging and healthcare IT related to the discovery, development and commercialisation of pharmaceutical products. Since 2009, MedImmune Ventures has been evergreen, allocating proceeds of liquidated investments towards future investment in new portfolio companies.
NeuProtect Pty Ltd is a life sciences start-up company based in Melbourne, Australia. NeuProtect is developing proprietary cardioprotectant and neuroprotectant small molecules to reduce tissue damage following a heart attack or stroke. Its lead compound is presently in preclinical development.
MedImmune, the global biologics arm of AstraZeneca, has approximately 3,500 employees worldwide and is headquartered in Gaithersburg, Maryland.
AstraZeneca is a global, innovation-driven biopharmaceutical business with a primary focus on the discovery, development and commercialisation of prescription medicines for gastrointestinal, cardiovascular, neuroscience, respiratory and inflammation, oncology and infectious disease. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide.