NEW YORK, Oct. 24-Burrill & Company today announced the closing of a new $67 million life sciences venture capital fund.
The San Francisco-based merchant bank, which operates six other life sciences funds, expects that the Burrill Life Sciences Capital Fund will eventually hit $250 million.
The fund will invest in early- to mid-stage biotech and life sciences companies. Average investment size will range from $3 million to $10 million.
CEO G. Steven Burrill said in a statement that he expects the fund to reach its projected $250 million total during the next several months. He also said that in this difficult economic climate, the closing "is a strong endorsement both for biotech and for the Burrill & Company investment team."
Burrill had initially expected the Life Sciences fund to reach a $100 million closing in the spring of 2001. Recently, another Burrill fund has had trouble meeting its money-raising goalson schedule.