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  • TVM Life Science Ventures VII Announces Investment in PRCL Research Inc.

    May 12, 2014

Montréal, Québec, May 12th, 2014 –TVM Life Science Ventures VII today announced the fund’s fourth investment, a co-investment with the Fonds de solidarité FTQ (the “Fonds”) – establishing PRCL Research Inc., a company based in Montréal, Québec. PRCL Research Inc. plans to develop, to proof-of-concept, a compound originally discovered by Synta Pharmaceuticals Inc. with the potential to treat psoriasis.

“The management team of PRCL Research Inc. is delighted to have the opportunity to collaborate with the TVM Capital Life Science team in progressing a biopharmaceutical asset to clinical proof-of-concept,” said Caroline Fortier, CEO of PRCL Research Inc.
“This direct investment by the Fonds de solidarité FTQ shows our desire to bring to Québec the economic benefits of new partnering models between funds, large pharmaceutical companies and biotech companies,” said Alain Denis, Senior Vice-President, New Economy of the Fonds de solidarité FTQ.

Psoriasis is a chronic immune-mediated skin disease that affects 2-3% of the general population globally 1.The most common form of psoriasis, plaque psoriasis, appears as raised, red patches covered with a silvery white buildup of dead skin cells. Psoriasis can occur on any part of the body and is associated with other serious health conditions, such as diabetes and heart disease.2 About one out of every five people affected have moderate to severe psoriasis.3 PRCL Research Inc. will explore the development of an oral drug candidate to help meet the unmet needs of people living with this condition.

“TVM Capital Life Science is proud to have enabled the creation of PRCL Research Inc., and to have secured the rights to compounds that specifically inhibit T-cell activity. This transaction is a testament to the benefits of our investment model,” said Dr. Luc Marengere, Managing Partner with TVM Capital Life Science and Board member of PRCL Research Inc. “Furthermore, we are pleased to collaborate with Caroline Fortier and Mark Cipriano, who will act as CEO and CFO respectively for PRCL Research Inc. Caroline has had a longstanding career in the life science industry; Mark is a well-known CFO in the industry.”

This is the fourth investment for TVM Life Science Ventures VII, a venture capital fund domiciled in Montréal, Québec, which follows a new, capital-efficient investment approach to developing pharmaceutical assets to human proof-of-concept in single-asset companies. TVM Life Science Ventures VII is a unique collaboration between TVM Capital Life Science and Eli Lilly and Company to finance and access innovation beyond the company’s walls and as a way to manage risk and share reward.

PRCL Research Inc. will leverage its extensive product development expertise to potentially bring their asset to human proof-of-concept. If and when proof-of-concept is reached, Lilly will have an opportunity to acquire the molecule.

“TVM Life Science Ventures VII is an important part of our strategy as we strive to discover innovative medicines in multiple therapeutic areas of great unmet need, including psoriasis and other autoimmune disorders,” said Elaine Sullivan, Lilly’s Vice President of Global External Research and Development. “Lilly’s alternative risk-sharing strategy has allowed us, together with other investors, to support the creation of project-focused companies in the Capital Funds portfolio to help speed the delivery of timely valued medicines to patients who are waiting.”

“Beyond their investment in the fund, Lilly’s relationship with TVM Capital Life Science makes their clinical-development expertise available to the resulting project-focused companies, including PRCL Research Inc., which will support these companies’ efficiency and cost-effectiveness in reaching clinical proof-of-concept,” said Dr Luc Marengere.


[1] [2] National Psoriasis Association:
[3] National Psoriasis Association:

About TVM Capital Life Science
TVM Capital Life Science is providing venture capital to the international pharmaceutical, biopharmaceutical and medical technology industries with  a 30 year transatlantic investment track record and in excess of US$1.1bn under management. The life science team boasts more than 120 investments and almost 90 exits in the last 25 years, including more than 40 initial public offerings on all major U.S. and European stock exchanges, and combines long-standing international investment and company building experience with their track record of dedicated board work, extensive global networks in the world of life science research and product development and a direct knowledge of the local markets. TVM Capital Life Science currently invests from its 7th fund generation, TVM Life Science Ventures VII, with an integrated team of investment professionals. Fund generations III to VI are managed by Managing Partners, Dr. Helmut M. Schühsler and Dr. Hubert Birner out of the Munich office. The new fund TVM LSV VII is advised by Dr. Hubert Birner and Dr. Luc Marengere out of Montreal. or

About TVM Capital
TVM Capital is a group of globally acting venture capital and private equity firms with an operating track record of 30 years. Investment teams have financed more than 250 emerging companies across several industries since 1984. During the last 15 years the firm has become increasingly specialized in the most attractive and high-growth verticals in the broader healthcare markets, with focus areas in financing innovative products and technologies in the European and U.S. biopharmaceutical and medical device markets, as well as healthcare services in the Middle East and India. TVM Capital funds operate globally with dedicated Life Science venture capital funds advised by group members TVM Life Science Management in Montréal and TVM Capital in Munich, and its healthcare private equity fund managed by TVM Capital MENA out of Dubai.

About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $9.7 billion as of November 30, 2013, the Fonds is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further Québec’s economic growth. Its investments, in all sectors of the economy, contribute to the creation and maintenance of businesses and development in Quebec. The Fonds is a partner, either directly or through its network members, in close to 2,400 companies. With its more than 615,000 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect more than 170,000 jobs.

About PRCL Research Inc.
PRCL Research Inc. is a special purpose company created to develop one compound to proof-of-concept. The project is fully financed by TVM Life Science Ventures VII and Fonds de solidarité FTQ (the “Fonds”). To date, the biopharmaceutical assetshave completed pilot tox studies with the goal of selecting one compound to begin GLP tox studies and file an Investigational New Drug (IND) application in 2015. If the IND is approved, the PRCL compound will be tested in single ascending dose study in healthy male volunteers and, if appropriate, in a multiple ascending dose study eventually leading to a clinical proof of concept (POC) in moderate to severe psoriasis patients. PRCL Research Inc. is funded by TVM Life Science Ventures VII and the Fonds, and is led by an experienced management team.

This press release contains forward-looking statements about TVM Life Science Ventures VII and Lilly’s investment in a pre-clinical stage compound for the indication of psoriasis that is being developed by PRCL Research, Inc. It reflects Lilly’s and TVM’s current beliefs; however, as with any such undertaking, there are substantial risks and uncertainties in the process of drug development. There is no guarantee Lilly will realize the expected benefits of the transaction, that the product will receive regulatory approval, or if approved, would be commercially successful. For further discussion of these and other risks and uncertainties, please see Lilly’s latest Forms 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. The companies undertake no duty to update forward-looking statements.

General Partner
TVM Life Science Ventures VII (GP) Ltd.
11-15 Seaton Place,
St Helier, Jersey
JE4 0QH, Channel Islands

Investment Advisor
TVM Life Science Management Inc.
2 Place Alexis Nihon, Suite 902
3500 Blvd De Maisonneuve West, Westmount,
Montréal, QC H3Z 1X5 Canada

For additional information, please contact:
Dr. Luc Marengere, Managing Partner, TVM Capital Life Science:
Dr. Hubert Birner, Managing Partner, TVM Capital Life Science:
Phone: 514-931-4111

Caroline Fortier, CEO, PRCL Research Inc.:
Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ :,
Phone : 514-850-4835