There’s a story going on in biotech venture capital, and it’s about a slow and painful death. Four years after the start of the Great Recession, and after a decade of too much promising and too little delivering, the majority of biotech VCs are struggling to stay afloat. Firms are shutting their doors, forcing partners out in brutal political battles, or quietly fading away as they fail to raise new funds.
This ongoing theme resurfaced in the past week, when I wrote about the demise of Kirkland, WA-based OVP Venture Partners, the $750 million venture fund that has been betting on high tech, biotech, and cleantech companies for 30 years. This firm, like many others, waited and waited for a home run to save its portfolio, but it never happened. For OVP, Mountain View, CA-based Complete Genomics (NASDAQ:GNOM) was the one that just never came through in the clutch.