The fund's first investment was in BioCryst Pharmaceuticals, which needed additional funding to pursue clinical trials for its antiviral drug candidate Peramivir.

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The U.S. Food and Drug Administration has granted BioCryst "fast track" status for its Peramivir trials because it may work in treating avian influenza.

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Peramivir was mentioned as one of the most promising drugs.

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BioCryst is now developing an injectable version of the drug, and peramivir has shown some success in fighting avian flu in pre-clinical testing involving cell cultures and in animals.

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The fund's first investment was in BioCryst Pharmaceuticals (nasdaq: BCRX - news - people ), which needed additional funding to pursue clinical trials for its antiviral drug candidate Peramivir.

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In 2001, Johnson and Johnson, which had been BioCryst's partner in peramivir's early development, pulled out of the program, leaving BioCryst with exclusive rights to the drug's future profits, which could be substantial.

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The reason for the enthusiasm: BioCryst's influenza neuraminidase inhibitor drug candidate, peramivir, received prominent and positive mention in a New York Times article about how some discarded drug candidates may have new possibilities in treating the H5N1 avian influenza that has broken out in Southeast Asia, which many public health officials fear could develop into a global pandemic.

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