Foundation Medical out for fund III

Foundation Medical Partners, a venture firm focused on medical device, biopharmaceutical and predictive medicine companies, launched fund-raising for a $150 million third fund, according to a regulatory filing.

The firm stands to almost double its capital under management with the new fund, surpassing the $61 million it raised for its first fund in 2001 and its $95 million second fund, raised in 2005.

The Rowayton, Conn.-based firm focuses on late and expansion stage deals and includes the Cleveland Clinic, a prestigious hospital, as a strategic limited partner in its previous funds.

The firm has had several successful exits as five of its 15 companies in its portfolio have gone public, according to data from Thomson Reuters (publisher of PE Week), including Immunicon Corp. (Nasdaq: IMMC), AtriCure (Nasdaq: ATRC), CardioNet (Nasdaq: BEAT), CombinatoRx (Nasdaq: CRXX) and Northstar Neuroscience.

Foundation Medical had its busiest year in 2007, investing more than $65 million in 12 companies, according to Thomson Reuters, which sometimes estimates the amount an individual venture firm participates in a shared financing round. The firm’s pace in 2008 has been more sedate. Foundation has invested only $4.4 million in four companies so far this year.

The Foundation Medical team includes General Partners Andrew Firlik, Harry Rein, Lee Wrubel, A. Marc Gillinov and Associate John Sullivan. Firlik did not respond to requests for comment.