New Life Sciences Angels Firm

"A new private investment group, Life Science Angels (LSA; Palo Alto, California), has been formally launched, back- ed by what it termed 15 'exclusive sponsors.' LSA was founded by life science executives and angel investors Allan May, Casey McGlynn and Greg Scott.

The perfect target [for LSA]," he said, "is an early seed or early-stage company where less than a million dollars can achieve identifiable milestones that we think will guarantee an up-round behind us - the kind where, with that kind of money, our experience and contacts can, in 12 to 18 months, make a specific difference to achieve those milestones."

In medical devices, he listed cardiology, orthopedics and "neuro" as "classic areas" that LSA will be interested in backing.

Supporting companies in biotech, he said, will be "more complicated" with LSA being "much more careful" in its model. As a type of milestone, he described a company with a compound "in preclinicals, then in clinicals the next year."

FromBioWorld Today: