Celtic Pharma' s first close of second fund

Private equity fund management partnership Celtic Pharma Holdings Advisors has announces the first close of the second Celtic Pharma fund,  Celtic Pharma Holdings II LP (CP2). CPHA is a subsidiary of Beehive  Capital, the Financial Services Agency-regulated fund manager. CP2 will  remain open to subscriptions from new investors during 2009.

CP2 injects growth capital into investee companies and, in doing so,  fully funds their development to an agreed exit point in exchange for a  majority shareholding. CPHA provides world leading pharmaceutical and  biotechnology sector experience for the benefit of investee companies  and helps them to optimise the development path for their drugs and  devices, increasing the probability of their clinical success and  maximising their commercial potential, the firm says.

Commenting on the first close, partner John Mayo said: "it is a  Victorian understatement to say that growth capital is at a premium  today. Also, investee company managements are learning to make each  dollar, pound or euro go a lot further.  This bodes very well for our  investment returns and future development. The next three years will be  remembered as a golden era for biotechnology and pharmaceutical  investing."k