Nanotechnology Now - Press Release: "OVP Announces New Venture Partner"

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Abstract:
Early-stage venture capital firm OVP Venture Partners (OVP) today announced the addition of Carl Weissman as Venture Partner. Mr. Weissman will focus on investments in digital biology and the convergence of IT, nanotechnology, and biotechnology.

OVP Announces New Venture Partner

KIRKLAND, WA | Posted on February 7th, 2007

Mr. Weissman is currently the President & CEO of Accelerator, a Seattle-based joint investment vehicle for a syndicate of venture capital investors - including OVP - identifying, investing in, and managing emerging biotechnology opportunities. Under Mr. Weissman's direction, Accelerator has generated a number of drug development companies in which the engine for discovery of novel therapeutics is based upon digital biology.

"We are building on the success of our existing partnership to create even greater opportunities in this space," said OVP General Partner and Accelerator board member Chad Waite. "Carl has unique skills and experience in this field and we are excited to broaden and deepen our relationship with him and with Accelerator."

OVP and Accelerator first announced a partnership in November, 2004. The partnership has successfully incubated new ventures combining advanced information technologies with advanced biotechnology research. Since inception, Accelerator has invested $21.8M in six biotechnology start-ups. One of Accelerator's first graduates, Viral Logic Systems Technology (VLST), raised a $55M Series B round co-led by OVP in June, 2006.

Prior to Accelerator, Mr. Weissman was President and CEO of Centagenetix, where he led the February 2003 merger of Centagenetix with Elixir Pharmaceuticals, remaining on the Board of Directors of the combined entity until January, 2005.

Mr. Weissman will continue to serve as President & CEO of Accelerator.

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About OVP
For over 24 years, OVP Venture Partners has led the drive into new, high-growth technology markets in the Pacific Northwest. OVP’s strategy of focusing on early-stage investments in defined spaces has yielded proven results; the firm’s record of 51 liquidity events – including 22 IPOs – leads the region. The OVP team has a passion for working with ground-breaking entrepreneurs and high-caliber investors, and is known for its performance track record and personal integrity. OVP has over $700 million in capital under management and is currently investing its seventh fund.

OVP has offices in Seattle and Portland and concentrates its efforts on opportunities at the intersection of technology’s next big waves and foundational strengths native to the region. The firm’s recent activity has included deals in communications, software, security, semiconductor, digital biology, and nanotechnology.

The OVP team includes investing partners Chad Waite, Lucinda Stewart, Rick LeFaivre and Carl Weissman in Seattle and Gerry Langeler, Dave Chen and John Hull in Portland. Chad Waite serves on the Board of the National Venture Capital Association (NVCA).

More information on the partnership is available at http://www.ovp.com .

For more information, please click here

Contacts:
OVP Venture Partners
Sara Morris, 206-851-5590

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