Lightstone closes first fund with $172 million

Healthcare VC firm Lightstone Ventures closed its first fund with $172 million. The firm will invest about $10-$12 million each in about 15 early stage biotech and medical device companies. About 75% of the investments will be in preclinical or Phase I companies, with the balance to be "opportunistic," potentially including later-stage Phase II companies. The fund will be split equally between life sciences and medical device companies. The firm said it will focus on the U.S. but expects to also make investments in Europe and Asia. Lightstone was formed in 2012 by the general partners and other members of the life sciences teams of venture firms ATV and Morgenthaler Ventures. In 2011, Morgenthaler's life sciences team left to join ATV, which is not making new life sciences investments but is providing follow-on financing to its portfolio. ...