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BioVista to receive $30m from Golden LEAF

The Golden LEAF Foundation of Rocky Mount has signed a letter of intent with BioVista Management of Durham to invest up to $30 million in a new venture capital fund that will invest in biotechnology and biopharmaceutical companies.

With the Golden LEAF financing, Bio Vista will create the Bio Vista Fund, which will be one of the few later-stage biotechnology funds based in North Carolina.

The Golden LEAF investment is part of a $85.4 million economic stimulus package announced by the foundation in August. "Biotechnology is a logical growth area for North Carolina," said foundation President Valeria Lee, during that announcement. "Helping provide the financing for new plants is a very tangible way to carry out our mission as well as strengthen our investment portfolio."

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The BioVista Fund is targeting total capital for investment of $120 million. Golden LEAF will be the lead limited partner. According to the letter of intent, Golden LEAF may have a representative on the business advisory board of BioVista, and that representative can be asked to chair the limited partnership advisory committee of the fund.

BioVista's management team includes Dr. Dana Fowlkes, Ph.D., and Clay Thorp, who were both previously on the management team of Novalon Pharmaceutical Corp. Other advisors include Kenneth B. Lee Jr., the former head of international life sciences at Ernst & Young LLP; and Tim Gupton, a CPA who has been a partner and cofounder of several public and private biopharma companies.

In its letter of intent, BioVista officials said, "An investment in the BioVista Fund would be an integral part of ongoing efforts to invest meaningful capital over the next three to five years in North Carolina's efforts to maintain and improve its competitive position in attracting biotech and biopharma companies into the state. In order to help provide financing capital that meets the needs of the biopharma industry, the BioVista Fund will collaborate with leaders from the biopharma industry within North Carolina, NC BIO, commercial banks headquartered in North Carolina, universities and community colleges in the state, and other important industry participants.

In addition to the management team, the BioVista Fund will have three advisory boards or committees, including a Scientific Advisory Board. Chair of that board will be Thomas Shenk, chair of the Department of Molecular Biology at Princeton University, president of the American Society of Microbiology, and a member of the National Academy of Sciences.

Golden LEAF is a statewide foundation funded with proceeds from the settlement of litigation brought by North Carolina and other states against tobacco companies. Founded in 1999, it has a very specific purpose--helping tobacco-dependent and impacted counties deal with the long-term consequences of the decline of the tobacco industry. Golden LEAF has made 172 grants focusing primarily on agriculture, economic growth and workforce preparedness.

For more information about Bio Vista, visit www.catalystapartners.com.

Technology Industry

BioVista to receive $30m from Golden LEAF

BT Catalyst, Jan, 2003

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