SAN DIEGO, Calif. – Kingsbury Associates, L.P., founded in 1994, focuses on early-stage health care investments in the San Diego and Orange County regions.
Preferring to take the role of lead investor, the firm looks for companies whose products help solve problems in the health-care industry and that have a strong management team, General Partner Timothy Wollaeger said. Kingsbury invests between $500,000 to $2 million per round, with a maximum of $4 million in each company. The firm’s partner usually takes a board seat in Kingsbury’s portfolio companies.
Kingsbury Associates’ limited partners include private investors, Columbia/HCA Healthcare Corp., Merrill Lynch and Hillenbrand Industries. The firm does not have international L.P.s.
Kingsbury’s current vehicle, the $30 million Kingsbury Capital Partners, L.P. III, closed last May and is 40% invested. The first two funds, the $32 million Kingsbury Capital Partners, L.P. and the $18 million Kingsbury Capital Partners, L.P. II, are both fully invested.
Timothy Wollaeger is the firm’s only general partner. Mr. Wollaeger was a co-founder in 1987 of the now-defunct Biovest Partners and was a director of Columbia/HCA Healthcare Corp. until 1993, before founding his own venture capital firm. As a one-man operation, Mr. Wollaeger has decided to use his operating background to focus strictly on health care in a limited region. He spends the bulk of his time assisting portfolio companies.
Select Kingsbury Associates portfolio companies include:
Alteer Corp. (Irvine, Calif.) develops and markets physician office workflow software.
Co-investors are Edgewater Capital and Dima Ventures.
Althea Technologies (San Diego, Calif.) develops gene quantification products.
Co-investor is Vical Inc.
Aurora Biosciences Inc. (San Diego, Calif.) produces ultra-high throughput screening technologies for the pharmaceutical industry.
Co-investors are New Enterprise Associates and Domain Associates.
Biosite Diagnostics Inc. (San Diego, Calif.) produces immediate response diagnostic devices.
Chromagen Inc. (San Diego, Calif.) develops proprietary fluorescence-based diagnostic tests.
DigiRad Corp. (San Diego, Calif.) manufactures proprietary solid state gamma detectors for medical applications.
Co-investors are Vector Securities International and Sorrento Associates Inc.
EDiX Corp. (San Diego, Calif.) provides a high-tech solution for the medical transcription business.
FluidSense Corp. (Boston, Mass.) develops and manufactures portable fluid pumps.
Co-investors include Atlas Venture.
Micro Therapeutics Inc. (San Clemente, Calif.) develops, manufactures and markets devices for the diagnosis and treatment of vascular disorders.
Co-investors are Menlo Ventures and Mayfield Fund.
Novatrix Inc. (Carlsbad, Calif.) develops a medical devices to reduce labor problems during the delivery of infants.
Sanderling Management Co., L.L.C. is a co-investor.
Perigon Medical Distributors Corp. (Laguna Hills, Calif.) provides products to the alternate site market.
Co-investors are New Enterprise Associates, Pacific Venture Group, L.P. and Center Street Capital Partners, L.P.
Point-of-Care Systems Inc. (Carlsbad, Calif.) develops and markets information systems for home care providers.
Co-investors include Pacific Venture Group.
Sub-Q (San Clemente, Calif.) develops puncture closure systems.
Dima Ventures is co-investor.
Woodside Biomedical Inc. (Carlsbad, Calif.) markets a device to control nausea associated with chemotherapy.
Kingsbury Associates, L.P. is located at 3655 Nobel Drive, Suite 490, San Diego, Calif. 92122, tel. (619) 677-0600, fax. (619) 677-0800, E-mail: email@example.com.