BOSTON- Spray Venture Partners invests in early- to late-stage health-care companies.
Formed in 1996, the firm wrapped its inaugural fund, Spray Venture Fund I, on $52 million in July 1998, said General Partner Kevin Connors. About half the vehicle already is invested, and Connors expects Spray to launch another fund sometime in 2000. No details about the fund were available at press time.
The firm backs companies in diagnostics and health-care services across the United States, but Spray’s primary focus is on medical technology companies, including those in implantable products and drug delivery systems.
Conners and Dan Cole are the firm’s two general partners; Dan Sachs, who has a medical degree, is a principal. Dale Spencer and Joe Ciffonlillo are venture partners. The group might add another investment professional to help with the new fund, Connors said.
Spray has no geographic preference, and most of its deals take place outside of Boston in such areas as California, Massachusetts, Seattle and Minneapolis
Limited partners include BankAmerica Capital Corp., BancBoston Capital, Bessemer Trust’s Old Westbury Fund-of-Funds, Boston Scientific Corp., The Burroughs Wellcome Fund, Child Health Investment Corp., CIBC Capital Corp., The CIT Group and Huisenga Capital Management.
Spray Venture Partners portfolio companies include:
Acorn Cardiovascular (St. Paul, Minn.) makes a cardiac restraint device to mitigate the progression of congestive heart failure.
New Enterprise Associates, Three Arch Partners, Bessemer Venture Partners, Piper Jaffray Ventures Inc. and Medical Innovation Partners are co-investors.
Biolink Corp. (Middleboro, Mass.) is a maker of vascular access devices.
Canaan Venture Partners, Partech International and Bollard Group co-invested.
Circe Biomedical Corp. (Lexington, Mass.) develops an artificial liver for treatment of patients with acute liver failure.
Bessemer, Polaris Venture Partners, Advanced Technology Ventures, BancBoston Ventures Inc. and Mayo Medical Ventures are co-investors.
Confluent Surgical Inc. (Boston) develops in-situ polymerized biomaterials that keep organs from adhering to one another in patients recovering from surgery.
Schroder Ventures co-invested.
Ekos Corp. (Bothell, Wash.) makes catheters using ultrasound to enhance thrombolysis in the treatment of stroke and peripheral vascular disease.
ARCH Venture Partners, Weiss, Peck & Greer Venture Partners, Technology Partners, Bessemer, Prism Venture Partners and MedVenture Associates are co-investors.
Endonetics Inc. (San Diego, Calif.) develops minimally invasive devices for diagnosis and treatment of gastrointestinal disorders.
Alta Partners, Sorrento Associates Inc. and Western States Investment Corp. co-invested.
Galt Laboratories Inc. (Irvine, Calif.) develops non-surgical solutions to urinary incontinence.
Neuron Therapeutics Inc. (Philadelphia) makes drug delivery and pharmaceutical technology to treat ischemic conditions of the brain.
NEA, Bank of America Ventures, Piper Jaffray, Vertical Group and Crescendo Venture Management are co-investors.
Situs Corp. (Solano Beach, Calif.), formerly known as Uros Corp., makes drug delivery systems to treat chronic urological disorders.
Alta, Three Arch, and Weiss Peck & Greer co-invested.
SurVivaLink Corp. (Minneapolis) makes automatic external defibrillators.
Fidelity Ventures, U.S. Trust Co. and CIBC World Markets U.S. are co-investors.
Therus Corp. (Seattle) develops high-intensity focused ultrasound to control internal bleeding.
ARCH and Frazier & Co. co-invested.
Spray Venture Partners is located at One Walnut St., Boston, Mass. 02108. tel: (617) 305-4140, fax: (617) 305-4144.