SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the Quarterly Period Ended March 31, 1995
Commission file number 0-15681
WESTMED VENTURE PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
Delaware 13-3443230
(State of organization) (I.R.S. Employer Identification No.)
</TABLE>
Oppenheimer Tower, World Financial Center
New York, New York 10281
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 667-7000
Not applicable
Former name, former address and former fiscal year, if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
<PAGE>
WESTMED VENTURE PARTNERS, L.P.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Balance Sheets as of March 31, 1995 (Unaudited) and December 31, 1994
Schedule of Portfolio Investments at March 31, 1995 (Unaudited)
Statements of Operations for the Three Months Ended March 31, 1995 and 1994
(Unaudited)
Statements of Cash Flows for the Three Months Ended March 31, 1995 and 1994
(Unaudited)
Statement of Changes in Partners' Capital for the Three Months Ended March 31,
1995 (Unaudited)
Notes to Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Item 2. Changes in Securities.
Item 3. Defaults upon Senior Securities.
Item 4. Submission of Matters to a Vote of Security Holders.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
WESTMED VENTURE PARTNERS, L.P.
BALANCE SHEETS
<TABLE>
March 31, 1995 December 31,
(Unaudited) 1994
ASSETS
Portfolio investments, at fair value
(cost $11,667,193 at March 31, 1995 and
<S> <C> <C>
at December 31, 1994) - Notes 2 and 4 $ 11,549,541 $ 12,012,688
Cash and cash equivalents - Note 2 2,556,078 2,609,028
Accrued interest receivable and other assets 37,508 49,016
------ ------
TOTAL ASSETS $ 14,143,127 $ 14,670,732
= ========== = ==========
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable and accrued expenses $ 40,370 $ 38,059
Due to Managing General Partner - Note 4 35,489 85,148
Due to Independent General Partners - Note 4 3,750 15,000
----- ------
Total liabilities 79,609 138,207
------ -------
Partners' Capital:
Managing General Partner 140,639 145,329
Limited Partners (66,929 Units) 13,922,879 14,387,196
---------- ----------
Total Partners' capital 14,063,518 14,532,525
---------- ----------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 14,143,127 $ 14,670,732
= ========== = ==========
</TABLE>
See notes to financial statements.
<PAGE>
WESTMED VENTURE PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
March 31, 1995
Active Portfolio Investments:
<TABLE>
Initial Investment
Company / Position Date Cost Fair Value
Aprogenex, Inc.*(A)
<S> <C> <C> <C>
527,739 shares of Common Stock Jan. 1989 $ 1,682,187 $ 2,404,511
Warrant to purchase 15,446 shares of Common Stock
at $7.88 per share, expiring 10/15/98 0 0
------------------------------------- - -
Bellara Medical Products Ltd.(A)
442,430 shares of Common Stock Sept. 1987 250,000 47,428
- ------------------------------ ---------- ------- ------
CliniCom Incorporated(A)
4,908 shares of Common Stock Dec. 1987 165,934 90,126
- ---------------------------- --------- ------- ------
Cortex Pharmaceuticals, Inc.(A)(B)
140,833 shares of Common Stock May 1988 504,038 306,812
75,000 shares of Preferred Stock 53,030 16,032
Warrants to purchase 6,500 shares of Common Stock
at $9.19 per share, expiring on 12/31/95 0 0
- -
557,068 322,844
------- -------
Corvita Corporation*(A)
410,765 shares of Common Stock Aug. 1988 2,394,797 1,317,015
Warrant to purchase 36,916 shares of Common Stock
at $7 per share, expiring 11/1/99 0 0
--------------------------------- - -
Exocell, Inc.*
598,083 shares of Preferred Stock Feb. 1988 714,266 714,266
- --------------------------------- --------- ------- -------
MNI Group Inc.(A)
211,973 shares of Common Stock Sept. 1987 451,457 49,549
- ------------------------------ ---------- ------- ------
Nimbus Medical, Inc.
