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Print Edition StoriesMonday, March 9, 2009
Ampersand adds on to Victory Pharma funding
By Mass High Tech staff
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Wellesley-based venture capital firm Ampersand Ventures has participated in another financing of Victory Pharma Inc., a privately held specialty pharmaceutical company based in San Diego.
The new $45 million round was led by new investor Essex Woodlands Health Ventures of Palo Alto, Calif. According to Victory officials, the funding will be used to support the company’s growth initiatives, including possible product acquisitions. Scott Barry, a partner at Essex, has joined Victory’s board of directors as part of the deal.
Victory is focused on products to treat pain and related conditions. It already markets its lead product, Naprelan (naproxen sodium) controlled-release tablets, as well as other pain products.
In August 2008, Ampersand raised a new $400 million fund. The 80-year-old Wellesley-based firm targets companies in the health care and industrial sectors, generating revenue of $10 million to $100 million a year. Portfolio companies include Cambridge-based Endeca Technologies Inc. and Chelmsford-based Magellan Biosciences Inc.
Ampersand was spun out of PaineWebber in 1988 under the direction of current managing general partner Richard Charpie. Among its successful exits were Moldflow Corp., which went public in 2000, and Intelligent Controls Inc. of Saco, Maine, which was sold in 2002 to Franklin Electric.
In 2006, the Ampersand Ventures raised a fund worth $212 million.
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