MSBI Inc. Closes $26 Million Venture Fund
Venture Capital Firm Looks to Tap into Innovations of McGill, Sherbrooke and Bishop’s Universities, and Affiliated Institutes
Montreal, Quebec, Canada, February 19, 2002 — MSBI Inc., a provider of seed and early stage venture capital for the commercialization of innovations in life sciences, information technology and physical sciences, announced the close of MSBI LP, its $26 million seed and early-stage venture capital fund. MSBI LP will fund technology-based businesses in sectors such as biotechnology, pharmaceuticals, bioinformatics, software, communications & networking
MSBI LP involves McGill University, Université de Sherbrooke and Bishop’s University and their affiliated institutes, in partnership with Valorisation-Recherche Québec These affiliated institutes are McGill University Health Centre, the Jewish General Hospital, the Douglas Hospital and the Centre hospitalier universitaire de Sherbrooke. The universities and their institutes are all limited partners in the fund.
“We are pleased at the confidence MSBI’s limited partners have shown in our approach to seed and early stage technology investing,” said Dr. Mark de Groot, President and CEO of MSBI Inc. “Although the fund was raised in a challenging investment climate, we secured strong commitments from limited partners such as McGill University, Université de Sherbrooke, Bishop’s University and their associated hospitals, as well as support from Valorisation-Recherche Québec.”
The structure of MSBI LP generates a unique deal flow by providing a right of first review of early-stage investment opportunities generated by the participating institutes. Working closely with the universities’ technology transfer offices, MSBI Inc. will fund entrepreneurial ventures derived from academic departments, research institutes and laboratories.
“MSBI Inc. has an advantageous position in the venture capital community. The firm’s right of first review to invest in technologies derived from the participating institutes gives it a unique ability to help form spin-off companies before other investors get involved. This in turn should enable it to realize superior returns for its investors,” said Jan Peeters, Chairman of MSBI Inc. and CEO of Olameter Inc. “Further, MSBI’s business model should lead to a portfolio of great interest to follow-on investors.”
Three directors will manage MSBI LP, including President & CEO Mark de Groot, Ph.D., and Senior Vice President Joe Rouse. Dr. de Groot has held senior management positions in biotechnology companies and was a co-founder of University Medical Discoveries Inc. He holds a Ph.D. in Physics from Oxford University. Mr. Rouse joined MSBI Inc. after successful assignments with leading start-up technology firms in Canada. He holds an M.B.A. from Queen’s University at Kingston. Both Dr. de Groot and Mr. Rouse are based in MSBI Inc.’s Montreal offices.
About MSBI Capital
MSBI Capital is a seed and early stage venture capital fund dedicated to commercializing innovations in life sciences, information technology and the physical sciences. MSBI Capital has a particular focus on establishing and building companies based on technology advancements and inventions originating from the universities of McGill, Sherbrooke and Bishop’s, as well as their affiliated hospitals and research institutes. MSBI Capital maintains offices in Montreal, Québec, Canada. MSBI and MSBI LP are trademarks of MSBI Capital. Other registered and unregistered trademarks are the property of their respective owners. More information about MSBI is available at http://www.msbi.ca.