Tech and business leaders form $20 million bioscience fund

by Rich Bowden - Feb 6 2008, 06:29

A $US20 million venture capital fund has been established by Arizona technology and business leaders aimed at encouraging early-stage bioscience companies.

The Arizona Republic reports that the company, Translational Accelerator LLC, will look to provide funds for start-up companies in the biotechnology field with the funds only to be made available to companies either operating in, or planning to move to Arizona.

"There is a real need for local venture capital to move discoveries forward," said Richard Love, a former Translational Genomics Research Institute (TGen) executive, who will help manage the fund. "We're focusing on the translational stage, taking discoveries that were proven in the lab and moving them into clinical applications."

Love added the fund will look to support smaller firms currently carrying out research in  pharmaceuticals, medical tests or services in diseases such as cancer, Alzheimer's and multiple sclerosis. He said the idea was to bring along these companies in their early stage of development before other companies stake an interest.

He said the expertise and experience of the fund's management would ensure its success.

"A venture fund's success depends in large part on the expertise of its managers and advisers," he said. "We have a top-notch team of individuals recognised nationally and beyond for their extensive experience in biomedical research and initiating successful commercial ventures."

The idea has received support from Arizona Gov. Janet Napolitano who said the state had benefited from increased public and private investment in this area.

"We are already seeing great results from the additional funding we gave to the research and development institutions at the universities," she said. "We are also seeing more and more biomedical companies relocate or expand to Arizona because of the business climate and the workforce we are turning our of our universities."

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