February 3, 2010 »»» Triathlon Medical Ventures and Affinity Capital Announce Collaboration in the Formation of the Minnesota Life Sciences Seed Fund

Triathlon Medical Ventures and Affinity Capital announce that they are collaborating on the formation of a $10M Life Sciences Seed Fund dedicated to investments in Minnesota. The Seed Fund will focus on investing in early stage biotechnology and medical device opportunities and will also consider investments in other human and animal health care sectors.

"Minnesota life science startups currently have difficulty accessing the capital that is vital for them to start and to grow", said Dale Wahlstrom, CEO of The BioBusiness Alliance of Minnesota (BBAM). " I know I speak for our Board of Directors and our partners, the Southern Minnesota Initiative Foundation and LifeScience Alley, when I say how very pleased we are to have the opportunity to support Triathlon over the past year to bring the potential of this fund forward. The partnership now formed between Triathlon Medical Ventures and Affinity Capital brings the differing strengths of both organizations to focus on an important need for Minnesota's industry. We feel fortunate to have them in our community".

"We are pleased to announce Barbara Nelsen and Serafin (Fin) Samson as the Managing Partners of the Seed Fund and look forward to working closely as we raise funds and then invest in the life sciences entrepreneurs in Minnesota. This team brings together the essential skills for success in working with entrepreneurs given both their operating experience in small and large healthcare companies as well as university commercialization and their venture capital investing experience", stated Mina Sooch, Managing Partner at Triathlon Medical Ventures. Partners from both Triathlon Medical Ventures and Affinity Capital will serve as advisors to the Seed Fund and provide unique access to its networks and infrastructure.

Affinity Capital is a healthcare dedicated venture capital firm with over $165M under management. Affinity has over 20 years of healthcare venture capital investing experience in medical device, healthcare service/IT and enabling biotechnology companies that are primarily based in Minnesota. "We are very supportive of this effort and recognize there is a need for seed capital investment in Minnesota-based medical technology and biotechnology companies. Fin brings a unique set of skills and venture capital experience to the fund that will add significant value to the effort," said Ed Spencer.

Triathlon Medical Ventures, an exclusively life sciences fund with over $100M under management focuses on all stages of investments in the Midwest with six experienced managing partners based in multiple offices across the Midwest. Three Triathlon partners - Mina Sooch, John Rice, and George Emont - have a long history in Minnesota dating back to 1988 with IAI Venture Capital, working with the University of Minnesota technology transfer office, and reviewing over 100 deals in Minnesota, including investing in Celleration (Eden Prairie, MN) with Affinity Capital.

"We know there are great investment opportunities in Minnesota and we have been working to expand our presence in the state to execute our Midwest strategy. The creation of this seed fund is a continuation of the successful strategy that Triathlon has pursued, creating, co-investing with or advising seed funds and business accelerators throughout the Midwest, including Kentucky, Missouri, Ohio, Indiana, and Michigan. These seed fund relationships are an integral part of our investment strategy that connects us to our Midwest communities and provides quality future deal flow. " said George Emont, Managing Partner of Triathlon.

"The flow of life science innovation from our MN research institutions, large and successful technology companies, and the local entrepreneurial community overwhelms the limited seed stage capital available in MN. This creates a wealth of investment opportunities for us to choose from with the potential to make strong returns for investors. We look forward to the support of key institutional and individual investors in this community in order to make this happen," said Barbara Nelsen, Managing Partner of the Minnesota Life Sciences Seed Fund.

The Minnesota Life Sciences Seed Fund will locate offices at Affinity Capital in downtown Minneapolis.

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