|
|
Partisan Management Group is an early stage venture capital investor in medical device companies. The funds managed by Partisan are provided entirely by the two principals of the firm. Partisan begins by identifying large, unmet medical needs before clinical and investment focus by others. Partisan often creates or licenses intellectual property and initially forms a wholly owned new company. Partisan selects a management team whom the principals can treat as partners for the duration of the investment. Partisan principals often act as senior officers as well as board members. Partisan typically provides the founding round of capital and then leads a seed round with its network of angel investors or selected venture firms. The firm has ten completed investments -- eight resulted in successful liquidity events, and one (RxKinetics) did not. The firm's cash-on-cash return to date has been 6.5 times, and its IRR to date is 60%. Two of the successful investments (Corvita and Novoste) were syndicated with other venture firms and were taken public. Three (RxKinetics, Renal Solutions and Liposonix) were syndicated and sold as pre-revenue companies. One (Medivance) was syndicated, operated for thirteen years, and built into a substantial and profitable company. Three of the other four (Novoste Puerto Rico, Enable Medical and Impla-Med) employed only angel financing, and the final company (Symbiosis) was bootstrapped with no outside financing. Four of the Partisan companies are cardiovascular device industry participants. Three developed treatments or devices for renal diseases, two have developed minimally invasive surgical instruments, two treat neurological conditions, one pioneered a new type of dental implant, one developed new drug delivery technology, one is focused on aesthetic medicine, and one develops ethnographically designed self-treatment kits for chronic diseases. Three Partisan companies, Novoste, AtriCure, and ZS Pharma, all achieved market valuations exceeding $1 billion.
|
