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Covington Advises OVP Venture Partners on Fate Therapeutics Financing

November 16, 2009

SAN FRANCISCO, CA, November 16, 2009 — Fate Therapeutics, Inc. announced today that it has completed a $30 million series B financing led by OVP Venture Partners. Covington & Burling LLP advised OVP on the transaction. Also participating in the financing were ARCH Venture Partners, Polaris Venture Partners and Venrock, which collectively led the company’s series A financing, and a syndicate of corporate investors including Astellas Venture Management, Genzyme Corporation and a third undisclosed corporate investor.

Fate Therapeutics, based in La Jolla, California, interrogates adult stem cell biology and applies induced pluripotent stem cell technology to develop small molecule or biologic compounds that guide cell fate for therapeutic purposes. OVP Venture Partners, with offices in Seattle, Washington and Portland, Oregon, focuses on early stage investments in cleantech, digital biology and information technology companies.

Covington partner Ken Ebanks and associate Bobby Lutzker handled the matter for OVP. Both are based in the firm’s San Francisco office.

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