Hopen Nabs $25M for Second Fund

Xconomy Detroit/Ann Arbor — 

Grand Rapids, MI-based Hopen Life Science Ventures has pulled in $25 million in a first close of its second fund, the venture firm announced yesterday. It’s still opening up the fund to another crop of limited partners, and hopes to close the fund at a total of $50 million by January 2012.

Hopen aims to invest in eight to 12 companies from the fund, focusing on technologies in the drug, medical device, and diagnostic spaces. The firm has already invested in four companies from Hopen Life Science Fund II, three of which are based in Michigan. That includes medical device startup TransCorp Spine and personalized cancer therapy developer Intervention Insights, both out of Grand Rapids, as well as Kalamazoo-based drug developer Metabolic Solutions Development Company.

The fourth investment from the fund was in Minnetonka, MN-based NeoChord, a medical device developer focused on mitral valve repair in the heart. Hopen launched its first fund in 2006 and has seven companies in that portfolio.