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For Immediate Release:                                            Contact:

5/20/2005                                                                    Gene Eagle (501) 682-5903

                                                                                    Derrick Rose (501) 682-5904


ADFA Supports Life Sciences Venture Capital Fund


On May 19, 2005the Arkansas Development Finance Authority (ADFA) closed on a $4,500,000 commitment to invest in Prolog II, an early stage life sciences venture capital fund from St. Louis MO. 


The announcement was made at the Fourth Annual Venture Capital Forum that was held in Little Rock this week.  Prolog was one of several institutional venture capital funds that sponsored the Forum.  Prolog also participated in a panel discussion on how the private equity firms that serve this region seek to deploy their capital. 


Prolog has raised a total of $51,000,000 for their second fund.  Prolog II is a venture capital fund organized to generate superior capital appreciation based on a portfolio of investments in early-stage life sciences companies.  Prolog will seek a balanced exposure to four key life sciences sectors:  biopharmaceuticals, medical technology, agriculture and nutrition, and healthcare information technology.  The key selection criteria will include novel functionality, technical validity, the potential for strong intellectual property positions and large accessible markets.  The firm has committed to actively address the Arkansas market by employing a person in state to help them identify potential deals.  In addition, they will put together a volunteer advisory board made up of select individuals from various regions of the state to make sure all potential opportunities are surfaced. 

ADFA’s investment was made through the Arkansas Institutional Fund (AIF).  The AIF is a $70 million fund of funds, supported by ADFA, that invests to help build the professional venture capital industry that serves Arkansas entrepreneurs. 


“Making these announcements regarding the initial fund investments are exciting, but what I am really looking forward to is down the road, and seeing one of the Arkansas companies funded by Prolog as a legitimate home grown success story,” said ADFA Vice President of Development Finance Gene Eagle.  “Real economic development occurs when outside private equity capital is invested into a local business opportunity.”


“We were pleased to recommend supporting this effort,” said Michael Tharp, AIF Fund Manager. 



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