Malin confirms Martin as CEO, announces investments of up to $21m
Irish-based lifesciences company Malin has confirmed former Elan boss Kelly Martin will become its chief executive and announced an investment programme worth up to $21m.
The company has agreed to invest up to $20m with HVP, a life-sciences-focused venture capital firm based in North Carolina. HVP invests in early stage companies in life sciences with a broad focus including medical devices, diagnostics, discovery science and clinical platforms and healthcare IT.
"This transaction enables Malin to leverage the considerable expertise embedded within HVP and extend its network without building out its own infrastructure. By working with and through HVP, Malin will have broad access to many technologies and platforms in a number of world class universities," Malin said in a statement released to the stock exchange this morning.
It said it has also committed to investing up to $1m in Jaan Health, a New York-based healthcare mobile technology company.
Current Malin CEO Adrian Howd will become Malin's chief investment officer and continue as an executive director on the company's board.