Hopen Life Science Ventures, based in Grand Rapids, Michigan, has announced an initial close of $25 million for its second fund, which will remain open to new limited partners to raise a total of $50 million by January 2012. The life science venture capital fund expects to invest in eight to 12 companies that focus on drug, medical device, diagnostic, or related technologies.
According to Managing Director Mark Olesnavage, Hopen has already invested in four life science companies from Fund II. “Similar in focus to our first fund, Fund II will target early-stage life science companies with remarkable innovations that lead to improved health care outcomes and/or reduced health care systems costs,” Olesnavage said. “We primarily focus on companies in the Midwest, pragmatically leveraging the firm’s existing local, regional, national and global life science resource network to support our portfolio companies.” See Hopen Life Science Ventures Press Release, August 4, 2011.