Beacon Photonics Creates New Venture Capital Development Company, Beacon Life Sciences; Joseph Lovett, Healthcare and VC Veteran, Named President.Health/Medical Writers BOSTON--(BW HealthWire)--June 21, 2001 Beacon Photonics announced today the creation of its second vertically focused venture capital development company, Beacon Life Sciences. Joseph F. Lovett, an experienced health care executive and venture capitalist Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. , has been hired as Beacon Life Sciences' president. The organization has an initial $4 million commitment from Beacon Photonics. Currently, it is considering its first investments and is starting its fundraising. The new organization is the first Venture Capital Development Corporation that concentrates on life sciences applications of photonics technologies. Beacon Life Sciences will pool photonics technologies on a worldwide basis in certain areas to form new companies based upon cutting edge, cost effective breakthrough and revolutionary technologies with "homerun" potential on a proactive basis. Investment Focus Investments by Beacon Life Sciences will be based upon advances in photonics enabled life sciences. Investments will be made in those technologies in which light is an important contributor to new, innovative performance or value in imaging, medical services, and medical equipment. Investments also will be made where light is involved in genomics/proteomics technologies that lead to new discoveries in these areas, and in in vitro in vitro /in vi·tro/ (in ve´tro) [L.] within a glass; observable in a test tube; in an artificial environment. in vi·tro adj. In an artificial environment outside a living organism. and in vivo in vivo /in vi·vo/ (ve´vo) [L.] within the living body. in vi·vo adj. Within a living organism. in vivo adv. diagnostics, pharmaceuticals, biotechnology, and informatics Same as information technology and information systems. The term is more widely used in Europe. . Beacon Life Sciences' new president, Joseph F. Lovett, brings more than 30 years of experience in general management and venture capital investment activities to his new position. Previously a general partner with Medical Science Partners, an organization that developed and commercialized academic discoveries, Mr. Lovett also has worked with Damon Biotech, Mallinckrodt, and C. R. Bard C. R. Bard, Inc. (NYSE: BCR) is one of the large S&P 500 companies of the United States, a surgical specialties and hospital medical device manufacturer in Murray Hill, New Jersey. It is named after its founder, who sold the company within only a few years of its founding. . Speaking about Beacon Life Sciences, Mr. Lovett said, "Beacon Life Sciences is a venture capital development company whose purpose is to create and invest in a wide range of commercially-viable medical technologies. The emphases at Beacon Life Sciences are on identifying technologies to build next generation companies and on reducing time to market and improving success probabilities for start-up ventures." Beacon Photonics Beacon Photonics is a holding company that creates vertically-focused venture capital development companies designed to accelerate the development and commercialization of advanced photonics technologies and products. The first such company was Beacon Telco, which concentrates on the optical networking Communications between computers, telephones and other electronic devices using light. An optical network is far more reliable and has far greater potential transmission capacity than networking in the electrical domain. See optical fiber. and broadband communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. . Its president is Alok Prasad Prasāda (Sanskrit: प्रसाद), prasād/prashad (Hindi), Prasāda in (Kannada), prasādam (Tamil), or prasadam , and it already has started two companies, IntelCore and Verilink. Beacon Photonics was formed last year as a joint venture between the Boston University Boston University, at Boston, Mass.; coeducational; founded 1839, chartered 1869, first baccalaureate granted 1871. It is composed of 16 schools and colleges. Photonics Center and a group of investors that includes Boston University; Globalvest Management Company, a multi-billion dollar international investment firm; PRTM PRTM Parks, Recreation, and Tourism Management PRTM Printing Response Time Monitor PRTM Pittiglio, Robin, Todd and McGrath (management consulting firm) , a multinational consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a ; and two prominent, retired venture capital professionals. Emmett Eldred, chief executive of Beacon Photonics, said, "The unique partnership between Beacon Photonics and the Photonics Center of Boston University provides portfolio companies with access to the Center's asset base of labs, equipment, and people. As part of the program, portfolio companies also will have access to investment capital and business consulting and management expertise." The Photonics Center has a strategic mission of fostering growth of photonics enabled industries through, among other things, proactively identifying new growth areas and establishing facilities, resources, and programs for venture incubation and commercialization. The Photonics Center, which represents an investment in excess of $100 million, includes 17 laboratories and can make available to portfolio companies a wide range of equipment worth in excess of $30 million. |
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