Ventures West Continues to Expand Entrepreneur in Residence Team

May 11, 2004 - Vancouver, BC - Ventures West Management Inc., one of Canada’s largest privately owned venture capital companies, is pleased to announce the addition of Barry Allen as Entrepreneur in Residence.  Mr. Allen, former President & CEO of VSM MedTech Ltd. will be involved in identifying and evaluating investment opportunities, with a focus on biotech and medical device companies.

"Barry’s extensive experience and contacts in the scientific and business community will be of great value to Ventures West and our entrepreneurs,” said Robin Louis, President of Ventures West. 

Most recently Mr. Allen was President & CEO of VSM MedTech Ltd.  From 1999 to 2004 he led the company’s growth from 5 employees to over 170. Under Mr. Allen’s leadership the Company grew from a research and development organization to a world leader in neuro-imaging and was recognized as BC Technology Industry Association Emerging Company of the Year in 2003, and received a 2003 Canada Export Award along with many other achievements.  Prior to joining VSM, Allen held a number of senior positions within the international medical device industry including Xillix Technologies Inc., a Vancouver based medical imaging technology company. 

Mr. Allen serves on a number of for profit and charity boards including Medical Ventures, One Person Health Science, MDX Medical, The Down Syndrome Research Foundation, and was Co-founder of the Western Canadian Pediatric AIDS Foundation. He is active in the professional community serving as the President of the BC Medical Device Industry Association, and sits on a variety of committees including the BCTIA Finance Sub-committee (Private Equity), and Manning Award Foundation.

“With a total of five Entrepreneurs in Residence in our Toronto and Vancouver offices, we have one of the largest EIR programs in Canada,” adds Louis. “The EIRs provide valuable advice and input regarding our investment activities.  Our portfolio companies benefit directly from their expertise and several past EIRs have joined our companies as CEO or senior management."

Ventures West has invested over $70 million in biotech companies over the last decade.  Recent investments in the biotech sector include Oncogenex Technologies Inc., Salmedix Inc., and Celator Technologies Inc.

About Ventures West
Ventures West Management Inc. is a private venture capital investment group that is recognized as one of Canada´s pre-eminent investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $600 million and has invested in more than 125 companies. Ventures West has the people, the expertise, and the capital to help develop emerging technology companies into market leaders. Investments focus on four technology sectors: Biotechnology, Communications, Energy Technology and Information Technology. For more information, visit www.ventureswest.com.

For More Information
Christine Ramsay
Ventures West Management Inc.
cramsay@ventureswest.com
(416) 861-2280