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| [July 22, 2004] |
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Zero Stage Capital Announces First Distribution to Limited Partners from 2001 Venture Capital Fund
CAMBRIDGE, Mass. --(Business Wire)-- July 22, 2004 -- Liquidity event reflects strong portfolio company activity
Zero Stage Capital today announced that it has made its first distribution to limited partners of Zero Stage Capital VII, L.P., a $160 million venture investment fund established in 2001.
The distribution follows the sale of the company's position in Evergreen Solar, Inc., a developer, manufacturer, and marketer of solar power products that use its patented solar power technologies.
"At a time of fewer liquidity events, coupled with extended investment horizons across the venture industry, we're delighted to be able to return gains to our limited partners from our most recent fund," said Paul M. Kelley, Zero Stage Capital managing director and chief executive.
Zero Stage Capital reported that the Evergreen Solar investment returned a 3.4 multiple from its 2001 investment.
Kelley said the recent distribution reflects continued strong performance of Zero Stage Capital portfolio companies. He cited as examples:
-- ViaCell, Inc., a clinical-stage biotechnology company dedicated to enabling the widespread application of human cells as medicine, which has filed an initial public stock offering with the Securities and Exchange Commission.
-- Konarka Technologies, Inc., an innovative developer and manufacturer of breakthrough products that convert light to energy, recently completed a third round, $18 million financing.
-- BioTrove, Inc., a biotechnology company focused on advancing life science and drug discovery research, recently closed the second traunch of a $13.7 million investment.
-- Pintex Pharmaceuticals, Inc., a pharmaceutical company which is creating a new paradigm that combines diagnostics with therapeutics to treat a number of human cancers, is garnering widespread attention within the research-based drug industry.
"In addition, several of our information technology portfolio companies have landed major contracts with the federal government to provide products and services for homeland security applications," Kelley said.
Earlier this year, Zero Stage Capital announced several key appointments to its professional team. They included Robert A. Barrows as chief financial officer and Matt Kelley as chief operating officer.
"Building high-value companies that create new markets takes the combined efforts of dedicated, innovative entrepreneurs and seasoned investment professionals," Kelley said. "Our investment team, led by Ben Bronstein, Bic Stevens, and Frank Pinto, backed by a strong professional organization, is doing a superb job in a challenging time."
About Zero Stage Capital
Founded in 1981, Zero Stage Capital (www.ZeroStage.com), a Cambridge, Mass.-based venture capital firm, with offices in Manchester, NH, and Providence, RI, invests in emerging companies in the life sciences, IT/communications, and energy-related technology sectors.
A pioneer of start-up and early stage funding of innovative, high technology companies, Zero Stage Capital now manages seven balanced and diversified funds that provide support for businesses at every stage of development. The firm has more than $425 million in capital under management and has invested in more than 100 companies.
NOTE: This announcement is made as a matter of record, and is not intended, nor should be interpreted, as a recommendation to invest in any company.
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