5AM Ventures , a Menlo Park, Calif. venture firm specializing in seed or early-stage life science and biopharmaceutical investments, announced that it's raised $119.25 million toward a third fund of at least $150 million. The money came from a grab bag of undisclosed private investors, endowments, foundations and pensions.
5AM raised its first fund, totaling $65 million, in 2002, and its $150 million second fund in 2006. The latter handed out chunks of $12 to $15 million to 12 companies.
The firm has seen a decent amount of success, with four exits: Panomics' sale to Affymetrix for $73 million, Ilypsa's sale to Amgen for $420 million, Milkana Therapeutics' sale to EntreMed for $21.2 million in stock, and Alexza 's initial public offering in 2006 (all from the first fund).