Neomed’s fifth fund holds €92m final close

Innovation V was launched in January 2012 and held a first close in May that same year.

The fund has closed on slightly less than its predecessor, launched in August 2004 with a €100m target, which it just surpassed to reach €104m in its final close in December 2005.

Investors
Innovation V received commitments from new backers as well as investors in Neomed's previous funds, the latter of which include Höegh Capital Partners, Argentum and Sedco Capital.

European Investment Fund (EIF) is also a backer of the vehicle. The European Investment Bank-backed risk capital resources mandate and EIF jointly committed €30m to the fund.

Investments
Oslo- and Geneva-based Neomed only invests in the healthcare industry, namely the medical products sector. The Innovation V fund has made six investments to date, including a €3.5m commitment to Swedish drug developer InDex Pharmaceuticals in February this year as part of a €15m funding round, which Neomed led.

The fund has also invested in TopiVert, a UK-based developer of treatments for inflammatory eye and gut diseases, as well as three US businesses.

Innovation V will follow in the footsteps of its predecessor in terms of investment strategy. Innovation IV provided equity tickets of €4-6m to healthcare and life sciences businesses based in Europe and the US, according to unquote" data.

People
Erik Amble is a managing partner at Neomed.

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