MGCS 2012 will feature presentations from more than 40 of the Midwest’s top high-growth companies. Applications will be accepted through Tuesday, March 6. A four page (maximum) executive summary is needed to apply along with a $20 application fee.

Who should apply?
High-growth innovative companies from market sectors including but not limited to internet, software, healthcare, medical device, pharma, mobile and energy. Companies encouraged to apply include seed, early-stage, late-stage, and pre-IPO. Presenting companies will be selected by a committee of qualified venture capitalists. Companies will be selected based on market opportunity, competitive advantages, intellectual property, partnerships, business/technology platform, financial projections, exit strategies and the quality and experience of the management team.

Companies considered for presenting should meet the following criteria:
- Project $20M in revenue within five years.
- Seek funding in the range of $500K to $20M.
- Preferably have a Midwest connection.

Presenting Company Benefits
*  A four-page company executive summary will be included in the conference binder.
*  Listing of company name and link on the MGCS web site.
*  Pitch and presentation coaching.
*  15 minute presentation slot to showcase your business opportunity.
*  Table-top exhibit space.
*  Extensive networking time in and near the exhibit area.

Registration
Selected companies receive a reduced registration rate of $295, which is a $200 discount off regular admission.

MGCS will also feature:

*         2 Keynote Luminaries

*         65+ Investment Firms Represented

*         42 Top Midwestern Companies Seeking Funding

*         30 Premier Panelists

*         5 World Class Panel Discussions

*         2 Days of High Level Networking

Questions? Please contact Mary Nickson, Symposium Manager, at 734-615-4424 or mnickson@umich.edu.

Ann Arbor-based Molecular Imaging, Inc. announced that it has closed its Series A financing round, originally targeted for $8.5 million, at $9.9 million. The company is pleased to announce that it has secured a $2.5 million investment from Beringea through the $185 million InvestMichigan! Growth Capital Fund plus another $350,000 from existing shareholders Baird Venture Partners (BVP) and Invest Detroit. Combined with $7.05 million previously provided by BVP, Arcus Ventures and Invest Detroit, Molecular Imaging’s Series A round was over-subscribed by nearly $1.5 million.

Molecular Imaging is a specialty contract research organization (CRO) providing in vivo preclinical imaging services to the pharmaceutical and biotechnology industries to enhance early-stage R&D decision-making. Molecular Imaging has a proven track record of imaging and discovery expertise in oncology and inflammation and is extending its imaging efforts into other therapeutic areas. The company’s imaging modalities include MRI, micro-PET, bioluminescence, fluorescence (two- and three-dimensional with fluorescence molecular tomography) and micro-CT. Molecular Imaging has performed nearly 400 imaging studies since its founding in 2003, supporting the needs of more than 100 customers.

Michael Gross, managing director for Beringea and now a director of Molecular Imaging said, “Beringea is excited to make this investment in Molecular Imaging – it’s the 26thcompany in the InvestMichigan! Growth Capital fund portfolio. We believe that the early application of imaging in drug discovery can make a significant difference in the efficiency and effectiveness of a company’s R&D investment. The growing use of multi-modality imaging is enhancing anatomical and functional assessments of diseases and treatments and is a very powerful tool in helping select compounds or biologics with the  greatest clinical potential. We look forward to Molecular Imaging leading the way in this important area.”

“We are very pleased to have Beringea as part of the Molecular Imaging team,” said Tom Ludlam, president and CEO for Molecular Imaging. “With their investment, we look forward to further advancing our efforts to grow and diversify both the imaging modalities and the range of disease models we offer to our customers. Our recent agreement with Dana Farber Cancer Institute, which gave us access to a broad line of luciferase-enabled cell lines, is just one example of the kinds of opportunities this investment from Beringea affords us the opportunity to pursue.”

We’re proud to introduce our new board chair, Tim Petersen. Tim, who is the managing director at Arboretum Ventures, is responsible for Arboretum’s financial and fund management activities and is a member of its Investment Committee. He has been a venture capital investor for the past 14 years.

Read about Arboretum in a recent Wall Street Journal blog.

“We have the strongest state venture capital association in our region. We’re the envy of our neighbors in this area. My biggest goals are to continue on the momentum we have built over the past ten years in this organization and in this state,” Tim explained, when asked about his goals as board chair.  “We’re rising relative to other states nationwide in terms of venture capital under management in firms headquartered in Michigan.  Michigan is now around 15th in capital under management nationwide, whereas we were consistently outside of the top 20 ten years ago.”

Our Q& with Tim:
What do you think is a trend to watch in terms of VC in 2012?

