Fund to Focus on Investment Opportunities of All Stages in the Pharmaceutical, Medical Device and Biotechnology Sectors

NEW YORK, MINNEAPOLIS and SAN FRANCISCO, May 6, 2003 – Thomas, McNerney & Partners, LLC, a newly-formed health care private equity firm that invests in life science and medical technology companies, announced it has closed its initial fund, Thomas, McNerney & Partners, L.P. (formerly Lumina Ventures, L.P.). Committed capital totaled $216 million and was raised from a broad mix of institutional investors, including pension funds, university endowments, foundations and insurance companies. Thomas, McNerney & Partners has a broad mandate to invest in companies at all stages of development in the medical device, biotechnology and pharmaceutical sectors as well as related fields. The firm’s partners have nearly 60 years of combined health care investing and operating experience, including more than 35 years as active private equity investors.

With a multi-stage investment approach, the firm provides capital to help entrepreneurs launch companies as well as to assist emerging growth companies fund additional clinical development or the expansion of commercial activities. The Thomas, McNerney & Partners team is also focused on leveraging its historical success in later-stage investing through spinning out products and divisions from major medical device and pharmaceutical companies to form new entities and participating in recapitalizations. The firm is seeking to back organizations with strong management teams, sound business models and the potential to grow into market leaders. The firm typically seeks to lead financings, investing $10 to $20 million per company.

“Historically, this investment flexibility and focus on fundamentals have allowed us to make successful investments and exits in all market cycles,” said Managing Partner, James Thomas.

With offices in New York, Minneapolis and San Francisco, Thomas, McNerney & Partners is situated in three major hubs of life science and medical technology innovation. This geographic diversification allows the team to quickly respond to investment opportunities and provide its portfolio with local assistance and access to multiple capital and corporate partnership networks.

“We appreciate the endorsement of our team and strategy by the limited partners, as indicated by the size of the fund given difficult market conditions,” said Pete McNerney, Managing Partner. “Despite the current economic and political conditions, the pace of innovation in the health care technology field is substantial and we intend to capitalize on the significant long-term growth opportunity it represents.”

Thomas, McNerney & Partners was founded by Managing Partners James Thomas, Pete McNerney and Karen Boezi. Thomas joined the firm from E.M. Warburg, Pincus & Co., LLC, where he led the health care technology private equity practice. McNerney and Boezi came to the firm after overseeing the health care investment practice for Coral Ventures. Prior to joining Coral in 1994, Boezi worked with Thomas during her tenure in Warburg’s health care technology practice. The partners have collectively proven their ability to identify key investment opportunities and to effectively position portfolio companies to generate significant value post-investment, as demonstrated through the initial public offering or sale of 24 of their 36 historical portfolio companies.

The firm recently added Venture Partner Alex Zisson, a former Managing Director and leader of health care equity research at JPMorgan H&Q, and Chief Financial Officer Susan Haedt, who has more than 16 years of financial services and CFO experience.

“With the partners’ successful track record working together, our team is well positioned to both deliver a significant return to our limited partners and help our portfolio companies manage their businesses for near- and long-term success,” said Karen Boezi, Managing Partner. “With fundraising complete, we have turned our attention to investment opportunities and are pleased with the high quality of many of the potential investments we are evaluating.”

About Thomas, McNerney & Partners
With offices in New York, Minneapolis and San Francisco, Thomas, McNerney & Partners, LLC, is a health care private equity firm that invests in life science and medical technology companies at all stages of their development. In addition to helping entrepreneurs launch companies with seed and early stage funding, the firm provides growth capital to emerging companies for additional clinical development or to expand the commercialization of their products. Thomas, McNerney & Partners is also involved in spinning-out products and divisions from major medical device and pharmaceutical companies to form new entities, consolidating companies through roll-up strategies and participating in recapitalizations. The firm is targeting investments in the pharmaceutical, medical device, biotechnology and diagnostic sectors as well as other areas utilizing medical technology innovation. For more information, please visit

For More Information Contact:
James Thomas
Thomas, McNerney & Partners

Deborah Figlioli
FitzGerald Communications, LLC