TVM Ventures, the 20 year-old venture capital firm headquartered in Munich and Boston, has made an appointment to its US-based life sciences team, hiring former Allos Therapeutics chief executive Stephen Hoffman as principal and investment manager.
Hoffman set up Allos Therapeutics, a biopharmaceutical company focused on developing and commercialising innovative drugs for improving cancer treatments, in 1994 as founding chief executive officer. The company listed on Nasdaq in March 2000.
Helmut Schühsler, managing partner and head of the life science practice at TVM, said the appointment would boost the firm’s capacity to grow its portfolio businesses. “[Hoffman] has a pronounced interest in building transatlantic businesses, which is one of our key focus areas. He brings a strong industry network to our US operation.”
Despite major difficulties for venture capital firms in the current market environment, life sciences has been one of the few sectors to hold up in a shrinking investment market. Data published by VentureWire showed that despite slowing down in the second half, biotechnology was the most active sector for VC investment in 2002. Biotech firms attracted $3.2bn in 262 financing rounds, a small increase over 2001's totals of $3bn in 219 deals.
TVM closed its fifth fund, the TVM V Information Technology, in October 2002, 50 per cent below target on E128m. The firm manages in excess of E1bn.
TVM also announced today that it was participating in a $20m fourth round funding alongside Paladin Capital, Liberty Mutual, Austin Ventures, SAIC and Sternhill Partners. The recipient is ClearCube Technology, a Texas-based computer development business. TVM first invested in ClearCube in 2001.