Third Rock Ventures, LLC, has launched its first fund with $378 million of committed capital for investments in early life sciences ventures.

The founding partners of Third Rock Ventures are industry veterans with a proven track record of founding and building numerous successful life sciences companies. The funding firm''s team will use first-hand operating experience to fund and launch innovative biotech and medical device companies. By effectively translating important scientific ideas into new biotech and device companies, the Third Rock team will respond to the growing demand for innovation by industry, research institutions, and patients.

The new firm plans to avoid licensing deals and spin-offs while still targeting programmes it believes will bring products into clinical development within one to two years.

It plans to locate and back development programs in advance of identified compounds, Starr said, and work to development "product engine" programs that can produce multiple compounds with applications in multiple therapeutic areas.

The firm will particularly look for drug and device programs with broad potential applications across multiple diseases and different therapeutic areas.

"Our goal is to be the preferred partner for entrepreneurs, as our team offers them our deep industry knowledge, our strong network, and our passion for launching market-leading life sciences companies," said Mark Levin, partner of Third Rock Ventures.

The Third Rock team will create a portfolio of investments in companies with therapeutic products and medical devices that have the potential for broad applications, market leadership and extraordinary value creation.

Specifically, the firm''s investment focus will centre on companies with "product engines," or technologies that are capable of creating products in multiple diseases. The firm says it will use an entrepreneur-centered approach, actively collaborating with and supporting entrepreneurs to guide the growth, strategy, leadership and corporate culture of portfolio companies.

According to Kevin Starr, partner of Third Rock Ventures, "The members of the Third Rock team have a strong track record for integrating scientific ideas with business strategy, and we are excited to apply this know-how to help entrepreneurs launch innovative companies, create exceptional value, and develop products that create medical breakthroughs for patients."

Third Rock Ventures'' partners include: Mark Levin, founder and former CEO of Millennium Pharmaceuticals and four other biotech companies; Kevin Starr, active board of directors member of several biotech companies and former COO / CFO of Millennium; Robert Tepper, MD, a scientific leader, biotech entrepreneur and previous head of R&D and CSO of Millennium; Lou Tartaglia, Ph.D., a thought leader in the field of obesity and author of more than 50 scientific publications; Nick Leschly, an experienced business development and marketing biotech executive; and Anne-Mari Paster, previously CFO of MPM Capital, a venture capital firm.

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