200,709 shares of Common Stock Apr. 1988 380,431 192,374
Nimbus Medical, L.P.
38,340 units of limited partnership interest 88,868 76,316
------ ------
469,299 268,690
------- -------
Oclassen Pharmaceuticals, Inc.
292,955 shares of Preferred Stock Jan. 1989 1,351,405 2,705,842
- --------------------------------- --------- --------- ---------
Somatogen, Inc.(A)
125,404 shares of Common Stock Dec. 1988 657,194 887,390
- ------------------------------ --------- ------- -------
</TABLE>
<PAGE>
WESTMED VENTURE PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) - continued
March 31, 1995
Active Portfolio Investments:
<TABLE>
Initial Investment
Company / Position Date Cost Fair Value
Ultramed, Inc.
<S> <C> <C> <C>
954,545 shares of Preferred Stock Oct. 1987 $ 333,410 $ 0
18% Convertible Promissory Notes 159,090 150,000
12% Promissory Note 7,500 7,500
Warrant to purchase 7,500 shares of Common Stock
at $.05 per share, expiring 2/1/97 0 0
Warrants to purchase 46,535 shares of Common Stock
at $.55 per share, expiring 7/31/95 0 0
- -
500,000 157,500
------- -------
UroCor, Inc.*
323,930 shares of Preferred Stock May 1991 858,623 1,408,623
Warrant to purchase 8,000 shares of Common Stock
at $1.25 per share, expiring 2/13/01 0 0
Warrant to purchase 8,995 shares of Common Stock
at $4.30 per share, expiring 10/18/98 0 0
------------------------------------- - -
Xenova Group plc*(A)
304,403 Ordinary shares Aug. 1988 1,614,963 1,175,757
- ----------------------- --------- --------- ---------
Totals From Active Portfolio Investments $ 11,667,193 $ 11,549,541
= ========== = ==========
SUPPLEMENTAL INFORMATION: LIQUIDATED PORTFOLIO INVESTMENTS(C)
Cost Realized Loss Return
Totals From Liquidated Portfolio Investments $ 16,447,936 $ (9,759,442) $ 6,688,494
= ========== = =========== = =========
Combined Combined
Unrealized and Fair Value
Cost Realized Loss and Return
Totals From Active and Liquidated Portfolio Investments $ 28,115,129 $ (9,877,094) $ 18,238,035
= ========== = =========== = ==========
</TABLE>
<PAGE>
WESTMED VENTURE PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) - continued
March 31, 1995
(A) Public company
(B) During March 1995, Cortex Pharmaceuticals, Inc. effected a one-for-five
reverse split of its outstanding common stock. As a result, the Partnership
exchanged its 704,167 shares of common stock and warrants to purchase
32,500 shares of Cortex common stock at $1.84 per share for 140,833 shares
of common stock and warrants to purchase 6,500 shares of common stock at
$9.19 per share. Additionally, the expiration date of the warrant was
extended from April 30, 1995 to December 31, 1995.
(C) Amounts provided for "Supplemental Information: Liquidated Portfolio
Investments" are cumulative from inception through March 31, 1995.
* Company may be deemed an affiliated person of the Partnership as such term is
defined in the Investment Company Act of 1940.
<PAGE>
WESTMED VENTURE PARTNERS, L.P.
STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three Months Ended March 31,
<TABLE>
1995 1994
---- ----
INVESTMENT INCOME AND EXPENSES
Income:
<S> <C> <C>
Interest from short-term investments $ 33,989 $ 23,002
Interest, dividend and other income from portfolio investments 55,593 66,196
------ ------
Total 89,582 89,198
------ ------
Expenses:
Management fee - Note 4 35,489 108,444
Professional fees 10,100 2,961
General and administrative expenses 46,103 10,157
Independent General Partners' fees - Note 4 3,750 3,750
Miscellaneous - 1,308
- -----
Total 95,442 126,620
------ -------
NET INVESTMENT LOSS (5,860) (37,422)
Net realized loss from portfolio investments - (491,902)
- --------
NET REALIZED LOSS FROM OPERATIONS (5,860) (529,324)
Net change in unrealized appreciation or depreciation
of investments (463,147) 3,715,395
-------- ---------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS
(allocable to Partners) - Note 3 $ (469,007) $ 3,186,071
= ======== = =========
</TABLE>
See notes to financial statements.
