Diagnostics Venture Capital Fund Formed

Compiled ByJill Jusko Bayer Diagnostics and life-sciences merchant bank Burrill & Co., San Francisco, have formed the Burrill Diagnostics Capital Fund, a $50 million venture capital fund with an initial closing of $25 million. Additional fundraising for the fund is expected to be completed by June 2002. The Burrill Diagnostics Capital Fund will provide innovative diagnostic technology companies the financial means to exploit the application of bio-based technologies and provide growth capital to product-based companies. "The fund will focus on emerging high-growth areas such as device miniaturization, pharmacogenomic testing and non-invasive testing," says Rolf Classon, president of Bayer Diagnostics. Bayer Diagnostics, Tarrytown, N.Y., is part of the Bayer AG, based in Leverkusen, Germany.