GlaxoSmithKline Launches $50M Biotech Venture Fund

Law360, New York (August 9, 2013, 1:42 PM EDT) -- U.K. pharmaceutical giant GlaxoSmithKline has launched a $50 million bioelectric medicine and technology venture capital fund to provide seed capital to the industry and will make its first investment in a California biotech firm, GSK announced Thursday.

The life sciences firm will invest in firms that are pioneering so-called bioelectronic medical devices, which in theory can read and adjust electrical signals that pass along nerves in the body. The fund, Action Potential Venture Capital Ltd., plans to invest in five to seven companies over the next...
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