12/14/2023 0 Comments Top biotech venture capital firms![]() ![]() Novak about the deep sell-off, in which the Nasdaq Biotechnology Index dropped by nearly 30 per cent in value from its 2021 peak. Planning for the new fund came together this year when Lumira managing general partner Peter van der Velden was talking with Mr. The fund will focus mainly on established biotherapeutics and medical technology companies, typically with strong management teams, backed by big-name investors in the sector and within two years of a milestone development such as publication of trial results that could move the stock. It will mostly invest in stocks it believes will rise in value, with about 10 per cent used to “short” or bet against stocks it thinks are poised to fall. The fund will aim to invest 80 per cent of proceeds in public companies, compared with a cap of 15 per cent for Lumira’s venture funds. Lumira Ventures raises largest Canadian life sciences fund in more than 20 years It has recruited biotech equities analyst David Novak, previously managing director with Raymond James in Toronto, to manage the hedge fund. Lumira has previously raised four venture capital funds to invest in private health sciences companies – including its latest, a US$223-million fund last year that was the largest in Canada in two decades – and backed some of the top Canadian names in the sector, including Aurinia Pharmaceuticals Inc. By contrast, it’s rare to find fund managers in Canada that specialize in publicly traded drug and medical device development. Capital and Baker Brothers Advisors LLC – have done for years by backing both public and private companies. biotech investors – including OrbiMed Advisors LLC, H.I.G. With its new fund, Lumira Ventures Opportunity Fund 1, the Toronto firm is following what many established U.S. Lumira Ventures, one of Canada’s top investors in private health sciences startups, is launching a hedge fund to bet on publicly traded companies it believes have been oversold during the sector’s meltdown in the past year.
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