Princeton-based HealthCare Ventures and several partners have invested $28 million in InfaCare, a Trevose firm that's overseeing clinical testing for its product, Stanate, which promises to help fight jaundice in newborns. Release here.
The deal shows the continued appeal of the Philadelphia area to biotech firms, and the firms' appeal to investors, but it also shows the often limited public benefits of such deals: InfaCare employs just 7 people and doesn't manufacture its own treatments. It may grow larger, or it may get picked up by a Big Pharma company as its product gets closer to market, says chief financial officer Ron Goldfuss.
InfaCare was spun off by Dr. Robert A. Vukovich's Neptune, NJ-based Wellspring Pharmaceuticals four years ago. The company was first headquartered in Plymouth Meeting, and moved to Trevose last year, Goldfuss said.
Besides HealthCare ventures, investors backing the deal include Longitude Capital and previous investors FirstMark Capital and Atlas Ventuer, among others. Health Care Ventures partner PHarold Werner and Longitude partner Patrick Enright join the HealthCare Ventures board.
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