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Burrill & Co. Inc., a California-based private merchant bank, plans to set up a new life-sciences venture fund operation in West Philadelphia.
According to sources in the local venture community, the San Francisco-based company is getting ready to announce a $25 million fund for early-stage life sciences companies. The University of Pennsylvania, and possibly other Philadelphia colleges, may be involved.
Evan Melrose, a director with Burrill & Co., said he could not comment on the new fund at this time.
John Fry, Penn's executive vice president, said the university has had discussions with Burrill's principals.
"They have approached us …