Experienced team has developed a targeted late-stage investment strategy that focuses on de-risked opportunities with substantial upside
Caxton Advantage Life Sciences Fund is a leading life sciences investment firm focused on late-stage private and public drug development companies. The Fund’s targeted late-stage investment strategy – in conjunction with the team’s experience, insight, and disciplined approach – has produced successful results for both its investors and portfolio companies.
The Fund was established in 2006 by Managing Partners, Eric W. Roberts and A. Rachel Leheny, Ph.D. – one of Wall Street’s premier life sciences investment banking and research teams – along with affiliates of Caxton Associates, a New York-based trading and investment firm.
Eric and Rachel have worked together since 1998. The Caxton Advantage investment professionals also include Jay Cecil and Scott Morenstein. Together the team has a collective 75 years of experience and has worked on over 200 financing and M&A transactions in the life sciences industry.
Insight on what drives success is key to assessing management and their clinical plan
Disciplined, successful approach has established Caxton Advantage's reputation as a preferred investor for late-stage private and micro-cap public companies
Managing Director
In 2004, Dr. Leheny co-founded Caxton Advantage. Dr. Leheny has 25 years of experience in the life sciences industry. From April 2000 to May of 2002, Dr. Leheny was the Head of the Biotechnology Research Team and a Senior Vice President at Lehman Brothers. Dr. Leheny headed the Biotechnology Research Team at UBS Warburg and worked at Hambrecht & Quist, most recently as a Managing Director and Senior Biotechnology Analyst. Dr. Leheny was named a Wall Street Journal research All-Star for stock picking in 1996, 1998, and 2002. Dr. Leheny obtained her A.B. in Chemistry with honors from Harvard College and a Ph.D. in chemistry from Columbia University. She did post-doctoral work at the University of California, Berkeley where she was an NIH fellow and a lecturer. Dr. Leheny currently serves as a Director on the Board of Anthera Pharmaceuticals, was a Board Observer at Corthera and is a Director of the Clearity Foundation, a non-profit organization that provides molecular profiling for women with ovarian cancer.
In 2004, Mr. Roberts co-founded Caxton Advantage. Mr. Roberts has 24 years of experience in the life sciences industry. Most recently, he was Managing Director and Co-Head of the Global Healthcare Investment Banking Group at Lehman Brothers. He also served as a member of the Investment Banking Management Committee and as a member of the screening committee for the Lehman Brothers Healthcare Venture Capital Fund. Mr. Roberts was also a Managing Director, Partner and founder of the Life Sciences Department at Dillon, Read & Co. Inc. which was ultimately merged into UBS. At UBS, Mr. Roberts ran the Life Sciences investment banking team. In addition, Mr. Roberts worked at Citicorp in the Citicorp Venture Capital (CVC) group before Dillon Read. Mr. Roberts received a B.S. in Economics from the Wharton School of the University of Pennsylvania. Mr. Roberts currently serves as a Director on the Board of Gemin X Pharmaceuticals and is a Board Observer for Regado Biosciences.
Scott Morenstein joined Caxton Advantage in 2007. Scott has 12 years of experience in the life sciences industry. Prior to joining Caxton Advantage, Scott was an investment banker and founding member of Seaview Securities, a boutique investment bank focused on life sciences mergers and acquisitions and private placements. Previously, Scott was also a healthcare investment banker and equity research analyst covering the biotechnology sector at Lehman Brothers. Scott is actively involved in the fund’s investments in Gemin X Pharmaceuticals and Sunesis Pharmaceuticals. Scott currently serves as a Director on the Board of Gemin X Pharmaceuticals. Scott received an MBA from Harvard Business School and a BA from the University of Pennsylvania with a degree in the Biological Basis of Behavior with a Concentration in the Physiology of Neural Systems.
Jay Cecil joined Caxton Advantage in 2006. Jay has 14 years of experience in the life sciences industry. Prior to joining the Fund, he was a Vice President in the Life Sciences Investment Banking Group at Piper Jaffray. Before Piper Jaffray, Jay worked within the Health Care Investment Banking Group at Montgomery Securities. During his years in life sciences banking, Jay completed over 60 financing and acquisition transactions worth over $5.6 billion for a range of life science clients including Anesta, MGI Pharma, Biomarin Pharmaceuticals, Alexion Pharmaceuticals and ILEX Oncology. Since joining the fund, Jay has played an active role in a number of new investments, including VIVUS, Corthera, Regado Biosciences and Anthera Pharmaceuticals. Jay earned an MBA from The Wharton School, University of Pennsylvania and an MS in Biotechnology from the University of Pennsylvania with a concentration in Immunology. He graduated Phi Beta Kappa from Lehigh University with a degree in Economics.
Principal
Anthera Pharmaceuticals
A public cardiovascular and inflammatory disease company
www.anthera.com
A private company developing the hormone, Relaxin, in acute heart failure
www.corthera.com
A private company focused on
cancer therapeutics
www.geminx.com
A public Italian company treating vascular complications of cancer treatment
www.gentium.it
A private company focused on use of aptamers for reversible treatments in acute care cardiovascular markets
www.regadobiosciences.com
A public company focused on cancer therapeutics
www.sunesis.com
A public company primarily focused on treatments for obesity and diabetes
www.vivus.com
NASDAQ: ANTH
Corthera
Acquired by Novartis
Gemin X Pharmaceuticals
Acquired by Cephalon
Gentium
NASDAQ: GENT
Regado Biosciences
Sunesis
NASDAQ: SNSS
Vivus
NASDAQ: VVUS
For more information regarding Caxton Advantage, please contact us at info_caxtonadvantage.com.
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