New York-based Caxton Advantage Life Sciences Fund plans to raise $150 million for a second fund later this year, according to a Dow Jones VentureWire report. The company’s first fund, formed in 2006 by Lehman Bros. veterans Eric Roberts and A. Rachel Leheny, has invested $150 million in a collection of private and public companies that have advanced drugs into clinical trials. And the portfolio has produced some impressive successes so far. Among them: On March 21, Frazer, PA.-based Cephalon, Inc. (NASDAQ:CEPH) announced it would buy Caxton Advantage holding Gemin X Pharmaceuticals for $225 million. Gemin X is testing a number of first-in-class cancer treatments, including a drug for small-cell lung cancer. Caxton Advantage, which also has offices in San Diego, expects most of its existing limited partners to chip in for the second fund.