Mellon backs early-stage genetics fund

IRegent, Jim Mellon’s Hong Kong investment group, provides initial backing for a new genetic medicine fund.

IRegent has invested in a new fund focusing on genomics and genetic medicine reports the Sunday Times. The new fund – the Next Generation Genomics and Bioinformatics fund – will be managed by IM Life Sciences.

The unravelling of the code of the human genome last year was expected to result in significant new investment opportunities however the initial enthusiasm has waned as investors realised the time it will take to bring medical breakthroughs to market.

However, the British team behind IMGeorge Morris and Neil Swift – believes that there is room for a more specialised investment fund that focuses on firms developing diagnostic tests rather than drug development.

IM is aiming to raise a minimum of $40m but hopes to get closer to $150m.