NEW YORK, Jan. 8 — Bayer Diagnostic and Burrill & Company said Tuesday that they had formed a new $50 million venture capital fund for diagnostic research. The fund particularly seeks to back new applications of pharmacogenomic and proteomic technology in the diagnostic field.
The new Burrill Diagnostics Capital Fund has an initial closing of $25 million. Additional fundraising is projected to conclude by June 2002.
The fund was launched to promote technological advances in the business of disease diagnostics and treatment monitoring and to provide growth capital to companies in this sector. It will focus on high-growth areas such as device miniaturization, pharmacogenomic testing, and non-invasive testing, said Bayer Diagnostics president Rolf Classon in a statement.
Other tools mentioned by the fund's backers include technologies that allow for disease susceptibility genotyping and for genetic stratification of patients in clinical trials.
San Francisco-based Burrill & Company has a family of life science funds, including funds in agricultural biotechnology, nutraceuticals, general biotechnology and biomaterials.
Bayer Innovation, a subsidiary of Bayer AG, will be the partner in the new fund.