, a pharmaceutical accelerator formed last year to speed early-stage medical developments to market, announced last week that the company has now raised $46 million in total capital, adding Nationwide Mutual Insurance
and several individual investors to original investors University Hospitals
and the Harrington Family Foundation.
Additionally, BioMotiv announced Monday that the company has formed a multi-million dollar, seven-year partnership with San Diego-based Torrey Pines Investment
, a specialty life sciences investor. “We have now raised $46 million in total funding,” says BioMotiv CEO Baiju Shah. “This further investment partnership will expand capital available for projects by up to $20 million through co-investment by Torrey Pines.”
Shah says BioMotiv has just started to identify and develop projects of interest. The partnership with Torrey Pines expands the scope of BioMotiv’s work. “We’re pleased with the prospective partnership,” says Shah. “It’s been in the works for about nine months now. In the partnership we will jointly invest in projects -- one in the cancer area and two projects in neuroscience.”
Shah says BioMotiv is also working on developments on several other fronts, including anti-inflammatory and blindness. “Our mission is to accelerate breakthrough discoveries in medications that actually benefit patients,” says Shah. “These are medications that are in the early stages of clinical validation -- phase one or two patient studies. Once we prove it works in patients, then we’re in a place to partner with agencies to get it to market.”
Cleveland is the hot spot for companies like BioMotiv, Shah says, making it attractive to companies like Torrey Pines. “Cleveland is an incredible medical innovation environment,” he says. “We are on the global radar for medical innovations, so it’s easy for us to find partners. In many ways, healthcare is our defining industry as a community.”
BioMotiv currently has eight employees, but Shah says they will be adding staff as the company continues to grow.
Source: Baiju Shah
Writer: Karin Connelly