<PAGE>
WESTMED VENTURE PARTNERS, L.P.
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Three Months Ended March 31,
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1995 1994
---- ----
CASH FLOWS USED FOR OPERATING ACTIVITIES
<S> <C> <C>
Net investment loss $ (5,860) $ (37,422)
Adjustments to reconcile net investment loss to cash used for operating
activities:
(Increase) decrease in accrued interest receivable and other assets 11,508 (3,722)
Increase (decrease) in payables (58,598) 20,021
------- ------
Cash used for operating activities (52,950) (21,123)
CASH FLOWS USED FOR INVESTING ACTIVITIES
Purchase of portfolio investments - (267,249)
- --------
Decrease in cash and cash equivalents (52,950) (288,372)
Cash and cash equivalents at beginning of period 2,609,028 3,063,851
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,556,078 $ 2,775,479
= ========= = =========
</TABLE>
See notes to financial statements.
<PAGE>
WESTMED VENTURE PARTNERS, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)
For the Three Months Ended March 31, 1995
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Managing
General Limited
Partner Partners Total
<S> <C> <C> <C>
Balance at beginning of period $ 145,329 $ 14,387,196 $ 14,532,525
Net decrease in net assets resulting
from operations - Note 3 (4,690) (464,317) (469,007)
------ -------- --------
Balance at end of period $ 140,639 $ 13,922,879(A) $ 14,063,518
= ======= = ========== = ==========
</TABLE>
(A) The net asset value per unit of limited partnership interest, including
the allocation of net unrealized depreciation of investments, was $208 at
March 31, 1995. Such per unit amount is based on average allocations to
all limited partners and does not reflect specific limited partner
allocations, which are determined by the original closing date associated
with the units of limited partnership interest held by each limited
partner.
See notes to financial statements.
<PAGE>
WESTMED VENTURE PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. Organization and Purpose
WestMed Venture Partners, L.P. (the "Partnership") was formed under Delaware law
on February 5, 1987. The Partnership operates as a business development company
under the Investment Company Act of 1940, as amended. The Partnership is a
closed-end investment fund and accordingly its units of limited partnership
interest ("Units") are not redeemable. A total of 66,929 Units were sold to
limited partners ("Limited Partners" and together with the Managing General
Partner (as hereinafter defined), the "Partners") at $500 per Unit.
The general partners of the Partnership include three individuals (the
"Independent General Partners") and the managing general partner, WestMed
Venture Management, L.P., a Delaware limited partnership (the "Managing General
Partner" and collectively with the Independent General Partners, the "General
Partners"). The general partner of the Managing General Partner is Medical
Venture Holdings, Inc., a Delaware corporation affiliated with Oppenheimer &
Co., Inc. ("Opco"). The limited partners of the Managing General Partner are
Oppenheimer Holdings, Inc., MVP Holdings, Inc. and BSW, Inc., a Delaware
corporation owned by John A. Balkoski, Philippe L. Sommer and Howard S.
Wachtler. Messrs. Sommer and Wachtler are principally responsible for managing
the investments of the Partnership.
Opco, a member firm of the New York Stock Exchange, the National Association of
Securities Dealers, Inc., and all principal United States securities exchanges,
is a diversified investment banking and securities firm, a registered investment
advisor and Futures Commission Merchant providing a broad range of services to
individual, corporate, and institutional clients. Opco operates in the capacity
of broker and dealer for its customers, as well as trader for its own account.
The services provided by Opco and its subsidiaries, and the activities in which
it is engaged, include securities brokerage, securities research, customer
financing, securities trading, corporate finance, mergers and acquisitions,
underwriting and investment advisory services.
