Thursday, July 31, 2008

Versant Ventures Closes Fourth Fund, Worth $500M

Versant Ventures, a Newport Beach- and Menlo Park-based venture capital fund, announced today that it has closed Versant Venture Capital IV, L.P. at $500M. The fund brings Versant's total under management to $1.6 billion, in the areas of biotechnology, pharmaceuticals, and medical devices. Versant Ventures said the firm now has more than 75 portfolio companies under management. Versant Ventures said that it will target approximately 30-35 medical device, biotech, and pharmaceutical investments throughout the U.S., with everything from a "few hundred thousand dollars" in seed investments to $20M. Versant's Southern California investments include Novacardia, Eyeonics, and Cadence Pharmaceuticals.