Nationwide, venture fundraising has been off significantly the past three years.  A lot less capital has been committed to new funds than has been deployed from existing firms, many of which raised those funds in the 2005 to 2007 time period.  That situation cannot last forever.  Hopefully, the overall contraction of the venture industry is reaching a bottom.  As mentioned earlier, Michigan has bucked the nationwide trend pretty well, but ultimately we’re not immune to the broader market.  Big notable exits like the Facebook IPO certainly help.

Why do you think VCs should join MVCA?

Well, we’re pretty fortunate right now in that almost all active VC firms in the state are members.  So, I guess the question is how the MVCA continues to provide value to our members.  One way is through programs that directly benefit our members such as the Michigan Venture Fellows program recently funded by the MEDC, where we are helping member firms identify and hire younger professionals to work within their firms.  The MEDC is very excited by this program, as we are helping to identify and train the next generation of venture capitalists in the state.  We have four member firms participating in the program in 2012, and hope to add six more firms in 2013-2014.

What’s the biggest perk of MVCA membership?

I don’t think I could name just one.  The programs, the networking events, the advocacy we do on behalf of the VC industry at both the state and national level are all important, to name a few.
Are there exciting things going on in Michigan that fellow MVCA members should have on their radars?

I think the depth and breadth of activities are at an all-time high, which is amazing considering the industry is contracting nationwide.  New VC firms being started on both the west and east side of the state.  There are exciting venture-backed companies across different sectors – energy, biotechnology, technology, medical products.

ANN ARBOR, Mich.—Celebrating “A Year of Exits”, the Michigan Venture Capital Association held its annual awards dinner for its members and guests November 15 in Ann Arbor.  The statewide membership organization honored several Michigan venture firms as well as venture capital recipient companies for their successes:

• MVCA “Michigan 100” Award winner Cerenis Therapeutics of Ann Arbor, for raising over $100 million in venture capital;
• Michigan’s new venture firms: Huron River Ventures, Michigan Accelerator Fund Management, and Resonant Ventures;
• Multiple venture capital investment exits, both non-Michigan companies with Michigan venture investors and Michigan-based companies:

o   LenSx Lasers (Venture Investors)

o   Greenplum (EDF Ventures)

o   ZyStor (Apjohn Ventures & Venture Investors)

o   CardioMEMS (Arboretum Ventures)

o   Ikano Therapeutics (Apjohn Ventures)

o   Arbor Networks (EDF Ventures)

o   HandyLab (EDF Ventures, Wolverine Venture Fund, Arboretum Ventures, Ardesta Capital, Dow Venture Capital)

Jeff Williams, former CEO of HandyLab and current CEO of venture-backed Accuri Cytometers, was named MVCA Entrepreneur of the Year.

“The wind is in our sails,” stated LeAnn Auer, Executive Director of the MVCA, in her remarks before the dinner.  “It’s been a year of exits, as many of our venture capital firms have successfully exited portfolio companies located both here in Michigan and elsewhere.  In addition, venture capital financings have already exceeded 2009 levels.  These successes bode well for future growth in our community.  I’m looking forward to this year’s celebration.”

The Michigan Venture Capital Association will also announce its 2011 Board of Directors:

• Ron Reed (Chairman), Managing Director, Seneca Partners
• Tom Kinnear (Vice-Chairman/Treasurer), Managing Director, Zell Lurie Institute at U-M Ross School of Business
• Tim Petersen (Vice Chairman/Chairman-Elect), Managing Director, Arboretum Ventures
• Uzma Ahmad (Board Secretary), Attorney, Dykema Gossett PLLC
• Jim Adox, Managing Director, Venture Investors
• Jeff Bocan, Managing Director, Beringea
• Hugo Braun, Co-Founder, North Coast Technology Investors
• Greg Main, President & CEO, Michigan Economic Development Corporation
• John McIlwraith, Managing Director, Allos Ventures
• Chris Rizik, CEO & Fund Manager, Renaissance Venture Capital Fund
• Skip Simms, Managing Director, Ann Arbor SPARK
• Mina Sooch Partner, Triathlon Medical Ventures; Managing Director, Apjohn Ventures
• Jody Vanderwel, President, Grand Angels
• Ken Van Heel, Director, Alternative Investments & Venture Capital, Dow Chemical Company
• Donald Walker, Managing Director, Arbor Partners

About the MVCA

The MVCA is a trade organization designed to bring together venture capital industry participants in the state of Michigan.  The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan.  Membership includes private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants.  The MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan’s venture capital industry.  www.michiganvca.org

Get an inside look from VentureWire at high-tech start-ups and their investors.  Click on the link below to read this informative article written by Keenan Skelly, a Wall Street Journal Blogger.

http://blogs.wsj.com/venturecapital/2010/04/16/where-venture-capitals-money-came-from-in-2009/?blog_id=106&post_id=5782