GLSV appoints Stephen J. McCormack as a Managing Director
Zug/Munich, July 31, 2007 - The Partners of Global Life Science Ventures (GLSV) are pleased to announce the appointment of Stephen J. McCormack, PhD as a Managing Director of GLSV AG. Dr. McCormack (age 42) had joined GLSV in their Zug office in May 2006 and became Partner in November 2006.
From the start Dr. McCormack has been active in identifying and assessing investment opportunities, which have already led to two investments where he represents GLSV as chairman or director on the supervisory boards. The companies concerned are IMI AG based in Zürich/ Bonn and Coapt Inc, from Palo Alto/ USA which develop retina implants for the blind, respectively bioabsorbable implants for use in aesthetic surgery.
Dr. McCormack's additional responsibility as a Managing Director in Zug will also allow him to draw on his previous operational experience as a co-founder and CEO of two US-based biotech companies. This will benefit the GLSV partnership, which plans further expansion of its team, and its portfolio that has grown to 34 investments throughout Europe and the USA.
Dr. Peter Reinisch, Partner, stated: "I welcome Stephen on our managing board and am convinced that he will quickly assume and share those additional responsibilities in running our operations. His strategic expertise will also be of significant value to GLSV as we manage the growth of our firm."
Dr. Hans A. Küpper, Partner, added: "With this appointment, we install the same co-management system as in our Munich office and keep pace with the growing activities of our group, and particularly of our office in Zug."
The GLSV team today consists of seven investment professionals, including five Partners, who bring a wealth of management expertise in the pharmaceutical industry and operational experience as entrepreneurs of biotech and medtech start-ups, as well as venture capital know-how. The team is ideally positioned to exploit the attractive investment opportunities in the life science industry.
About Global Life Science Ventures: GLSV is a leading, independent venture capital fund focusing exclusively on the life sciences. With offices in Switzerland and Germany, GLSV is dedicated to supporting early-stage companies originating from universities, scientific institutions or industry, but also invests in selected later-stage companies, including buy-outs. The group currently advises and manages funds totaling more than ¤200 million. GLSV has now financed 34 innovative life science companies throughout Europe and the USA, thirteen of which have completed an exit through IPO, trade sale or M&A. Since 1996, GLSV has built up a broadly diversified portfolio of companies in pharmaceuticals, diagnostics, medical devices, and biotechnology.
Global Life Science Ventures
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