CTI Life Sciences holds initial close for second fund at $134 million

CTI Life Sciences

The CVCA is reporting that Montreal-based CTI Life Sciences has held an initial close for its second fund, CTI II, with $134 million committed. Teralys Capital lead the fund with a $50 million commitment, and support from Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, and BDC Capital (as part of the Canada Venture Capital Action Plan).

“Our Government created the Venture Capital Action Plan to help foster a supportive environment that encourages innovation and ensures that businesses have the necessary resources to realize their full potential,” said Finance Minister Joe Oliver. “The investments made by CTI Life Sciences will help early-stage firms improve their operations and create jobs, growth and long-term prosperity for Canada.”

CTI invests predominantly in biotech and healthcare IT, and found significant success with its last round, particularly in the $1.1 billion USD acquisition of Enobia Pharma by Alexion Pharmaceuticals. CTI II will continue to prioritize health and biotech companies developing at the pre-clinical to early clinical stage, with two-thirds of the fund committed to investment within Ontario and Québec. The remainder of the fund will be committed to the U.S., where CTI has recently opened an annex office.

Douglas Soltys

Douglas Soltys

Douglas Soltys is the Editor-in-Chief of BetaKit and founder of BetaKit Incorporated. He has worked for a few failed companies and written about many more. He spends too much time on the Internet.