The Partnership's objective is to achieve long-term capital appreciation from
its portfolio of venture capital investments, consisting of companies engaged in
the health care industry. The Partnership is scheduled to terminate on December
31, 1997. However, the General Partners can extend the term for up to two
additional two-year periods, if they determine that such extensions are in the
best interest of the Partnership.
2. Summary of Significant Accounting Policies
Valuation of Investments - Portfolio investments are carried at fair value as
determined quarterly by the Managing General Partner under the supervision of
the Independent General Partners. The fair value of publicly-held portfolio
securities is adjusted to the average closing public market price for the last
five trading days of each quarter discounted for sales restrictions. Factors
considered in the determination of an
<PAGE>
WESTMED VENTURE PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
appropriate discount include underwriter lock-up or Rule 144 trading
restrictions, insider status where the Partnership either has a representative
serving on the board of directors of the portfolio company under consideration
or is greater than a 5% shareholder thereof, and other liquidity factors such as
the size of the Partnership's position in a given company compared to the
trading history of the public security. Privately-held portfolio securities are
carried at cost until significant developments affecting the portfolio company
provide a basis for change in valuation. The fair value of private securities is
adjusted (i) to reflect meaningful third-party transactions in the private
market and (ii) to reflect significant progress or slippage in the development
of the company's business such that cost no longer reflects fair value. As a
venture capital investment fund, the Partnership's portfolio investments involve
a high degree of business and financial risk that can result in substantial
losses. The Managing General Partner considers such risks in determining the
fair value of the Partnership's portfolio investments.
Investment Transactions - Investment transactions are recorded on the accrual
method. For portfolio investments, transactions are recorded on the date which
the Partnership obtains an enforceable right to demand the securities or payment
thereof. Realized gains and losses on investments sold are computed on a
specific identification basis.
Statements of Cash Flows - Cash and cash equivalents include short-term
interest-bearing investments in commercial paper and other money market
investments. The Partnership considers its interest bearing cash account to be
cash equivalents.
Income Taxes - No provision for income taxes has been made since all income and
losses are allocable to the partners for inclusion in their respective tax
returns. The Partnership's net assets for financial reporting purposes differ
from its net assets for tax purposes. Net unrealized depreciation of $117,652 at
March 31, 1995, which was recorded for financial statement purposes, was not
recognized for tax purposes. Additionally, from inception to March 31, 1995,
other timing differences totaling $10.1 million, relating to net realized
losses, original sales commissions paid and other costs of selling the Units,
have been recorded on the Partnership's financial statements but have not yet
been deducted for tax purposes.
3. Allocations of Partnership Profits and Losses
Pursuant to the Partnership's agreement of limited partnership (the "Partnership
Agreement"), the Partnership's net income and net realized gains from all
sources are allocated to all Partners, in proportion to their capital
contributions, until all Partners have been allocated an amount equal to 6% per
annum, simple interest, on their total Adjusted Invested Capital; i.e., original
capital contributions reduced by previous distributions (the "Priority Return").
Thereafter, net income and net realized gains from venture capital investments
in excess of the amount used to cover the Priority Return are allocated 20% to
the Managing General Partner and 80% to all Partners in proportion to their
capital contributions. Any net income from non-venture capital investments in
excess of the amount used to cover the Priority Return is allocated to all
<PAGE>
WESTMED VENTURE PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
Partners in proportion to their capital contributions. Realized losses are
allocated to all Partners in proportion to their capital contributions. However,
if realized gains had been previously allocated in the 80-20 ratio, then losses
are allocated in the reverse order in which profits were allocated. From its
inception to March 31, 1995, the Partnership had a $9.2 million net realized
loss from its venture capital investments.
