Genomics fund formed

NewcoGen Group and OneLiberty Ventures formed Applied Genomic Technology Capital, a venture capital vehicle (see BioCentury, The Bernstein Report on BioBusiness, June 19). The fund, which will focus solely on investing in genomics companies, has raised $70 million of its $150-$200 million goal, with the initial money coming from corporate sponsors including Affymetrix (AFFX), Antigenics (AGEN) and Millennium (MLNM), in addition to venture capital firm OneLiberty Ventures, PaineWebber and other investors.

Applied Genomic will provide seed and early-stage money to companies in a position to build value based on the genetic code. The fund is betting that the code will spawn new business models with quicker paths to profitability. In particular, its creators expect the new group of applied genomics companies will take on the characteristics of information technology and high-tech industries, including lower regulatory uncertainty and more rapid product development cycles. ...