Pitt Hyde invests more in GTx in Memphis

GTx, the Memphis biopharma development company, not only raised $37.6m in a stock offering yesterday, but got more help from AutoZone founder-entrepreneur-investor Pitt Hyde (at left), who invested $15.3m in the company, reports MDN. MBJ reports on GTX's 3Q results.

Nashville's Pitt Hyde?

Over in Memphis, entrepreneur Pitt Hyde (at left) has for decades spurred sales of everything from biotech to batteries. The AutoZone founder and philanthropist helped found MB Venture Partners, Memphis Bioworks and more. For the past few years, there's been a good bit of questioning in Middle Tennessee regarding whence may come comparable leadership in the high-growth, high-tech arenas, apart from healthcare services, where a clutch of Frists have helped spawn so many ventures. Well, one candidate has got to be Harry R. Jacobson, M.D., Vanderbilt's now vice chancellor emeritus for health affairs, an advisor to ICA, a board member at Merck, co-founder of the new Tri-Star TNInvestco fund, and much more. Here's our story covering some of Jacobson's thinking, his entrepreneurial track record and his views on Informatics Corporation of America, ICA, where he's an advisor.

MB Venture sets Fund III

Pitt Hyde-founded MB Venture Partners in Memphis is apparently angling toward the launch of its third fund, suspected to go north of $100MM, on top of the $76MM assets already under management at the bio-oriented firm. Read our story here, including MBVP Managing Partner Gary Stevenson's (left) nonrevelatory comment.