Tokyo, Japan – 4 June 2013: Sosei Group announces that at the meeting of the Board of Directors held on 4 June, it resolved to invest in the regenerative medicine fund run by the newly-established subsidiary Sosei Corporate Venture Capital (“Sosei CVC”). Sosei Group will pursue a new venture through Sosei CVC.
Sosei CVC manages a new fund for the purpose of investing in companies developing Regenerative Medicine (“RM”) technologies (including but not limited to tissue engineering and cell therapy/regenerative cell therapy, and related devices/equipment). The goal of Sosei CVC is to help incubate and commercialize RM technologies, primarily in Japan in light of the pioneering environment being nurtured by government. As the general partner (“GP”) of the fund, Sosei CVC is in talks with potential investors to raise funds from Limited Partners (“LP”) with the initial target of ¥2 billion. To date, Sosei CVC has been in discussion with several financial institutions, including SMBC which has already committed to invest in the fund. Sosei Group expects to commit up to ¥200 million.
Regenerative medicine is an area with a growing number of exciting early-stage technologies, many originating in Japan. The new fund, called the Regenerative Medicine Fund 1 (RMF1), represents a de-risked approach that will enable Sosei to continue its strategy of identifying and developing opportunities and positions it to effectively maximize resources for identification of promising RM technologies.
Sosei CVC will appoint a team of Scientific Advisory Board (“SAB”) members consisting of renowned RM specialists as well as professionals in the field of regulatory, formulations and clinical development, each with a proven track record. During the initial investment period, the SAB will help Sosei CVC identify and evaluate companies with promising RM technologies. This will minimize the risk of investing in yet unproven technologies. Once RMF1 invests in a company, the SAB will assist the management to strategize an efficient development and commercialization plan.