KALAMAZOO ? The third time is the charm for the Southwest Michigan First Life Sciences Investment Fund. After getting its first two offers turned down, the $50 million fund has invested in NanoMed Pharmaceuticals. The dollar amount was not disclosed.
The Kalamazoo-based drug development company will relocated its headquarters to nearby Kalamazoo Valley Community College?s Michigan Technical Education Center (M-TEC) at The Groves Business Park. The official annoucement was made June 22.
NanoMed is an advanced drug delivery systems company developing nanoparticle-based therapeutic and diagnostic products to treat or detect disease ? exactly the kind of company sought for the fund?s portfolio.
?We are honored to be the first company in the SWMF Life Sciences Fund?s portfolio,? said NanoMed CEO Stephen Benoit. ?We are very excited about moving forward with this collaboration and our continued development of new drugs that will lead to improved outcomes for patients undergoing chemotherapy for AML and breast cancer.?
Ron Kitchens, the CEO of Southwest Michigan First and General Partner of the SWMF Life Sciences Fund, said his board has reviewed hundreds of other potential investments before selecting NanoMed. But sources also said two earlier investment proposals had been made and were turned down by the companies. Kitchens confirmed that information.
?I would be shocked if you heard that every company we talked with would accept our terms,? Kitchens said. ?You have to understand we are not a typical fund that accepts the idea that for every deal that works, nine will fail.
?In addition, you must be willing to move to the Kalamazoo region or spend the majority of the funding in our region,? he said. ?If a company is not to do what it takes to ensure success and to become part of Kalamazoo then these are terms that will keep a deal from happening.?
For more information, click on Nanomedpharm.Com
