Michael Cohen and Cynthia Lavoie will head up the investment team for the VenGrowth Advanced Life Sciences Fund Inc., VenGrowth Asset Management Inc. said Friday.

Cohen has been with Toronto-based VenGrowth as a managing general partner since the inception of the retail venture funds in 1994. He has invested over $188 million in 17 companies, including companies in the health care sector. Cohen has chaired the life sciences investment committee since the discipline was added to VenGrowth in 2002.

Lavoie, a partner at VenGrowth, has been an integral member of the life sciences investment discipline since joining VenGrowth in 2003. She holds a B.Sc. (Honours) in Biology, an MBA and a Ph.D. in Molecular and Cellular Biology.

Cohen and Lavoie succeed Luc Marengère who has left to pursue new business interests.

In addition, Vengrowth announced the promotion of Andrew Vignuzzi to the position of partner. Vignuzzi has been a member of the technology team since joining VenGrowth in 2006. Prior to joining VenGrowth, he held senior roles at Nortel Networks. Andrew holds an MBA (Finance), an M.A.Sc. (Electrical) and a B.Eng. (Engineering Physics).

Redemptions still on hold for three VenGrowth funds

VenGrowth also announced that “in light of the extended adverse exit market conditions for private portfolio companies” it will continue to suspend redemptions for three funds: VenGrowth I Investment Fund Inc.; VenGrowth II Investment Fund Inc.; and VenGrowth Advanced Life Sciences Fund Inc.

The suspension “is intended to prevent any near and mid-term liquidity challenges, help achieve optimal exit values for maturing portfolio companies once exit market conditions improve and ensure the proceeds generated from those exits are returned to all shareholders,” the company said in a release.

The suspension expires on Sept. 30, 2011.

VenGrowth says the funds will honour redemption requests in those circumstances referred to as “hardship” cases such as on the death of the holder of class A shares.

Last week, VenGrowth announced that it would not proceed with the previously announced sale of five VenGrowth funds to Covington Fund II Inc. That decision followed a request by the Ontario Securities Commission for new votes by shareholders of the VenGrowth funds with full disclosure of original manager-to-manager arrangements associated with the proposed transaction.

IE