- Galbraith will focus on investments in the Life Sciences sector.
Vancouver - February 20, 2007 - Ventures West, one of Canada's largest private venture capital companies, is pleased to announce that Kenneth Galbraith has joined the firm as Venture Partner. Mr. Galbraith is a well-known and active member of the North American life sciences community with 19 years of experience acting as an executive, director, investor and advisor to companies in the biotechnology, medical device, pharmaceutical and healthcare sectors. In his new role, Mr. Galbraith will apply his vast experience and use his extensive network to provide strategic advice and analysis to the Ventures West Life Sciences investment team.
"As an executive and director of some of the pre-eminent biotech companies in Canada, Ken brings with him deep operational experience and expertise," said Ted Anderson, Managing General Director of Ventures West. "He will be an exceptional resource to our Life Sciences team and our portfolio companies."
In 2006, Mr. Galbraith served as the Chairman and Interim CEO of AnorMED, a biopharmaceutical company focused on new therapeutic products in hematology, HIV and oncology, until its sale to Genzyme Corp. in a cash transaction worth almost US$600 million. This transaction was the result of the first hostile takeover in the North American biotechnology sector and resulted in AnorMED shareholders receiving a 170% premium over the closing share price prior to the takeover.
Previously, Mr. Galbraith spent 13 years in senior management with QLT Inc., a global biopharmaceutical company specializing in developing treatments for eye diseases and oncology, retiring in 2000 from his position as Executive VP and CFO. QLT is best known for its product Visudyne, used for the treatment of age-related macular degeneration (AMD) in more than 75 countries around the world, with peak sales in 2005 of approximately USD $500 million. At the time of Mr. Galbraith's departure in September 2000, QLT had a market value of US$5 billion, making the company the most valuable biotechnology company in Canada and among the top ten in the world.
"This is an exciting time in the biotechnology sector and there are a growing number of promising investment opportunities available," said Mr. Galbraith. "I look forward to contributing to Ventures West's ongoing track record of finding and funding the best Life Sciences investment opportunities in North America."
Mr. Galbraith was a founding Director of the BC Biotechnology Alliance and served as Chairman of the Canadian Bacterial Diseases Network, one of Canada's federally-funded Networks for Centers of Excellence (NCE). He was also a Director of the Michael Smith Foundation for Health Research and the Fraser Health Authority. He currently serves on the Board of Directors of the Vancouver Aquarium Marine Science Centre, one of the world's leading aquariums.
He has served on the Board of Directors of several public and private biotechnology companies located in BC and the US, including Angiotech Pharmaceuticals (NASD:ANPI;TSX:ANP) and Cardiome Pharma (NASD:CRME;TSX:COM).
Ventures West has invested over $125 million in the Life Sciences sector over the last decade. Recent investments include Alder Biopharmaceuticals Inc., Macrogenics, Inc., NeurAxon Inc., Novadaq Technologies Inc., OncoGenex Technologies Inc. and Resonant Medical Inc. Mr. Galbraith will be joining the current Life Sciences investment team of Dr. Maha Katabi and Chris Laird and will be based in the Vancouver office.
About Ventures West
Ventures West Capital Ltd., a private venture capital investment group, is one of Canada's leading investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $700 million and has invested in more than 150 companies. Ventures West has the people, the expertise, and the capital to help entrepreneurs develop emerging technology companies into market leaders. For more information, visit www.ventureswest.com.
For More Information:
Christine Ramsay
Ventures West
cramsay@ventureswest.com
(416) 861-2280
