VC Leaves Firm After Violating Trading Rules
Jeffrey Barnes this morning was asked to resign as a general partner with Oxford Bioscience Partners, after the firm learned that he had not complied with policies governing personal securities trading. An OBP spokesman says that he did so with immediate effect, and that it is not expected to have a "material effect" on portfolio performance or firm operations. The spokesman adds that Barnes' transgression involved personally trading in publicly-held OBP portfolio companies without the knowledge of his fellow partners. Barnes originally joined the Boston-based venture capital firm in 1999, after having spent time in the healthcare M&A trenches with both Robbie Stephens and Needham & Co. Before that, he was co-founder and CEO of cardiovascular device company Biosyss Corp. He was one of five general partners on the firm's $150 million fifth fund, which closed
