US-based oncology research centre and hospital Dana-Farber Cancer Institute has launched a corporate venturing unit.
Binney Street Capital (BSC) will invest between $250,000 and $2m over the next three years in eight to 10 companies developing research and technologies to treat incurable cancers.
Investments will be made in Dana-Farber startups that were either created with the institute’s intellectual property or co-founded by a Dana-Farber investigator targeting therapeutics, novel diagnostics, digital health and services developers.
Dana-Farber research and intellectual property has facilitated the creation of more than 51 startups, including more than 11 in the last three years, it said.
Lesley Solomon, chief innovation officer of Dana-Farber, said: “With this new fund, Dana-Farber can invest in startup companies and leverage our rights to participate in subsequent financing rounds.
“Supporting innovative technologies that provide new treatments and cures for cancer will benefit patients all over the world. In addition, the fund will provide investment returns to support ongoing discovery at the Institute.”
Luba Greenwood (pictured) is managing partner at BSC having left US-listed Alphabet’s healthcare subsidiary, Verily, in 2019 to teach at Harvard University and advise Dana-Farber.
Greenwood said: “Excited to be leading Dana-Farber Cancer Institute’s first venture capital fund, Binney Street Capital. Honoured to have the opportunity to invest in the breakthrough innovation coming out of the Dana-Farber Cancer Institute and support its mission to cure cancer.
“Looking forward to working with the amazing Dana Farber colleagues Lesley Solomon and (principal) Steven Neier .”
Dana-Farber had previously partnered venture capital firm MPM Capital to raise a $100m investment fund and secure $26m in philanthropy to support early-stage research in oncology.
