San Francisco-based Burrill & Company looked like it had beaten the odds a little more than a year ago during a tough time for biotech venture capital firms. Burrill said in a statement that it had put together Burrill Capital Fund IV, with “aggregate capital commitments” of $505 million to invest in drugs, diagnostics, medical devices, healthcare delivery, wellness, and digital health.
Actually, it turns out the fund raised about $200 million. Partly as a result of the size difference, the team responsible for investing the cash has split off from Burrill into a new venture firm called Biomark Capital, Xconomy has learned.