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Pappas Ventures raises USD102m for fourth life sciences fund

Pappas Ventures has announced the final closing of its fourth fund, a USD102m venture capital fund focused on the life sciences sector.

Pappas Ventures has announced the final closing of its fourth fund, a USD102m venture capital fund focused on the life sciences sector.

Like its immediate predecessor funds, Pappas Ventures IV will invest in product-oriented biopharmaceutical companies, with a secondary focus on medical technologies.

‘We are very pleased to have reached this important milestone,’ says Eric W. Linsley, a partner at Pappas Ventures. ‘The new fund speaks to the strong support we have received from our investors – both new and old – and the track record that our firm has built over the past 15 years.’

The North Carolina-based firm expects to invest in approximately 12 to 15 portfolio companies over the next several years. It is now actively evaluating potential investments.
 
In tandem with the closing, Pappas Ventures announced the promotion of two executives, Rosina Maar Pavia and Sean McCarthy, to partner and senior principal respectively. The firm also announced that partner Arthur Klausner will leave Pappas Ventures later this year.

Maar Pavia joined Pappas in 2000 and has most recently served as a venture partner for the firm. An internist with extensive drug development experience, she held senior management positions at contract research organisations prior to joining Pappas. She is currently a director of Bayhill Therapeutics, a Pappas Ventures II portfolio company, and she represents Pappas as an observer at Syndax Pharmaceuticals and Cequent Pharmaceuticals.

McCarthy joined Pappas in 2006, after serving as a business development executive at SGX Pharmaceuticals and as a manager of drug discovery programs at Millennium Pharmaceuticals. He is an observer at several Pappas Ventures III portfolio companies, including CoLucid Pharmaceuticals and TyRx Pharma.
 
‘We are pleased to recognize the contributions that both Rosina, over nearly a decade, and Sean, over a shorter period, have made to the development and success of our firm,’ Linsley says. ‘They both know how to build value for our portfolio companies – and our investors.’

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