Abingworth Management, the UK-based life science venture capital firm, has announced that Allan Marchington and Raj Parekh have joined the firm as what it calls entrepreneurs-in-residence who will work with the firm’s existing portfolio of companies as well as identifying new opportunities for investment.
Marchington has more than 13 years experience in drug discovery and development holding senior positions in US-based Millennium Pharmaceuticals, Cambridge Discovery Chemistry, based in the UK, and Pfizer Central Research. Latterly Marchington was senior vice president at Millennium. In this role, he was responsible for the technology groups within Millennium and for managing changes in the company as it moved from a technology to a bio-pharmaceutical company.
Parekh co-founded Oxford GlycoSciences in 1988 and was chief scientific officer and senior vice president of research. According to an Abingworth statement, he was instrumental in the flotation of the company in 1998 and its recent merger with Celltech. Prior to OGS, he was a post-doctoral research scientist at the University of Oxford.
Stephen Bunting, managing director at Abingworth said: “We believe that both Marchington and Parekh represent the best entrepreneurial talent the UK has to offer. Abingworth has always tried to bring both money and management to new projects and these hires represent an extension to this approach.”
Late last year the firm appointed Michael Bigham as a director of Abingworth Management and a partner of Abingworth Bioventures III, which closed significantly above its $150m target, at $225m, in December 2001. He is based at the company’s offices in Palo Alto, California.
The firm, which is currently raising its fourth fund, has a third office in Cambridge, UK.