We announced the launch of our fund through a press release today.
Forentis Partners, LLC has announced the launch of Forentis Fund, a $50 million special purpose venture fund focused on biotechnology. The fund’s mission is to bring together the people, companies and technologies that are transforming the pharmaceutical and diagnostic industries.
“Lives are being lost daily and people are suffering because we can’t get medical innovations to market fast enough,” stated Jay Goth, founder and managing partner. “We have already identified companies that can rapidly bring new diagnostics and treatments to market. The goal is to build an ecosystem around these companies that identifies, validates and protects new medical discoveries. We will then assist in the formation and funding of new business entities that can bring them to market quickly, efficiently and at low cost through advanced methods such as predictive analytics and trial enrichment.”
The Forentis team is comprised of business and investment professionals and includes experts in science, pharmaceuticals, intellectual property and high technology. The group has had ongoing discussions with two specific companies regarding business development and funding strategies to take advantage of emerging market trends and innovations.
Goth cited the FDA’s recent announcements of new treatments entering the market. “The new FDA commissioner, Robert Califf, recently stated that a better understanding of biology and the continued adoption of sophisticated technology will bring a flood of new treatments to market,” Goth said. “We believe that we are working with some of the leaders in this area and are very excited about the opportunities ahead.”
A core goal of the fund is to apply new approaches and technologies to reduce the billions of dollars being wasted in clinical trials. According to PhRMA (Pharmaceutical Research and Manufacturers of America), it takes over 10 years and costs more than $2.6 billion to bring a new drug to market. Close to 90% of all drugs entering clinical trials fail, and the failure rate in Phase 3 oncology drug trials is approximately 50%. The fund managers believe that bringing new technologies and approaches to the clinical trial process can speed the process while reducing costs.