late last month was asked to resign as a general partner with
A firm spokesman said that his resignation was immediate and that it was not expected to have a “material effect” on portfolio performance or firm operations.
The spokesman added that Barnes’ alleged transgression involved personally trading in publicly held portfolio companies of the firm without the knowledge of his fellow partners.
Oxford Bioscience is reassigning Barnes’ portfolio company board seats to the three remaining general partners at the firm. The firm currently plans to keep its three GP structure, rather than add a fourth via either promotion or outside hire. Barnes’ departure is not believed to trigger keyman provisions in the firm’s limited partnership agreements.
Barnes joined the Boston-based venture firm in 1999, after he spent time with Robertson Stephens & Co. and Needham & Co. Before that, he was co-founder and CEO of cardiovascular device company Biosyss Corp. Barnes was one of five general partners at the firm, which raised $150 million for its fifth fund, which closed in 2006. According to his most recent bio on the Oxford Bioscience website (which has since been removed), Barnes is a member of the Clinical Cardiology Council of the American Heart Association, the Association for the Advancement of Medical Instrumentation, the Harvard-M.I.T. Health Sciences and Technology Advisory Council and the National Society of Professional Engineers. —Dan Primack
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