Venture, de-instituted

Early stage life sciences investor EMBL Ventures had a first close of €40 million ($53.7 million) on its second fund without the participation of institutional investors who are focused on liquidity, the firm's Jan Adams told Ebb & Flow.

The German firm hopes to close the fund at a total of €50 million ($67.2 million) by the end of next year. That would be almost twice the size of its first fund, which closed at €26 million ($32.8 million) in 2003...