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(From Financial News (Daily))
The second fund of Avlar Bioventures, the UK private equity firm that invests in early-stage biotechnology start-ups, has secured its first significant funding commitment for 15 months.The Cambridge-based firm has just received a commitment from Yamanouchi, the Japanese pharmaceutical company, helping to increase its second fund from [pound]38m ('61m) to [pound]40m. This is the first significant increase in the fund's total commitments since June 2001 amid an extremely difficult environment for fundraising.
Avlar originally expected to close its fund at the end of 2001. It has now put this timetable back by one year, but it still expects to close the fund on its original ...