Former Dendreon CEO Mitch Gold has partnered with biotechnology stock researcher David Miller to create a new Seattle-based investment firm called Alpine BioVentures.
The fund, which was started earlier this year, plans to invest in both public and private companies which are developing “significant innovations in healthcare technology which meaningfully improve the lives of patients.”
Gold left the CEO post at Dendreon in February 2012, resigning after nine years on the job. That followed a series of layoffs and disappointments around the company’s prostate cancer drug, Provenge. Seattle-based Dendreon now has a market value of $457 million, trading at $2.89. In 2010, the stock topped $50 per share.
Alpine notes on its Web site.
We believe healthcare companies offer extraordinary risk/reward characteristics. Our intensive original research capabilities have proven adept at uncovering unseen and undervalued opportunities in the healthcare space. Our philosophy combines a fundamental scientific review to assess the unmet medical need, a belief in the management team, and patience to endure the unique rhythms of the biotechnology sector.
Luke Timmerman at Xconomy has more details on the fund, noting that it is being formed during an uptick in the healthcare industry with more than 31 IPOs so far this year in the sector. “You’re seeing a lot of interesting developments in cancer and rare diseases, and I want to be a part of it,” Gold told Xconomy. The size of the fund is not being disclosed, and a search of public records related to the fund turned up no results.
Gold is joined at the firm by David Miller, the former CEO and publisher of Biotech Stock Research.