4. Related Party Transactions
Pursuant to the Partnership Agreement, the Managing General Partner is entitled
to receive a one-time venture capital fee equal to 5% of the gross proceeds from
the sale of Units. Such fee is incurred as portfolio investments are made in the
proportion of the cost of each portfolio investment to the net proceeds from the
sale of Units. Venture capital fees incurred are recorded as a cost of acquiring
the portfolio investments. The Partnership incurred no venture capital fees for
the three months ended March 31, 1995. For the three months ended March 31,
1994, the Partnership incurred venture capital fees totaling $15,000. Cumulative
venture capital fees incurred from inception to March 31, 1995 totaled $1.6
million.
Pursuant to a management agreement between the Partnership and the Managing
General Partner, the Managing General Partner performs, or arranges for others
to perform, the management, administrative and certain investment advisory
services necessary for the operation of the Partnership. For such services, the
Managing General Partner receives a management fee at the annual rate of 2% of
the lesser of the net assets of the Partnership or the net contributed capital
of the Partnership; i.e., gross capital contributions to the Partnership (net of
selling commissions and organizational expenses) reduced by capital distributed.
Such fee is determined and payable quarterly.
For services rendered to the Partnership, each of the three Independent General
Partners receives a $5,000 annual fee and reimbursement for all out-of-pocket
expenses relating to attendance at meetings of the General Partners.
5. Cash Distributions
No cash distributions were paid to Partners during the three months ended March
31, 1995 and 1994. At March 31, 1995 cumulative cash distributions paid to
Partners total $5.71 million; $5.65 million to the Limited Partners, or
approximately $85 per unit, and $57,000 to the Managing General Partner.
6. Interim Financial Statements
In the opinion of the Managing General Partner, the unaudited financial
statements as of March 31, 1995, and for the three month period then ended,
reflect all adjustments necessary for the fair presentation of the results of
the interim period.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Liquidity and Capital Resources
At March 31, 1995, the Partnership had invested an aggregate of $28.1 million in
23 portfolio companies (including acquisition costs and venture capital fees
totaling $1.9 million) representing approximately 94% of the original $30
million of net proceeds received from the offering of Units.
At March 31, 1995, the Partnership held $2.6 million of cash and short-term
investments: $2 million in short-term securities with maturities of less than
one year and $567,000 in an interest-bearing cash account. For the three months
ended March 31, 1995, the Partnership earned $34,000 of interest from such
investments. Interest earned from short-term investments in future periods is
subject to fluctuations in short-term interest rates and changes in funds
available for investment.
It is anticipated that funds needed to cover the Partnership's future follow-on
investments and operating expenses will be obtained from existing cash reserves,
interest from short-term investments and proceeds received from the sale of
portfolio investments.
Results of Operations
For the three months ended March 31, 1995 and 1994, the Partnership had a $6,000
and $529,000 net realized loss from operations, respectively. Net realized gain
or loss from operations is comprised of (i) net realized gain or loss from
portfolio investments and (ii) net investment income or loss. The net realized
loss from operations for the 1995 period was comprised solely of net investment
loss.
Realized Gains and Losses from Portfolio Investments - The Partnership had no
realized gains or losses from portfolio investments for the three months ended
March 31, 1995. For the three months ended March 31, 1994, the Partnership had a
$492,000 net realized loss resulting from the sale of 10,000 common shares of
CliniCom, Incorporated in the public market for $192,000 during the period.
Investment Income and Expenses - Net investment loss for the three months ended
March 31, 1995 and 1994 was $6,000 and $37,000, respectively. The decrease in
net investment loss for the 1995 period compared to the 1994 period primarily is
attributable to a decrease in the management fee for the 1995 period, as
discussed below, partially offset by an increase in general and administrative
expenses and professional fees for the 1995 period. General and administrative
expenses were $46,000 and $10,000 for the three months ended March 31, 1995 and
1994, respectively. This increase primarily was due to an increase in insurance
costs for the 1995 period.
