PRINCETON, N.J. and SAN DIEGO, July 29, 2013 /PRNewswire/ -- Domain Associates, a leading life sciences venture capital firm, announces a fifth portfolio company, ReVision Optics, has received funding under its investment agreement with Russian state investment corporation Rusnano. ReVision Optics is a Southern California-based firm developing Raindrop™, an inlay for presbyopic vision correction in Phase III trials. ReVision Optics has raised $55 million in a financing in which Domain, Rusnano subsidiary RusnanoMedInvest and other investors participated.
A year ago Domain and Rusnano announced a $760 million partnership whereby Rusnano agreed to invest along with Domain and Domain portfolio investor syndicates. In addition, the partnership fosters transfer of technology into Russia and establishes manufacturing facilities in Russia for production of advanced therapeutic products.
"In our first year of working together Domain, Rusnano, and other investors have teamed up to invest in five companies that are developing advanced treatments for ailments as diverse as foot ulcers, epilepsy and near vision loss," said Brian Dovey, partner at Domain. "Put simply, this investment partnership is delivering results – for Domain, our portfolio companies and our partners in Russia."
The agreement has opened an innovative source of late-stage financing for health science companies while creating an attractive commercial opportunity to produce and market pharmaceuticals for the large and fast-growing Russian market. In 2012 four Domain portfolio companies were the recipients of funding rounds under the partnership:
In addition to executing financing transactions, Domain and Rusnano are building out a world-class manufacturing company, NovaMedica, which will produce and market next-generation pharmaceuticals in Russia. The company is acquiring intellectual property rights for Russia and the Commonwealth of Independent States for all of the treatments funded under the Domain-Rusnano investment agreement. It is also now seeking to license rights to leading edge health sciences technologies outside the Domain portfolio that have application for the Russian market.
Dovey continued, "We are also delighted by the progress made by NovaMedica, our joint venture for commercialization and manufacturing in Russia. We look forward to breaking ground this year and finding additional health sciences products beyond our portfolio companies to develop and market in Russia."
Groundbreaking on the construction of the NovaMedica plant is planned for the fourth quarter of this year. The plant, which will meet GMP standards, will be built in the Kaluga region of European Russian. The new plant will be built under a joint venture between DRI Holdings Limited, a portfolio company of Domain Associates LLC, and RusnanoMedInvest.
Tatiana Saribekian, CEO of DRI Holdings Limited, said, "NovaMedica, our manufacturing business, represents a huge opportunity given the scale, current level of under-penetration, and growth trajectory of the Russian advanced pharmaceuticals market. We now have a portfolio of five products and an attractive pipeline, and we are interested in hearing from additional companies."
Founded in 1985, Domain Associates, L.L.C. is a venture capital firm with an exclusive focus on investing in life science companies that advance human health. Domain's focused network, deep experience, and dependable reputation have made it one of the top private-equity groups participating in healthcare investing. With more than $2.7 billion in capital raised, Domain invests in three major segments: pharmaceuticals, diagnostics, and medical devices. The partners of Domain have a total of more than 270 person-years of experience among them in the healthcare and venture capital industries and have been involved in the formation and growth of more than 250 life sciences companies. Representative past investments include Amgen, Amylin Pharmaceuticals, Cerexa, Biosite, Dura Pharmaceuticals, Pharmion and Volcano. Domain has offices in Princeton, N.J. and San Diego. For more information, please visit http://www.domainvc.com.
|SOURCE Domain Associates|
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