Abingworth has appointed Michael Bigham as a second partner in Palo Alto, California, as the UK biotech venture capitalist prepares to raise a fourth fund, targeting at least $250m (€250m).

The firm, one of only five in the UK that focuses exclusively on biotechnology, has found itself in the only busy sector of the venture capital market this year. It closed a $225m fund just one year ago, but had invested half of it within seven months and Stephen Bunting, the firm's managing director, said he planned to launch a new fund, of more than $250m, in 2003. The fund is now 75% to 80% invested.