The management fee paid to the Managing General Partner, pursuant to a
management agreement between the Partnership and the Managing General Partner,
was $35,000 and $108,000 for the three months ended March 31, 1995 and 1994,
respectively. The management fee for the 1995 period was reduced by $35,000 of
director's fees received directly by the Managing General Partner during the
1995 period. The remaining reduction in the management fee incurred during the
1995 period results from the lower net asset value of the Partnership at March
31, 1995 compared to March 31, 1994.
To the extent possible, the management fee and other operating expenses are paid
with funds provided from operations. Funds provided from operations are obtained
from interest received from short-term investments, interest and dividend income
from portfolio investments and proceeds received from the sale of portfolio
investments.
Unrealized Gains and Losses and Changes in Unrealized Appreciation or
Depreciation of Portfolio Investments - For the three months ended March 31,
1995, the Partnership had a $463,000 net unrealized loss resulting from the net
downward revaluation of its publicly-held portfolio investments, resulting in a
reduction to net unrealized appreciation of investments for the 1995 period.
For the three months ended March 31, 1994, the Partnership had a $3.2 million
net unrealized gain from its portfolio investments, primarily resulting from the
net upward revaluation of its investments in Aprogenex, Inc. and UroCor, Inc.
(formerly CytoDiagnostics, Inc.). Additionally, during the 1994 period, $481,000
was transferred from unrealized loss to realized loss related to the sale of
10,000 common shares CliniCom, as discussed above. The $3.2 million net
unrealized gain and the $481,000 transfer from unrealized loss to realized loss
resulted in a $3.7 million increase to net unrealized appreciation of
investments for the 1994 period.
Net Assets - Changes to net assets resulting from operations are comprised of
(i) net realized gain or loss from operations and (ii) changes to net unrealized
appreciation or depreciation of portfolio investments.
At March 31, 1995, the Partnership's net assets were $14.1 million, a decrease
of $469,000 from $14.5 million at December 31, 1994. This decrease resulted from
the $463,000 decrease in net unrealized appreciation of investments and the
$6,000 net realized loss from operations for the three month period.
At March 31, 1994, the Partnership's net assets were $21.6 million, an increase
of $3.2 million from $18.4 million at December 31, 1993. This increase resulted
from the $3.7 million increase in net unrealized appreciation of investments
partially offset by the $529,000 net realized loss from operations for the three
month period.
The net asset value per $500 Unit, including an allocation of net unrealized
appreciation or depreciation of portfolio investments, at March 31, 1995 and
December 31, 1994 was $208 and $215, respectively. Such per Unit amounts are
based on average allocations to all Limited Partners and do not reflect specific
Limited Partner allocations, which are determined by the original closing date
associated with the Units held by each Limited Partner.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Partnership is not a party to any material pending legal proceedings.
Item 2. Changes in Securities.
Not applicable.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
No matter was submitted to a vote of security holders during the quarter covered
by this report.
Item 5. Other Information.
Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
(27) Financial Data Schedule.
(b) No reports on Form 8-K have been filed during the quarter for
which this report is filed.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WESTMED VENTURE PARTNERS, L.P.
By: WestMed Venture Management, L.P.
The Managing General Partner
By: MEDICAL VENTURE HOLDINGS, INC.
General Partner
By: /s/ Howard S. Wachtler
Howard S. Wachtler
Executive Vice President
By: /s/ Philippe L. Sommer
Philippe L. Sommer
Executive Vice President and Principal
Financial and Accounting Officer
Date: May 11, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM WESTMED
VENTURE PARTNERS, L.P.'S QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED
MARCH 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 11,667,193
<INVESTMENTS-AT-VALUE> 11,549,541
<RECEIVABLES> 37,508
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,556,078
<TOTAL-ASSETS> 14,143,127
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79,609
<TOTAL-LIABILITIES> 79,609
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (117,652)
<NET-ASSETS> 14,063,518
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 89,582
<OTHER-INCOME> 0
<EXPENSES-NET> 95,442
<NET-INVESTMENT-INCOME> (5,860)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (463,147)
<NET-CHANGE-FROM-OPS> (469,007)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (527,605)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 215
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 208
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
