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Maybe all is not lost in world of life science venture capital. In what amounts to a rare piece of good news for the beleaguered industry, Domain Associates announced Monday that it is establishing a $500 million fund that will be devoted to exclusively to life sciences.

The announcement from Domain, which is based both in San Diego and Princeton, N.J., comes at a time of unprecedented retrenchment for the industry both here and elsewhere. Among Domain’s success stories are San Diego-based companies NuVasive and Orexigen Therapeutics. The former is a medical device company specializing in spinal implants, and the latter is working on an obesity drug.

Here is a statement from Domain’s announcement:

Domain will continue to focus on early stage companies in the drug and device sectors with a meaningful portion of its efforts going towards the diagnostics and instrumentation sectors.

A hat tip goes to Xconomy, for alerting me to this item.

DAVID WASHBURN

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