Longitude Capital Closes $325 Million Life Sciences Fund

Longitude Focusing on Medical Device and Biotechnology Companies

MENLO PARK, Calif., July 8 /PRNewswire/ -- Longitude Capital today
announced the closing of its first investment vehicle, Longitude Venture
Partners, L.P. (the "Fund"), a $325 million venture capital fund dedicated to
life sciences investments. The Fund exceeded its target of $250 million.
The team at Longitude Capital includes: Managing Directors Juliet
Tammenoms Bakker, Patrick Enright and Marc-Henri Galletti, Venture Partner
Jeffrey Gold, Principals Douglas Foster and David Hirsch, and CFO Elaine
Erickson. The firm was formed following the team's spin-out from Pequot
Capital, where they were responsible for venture capital investments in life
sciences companies since 1997.
Juliet Tammenoms Bakker, Longitude co-founder and Managing Director,
commented, "We have a strong team and a unique style of investing that has
produced excellent returns over multiple fund vintages. As has been the case
in the past, we are active investors across all sectors and stages but tend to
favor earlier-stage medical device companies and later-stage opportunities in
biotech."
Prior to forming Longitude, the team was collectively responsible for over
100 venture capital investments in the life sciences. Representative
investments include Ablation Frontiers, Acufocus, Align Technology, Cephalon,
Codexis, CryoVascular Systems, Embolic Protection, eyeonics, Eyetech
Pharmaceuticals, Horizon Therapeutics, Insulet, MAP Pharmaceuticals, Oratec,
Prestwick Pharmaceuticals, Sequenom and SUGEN. The team's experience spans
all stages of companies in most therapeutic areas within the medical device
and biotechnology sectors. "In addition to traditional venture capital
investments, we will also pursue special situations including PIPEs, recaps
and spin-outs," commented Patrick Enright, Longitude co-founder and Managing
Director. "Our research-intensive approach often leads us into areas that are
contrarian, undercapitalized or otherwise out of favor."
"The team that formed Longitude is experienced and well-regarded in the
community of life sciences venture investors," commented Pawan Chaturvedi,
Partner at Altius Associates, a global private equity investment and advisory
firm. "But what we found to be unique and what led us to invest on behalf of
one of our clients was the team's ability to generate consistent, top-tier
returns with relatively low loss ratios and shorter holding periods."
UBS Securities LLC acted as exclusive placement agent and financial
advisor to Longitude Capital in connection with the offering. "We are very
pleased that Longitude Venture Partners exceeded its target offering size and
is one of the largest first-time funds ever raised in the life sciences
sector," commented David Webb, Executive Director of UBS Securities.
About Longitude Capital
Longitude Capital is a life sciences venture capital firm specializing in
investments in medical devices, biotechnology and pharmaceutical development.
Founded in 2006, the firm consists of six investment professionals with more
than 100 years of operating and investing experience in privately-held and
publicly-traded companies. The team has operated bi-coastally for the past
six years and Longitude Capital has offices in Menlo Park, CA and Greenwich,
CT. For further information, please visit the Longitude Capital website at
http://www.longitudecapital.com/.
SOURCE Longitude Capital

Justin Jackson, +1-212-213-0006, Ext. 327, jjackson@burnsmc.com, of Burns
McClellan, New York on behalf of Longitude Capital