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Oklahoma Life Science Fund II, LLC Closes
Oklahoma Capital Investment Board. April 27, 2007
Oklahoma City, OK, April 27, 2007 — Oklahoma Life Science Fund, LLC announced today the closing of Oklahoma Life Science Fund II, LLC a $10.5 million fund that will invest in early-stage life science opportunities in Oklahoma. Investors in the fund include Presbyterian Health Foundation, The Kerr Foundation, Inc., Oklahoma Medical Research Foundation, Oklahoma Capital Investment Board, McClendon Venture Company, L.L.C., Hall Brothers Investment Company, L.P. and Lisball Cavan, LLC. This fund follows a $5.1 million Oklahoma Life Science Fund I, LLC.
"We are grateful to have received substantial support from existing OLSF I investors and considerable interest from new investors in OLSF II,” said William D. Paiva, Ph.D., Manager of OLSF II. "This validates our consistent strategy of early-stage, active investing in life science opportunities in Oklahoma."
“OLSF I has been and continues to be the largest driving force behind the creation and capitalization of life science opportunities in the State of Oklahoma and this fund supports one of our missions to support medical research and commercialization in Oklahoma to save and enhance human life,” said Michael Anderson, President of Presbyterian Health Foundation.
"Since inception, OLSF I has consistently demonstrated its ability to start and build successful life science companies in Oklahoma,” said Devon Sauzek, President of the Oklahoma Capital Investment Board, new investor to OLSF II. “We are confident they will continue this success and will deploy the resources of OLSF II towards innovative ideas."
Since its inception in 2000, OLSF I has played a key role in the building of five successful life science companies within Oklahoma: Intergenetics, Ekips, ForHealth, Zapaq, and Inoveon. Collectively those companies have attracted over $150 million of venture capital from prominent venture capital firms like New Enterprise Associates, Clarus Ventures, Sanderling, StarTech, CenterPoint Ventures, Massey Burch, and many others.
"OLSF I invested in us in 2001 when it was difficult to get venture capitalists interested in our opportunity,” said Lloyd Hildebrand, President and Chief Operating Officer of Inoveon Corporation, adding: “Throughout the history of Inoveon, from our beginnings and until today, OLSF I’s guidance, unwavering support, and judgment have been critical to our success."
OLSF II plans to begin making investments this year and expects to invest the remainder of its committed funds over the next three to five years.