VIMAC Ventures Closes Biotechnology Fund

On September 30, 2003, Boston-based VIMAC Ventures LLC completed the initial closing of its biotechnology funds, VIMAC Milestone Medica Fund LP (VMM) and VIMAC Milestone Medica Fund North LP/Fonds VIMAC Milestone Medica Nord sec (VIMAC North). The two funds will invest primarily in early stage life science companies. The value of the deal is undisclosed. VMM will operate out of Boston while VIMAC North will operate out of Montreal.

The two funds and their respective general partners in Canada, were represented by Shahir Guindi, François Auger, Sylvie Bordet and Michel Ranger of Osler, Hoskin & Harcourt LLP in Montreal; and in the US by Carter Bacon, Jr, and Mike Manning of Nixon Peabody LLP in Boston. The managers of the fund were represented by Sarah Rothermel of Hale and Dorr LLP in Boston.

RBC Technology Ventures Inc., a limited partner, was represented in Canada by Gary Solway (corporate) and John Tobin (tax) of Torys LLP in Toronto; and in the US by Christopher Bellini of Gibson, Dunn & Crutcher LLP in Washington, DC. Igenia Ventures Management Inc. acted as corporate finance advisor. BTG International Inc., another limited partner, was represented by Phyllis Schwartz of Schultz Roth & Zabel LLP in New York.

Société Innovatech du Grand Montréal and Société Innovatech du Sud du Québec were represented in Canada by Alexandre Ciocilteu of Lapointe Rosenstein. Le Fonds de solidarité des travailleurs du Québec was represented by in-house counsel Sylvie Drouin and François St-Arnaud.