It’s not the good ol’ days of blank checks for any old startup or fund, that’s for sure. Long gone are the days when one could swindle LLP’s and investors into funding yet another me-too fund or biotech. Yeah, yeah, the good ones survive, but the Graveyard is littered with examples of “investment firms” and companies that crashed horrifically, for various reasons.

Anyway, enough of the rant (which we haven’t done in a while). Let’s take a look at the new biotech money and one fund that has faced some hurdles…

• Ontario is launching a new fund to attract and retain genomics scientists. The $100M Global Leadership Round in Genomics and Life Sciences said last week that it will support “globally-significant, collaborative research projects” based in Ontario, Canada. The fund’s goal is also to create high-skilled jobs in research and technology and boost the economy. The fund will also support research in agriculture, environmental protection and clean technologies.  [Pharmalive]

• Bio Equity Risk Management, LLC, a boutique healthcare investment firm, announced its debut today. The firm’s website says its investment strategy is special situations with a target clientele ranging from companies to limited general partners. The firm was founded by Nessan Bermingham who was previously a partner at partner at Omega Funds, a direct secondary healthcare fund, and at Atlas Venture. Prior to joining Atlas, Nessan was a biotech/pharma research analyst at UBS Warburg. Bio Equity is also headed up by Joseph Siletto, previously director of health care investment banking at Cowen and Company. The firm’s website or press release did not provide a fund size and it’s a bit unclear as to whether they will invest in companies or advise on transactions.  [Company Website]

• Prism VentureWorks says it’s thrown in the towel at raising its new fund. Prism started raising for its $275M fund last August, but ended up facing serious obstacles when the economy tanked. Woody Benson, a general partner at Prism, said this:

“We plan to spend the next year focusing on our portfolio companies, and evolving the firm. I don’t know exactly what that evolution will mean for us, but the venture world is obviously beginning to change, in terms of things like new models…”evolution” is not expected to include layoffs of investment staff.

One of Prism’s investments includes Trius Therapeutics, a company we profiled last year and one that is on our Bull VC Watch. [peHUB]

Image from ohmygov

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