Hub-based venture capital firm Third Rock Ventures, LLC, has closed its third fund and is ready to put the money toward its intended purpose — supporting innovative health-care companies.
Third Rock partner Kevin Starr said the $516 million fund will help start 15 to 16 new companies, with a bias toward those that will be based in the Boston area.
He said the new fund will target "big ideas" companies.
"It's more about making a major impact on severe diseases," Starr told the Herald. "It's not about me-too drugs. We're looking to make a truly meaningful impact on major diseases."
Starr said a recent example was Third Rock's decision to fund Lotus Tissue Repair, which creates innovative treatments for dystrophic epidermolysis bullosa. The rare disease's victims, often referred to as "butterfly children" because their skin is as fragile as butterfly's wings, suffer from birth from a painful condition in which the top layer of their skin is so fragile that everyday activities such as eating or going to the bathroom can cause severe injuries to their skin and organs.
Lotus Tissue Repair created a unique drug that is injected monthly to help butterfly children lead more normal lives, Starr said.
"Our investors are happy, but what makes us happy is that we can help these kids with this horrible disorder," Starr said.
He added that Third Rock Ventures, which previously closed funds of $378 million and $428 million, is not yet thinking about a fourth fund, since it will be busy launching companies from the third fund for the next few years. He said most of the companies will be based in the Hub, since promoting innovative health care in Boston is a major goal of the fund.
"If you make a big difference for patients, the economic benefits follow," Starr said.
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