Tuesday, April 01, 2008

Denver BioVentures Closes $425M Fund I

Denver BioVentures emerged from stealth mode (though still no website) to announce the close of DBV Fund I, the rather impressively sized initial fund closed at $425M with their sights set exclusively on Colorado Bio. Patricia Tsanos, Ph.D., MBA who left Boston-based Adhesion Capital Partners last year wanted to spend more time at her 16,000 square foot Aspen vacation home, and thus founded Denver BioVentures dropping their shiny new uber-modern office right in the middle of Pearl St. in downtown Boulder. I guess you can say she earned some R&R time after she 10X’d or better all seven of her Adhesion Cap Partners Fund III bio investments, returning in excess of $17 billion to her limited partners. Word on the street courtesy of Venture Industry Monthly is that Pat walked away with a cool $875M in less than six years. That is over $71,000 per hour…what can you say…

Hopefully Dr. Tsanos brings more of her magic investing touch to Colorado. It was via the discovery of CLSDF while Dr. Tsanos was engaged in some early diligence of Colorado bio deal flow last summer that I had the opportunity to meet and actually spend some time with her, first at her palatial Aspen 52-acre compound that she continued to refer to as her “country shack”. It was quite an experience evening getting there as Dr. Tsanos insisted that her luxurious Augusta 109 executive helicopter (the same one used to shuttle guests around at the six star Burj Al Arab hotel in Dubai) dropped down out of the sky to touch down in the grassy knoll adjacent to the parking lot of the Colorado Science + Technology Park @ Fitzsimons headquarters. Thirty turbo-prop minutes later I am in Aspen airport being picked up in what I was soon to find out is one of only six produced in the world 100% electric Rolls Royce Phantom Drophead Coupe’s, which I soon found out priced at $620K and was lovingly referred to throughout the weekend as the “convertible”. Despite the opulent wealth and eccentricities of Dr. Tsanos, e.g. while dining at the world famous Nobu Matsuhisa in downtown Aspen for Friday night dinner she de-plated her lobster ceviche with lime stone lettuce and launched it at the unsuspecting sushi chef proclaiming that it was not Maine lobster she was tasting. Similar outbursts were a common occurrence throughout the weekend.

For some absurd reason Denver BioVentures three Managing Directors, two of which can not be named publicly by me according to the non-disclosure agreement I was ‘coaxed’ into signing have elected, at least for the time being, to communicate publicly solely via CLSDF. And in the spirit of full disclosure I have absolutely no financial ties to the new fund, though I was informed if I provide a days notice I can use the Augusta 109. So with that said the following comes forth from Dr. Patricia Tsanos:

  1. My fund thesis is to leverage implicit irrational drug design
  2. I am only interested in working with male/female scientific-founder pairs
  3. If you question the pre-money valuation I set then get out of my office…IMMEDIATELY!
  4. Contact Alan if you wish for me to review your business plan*
Yes, Dr. Tsanos despite how ever many times I have corrected her has decided that I look more like and Alan then an Adam. What can I say? So if you are an “implicit irrational drug designer” are part of a “male/female” scientific founding team and will not question a pre-money valuation set by Dr. Tsanos and the rest of the Denver BioVenture partners send me an email or leave a note below in the comment section and we can arrange for a meeting. Thank you.


*NOTE* Feel the power of the Colorado BioScience Association (HERE)!
*NOTE* Take a look at the new Boulder Biotech Company Tree (HERE)!
*NOTE* Read the new eBook CLSDF 2007 - What's In A Year? (HERE)!

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1 comment:

Legendary said...