New Jersey Health Foundation has committed a further $5m to fund investments made by its corporate venturing affiliate, Foundation Venture Capital Group (FVCG) after it nearly reached the end of its investment period.
FVCG was started in 2006 with an initial $5m from the foundation to invest up to $500,000 each in 10 commercially viable new biotechnology companies. To date, it has made nine investments in researchers affiliated with the University of Medicine and Dentistry of New Jersey.
Its nine deals are:
Actinobac Biomed, developing a therapeutic agent targeting blood cells for the treatment of hematological malignancies such as leukemia and lymphomas;
Affineti Biologics, advancing research in the development of therapeutic and diagnostic products based on new discoveries in oral biology and dental medicine;
CellXplore, engaged in the development of biomarker-based in vitro diagnostic assays for cancer;
Celvive, working to develop technology to treat patients with chronic spinal cord injuries with their own adult stem cells;
Durin Technologies, working to develop a blood test to diagnose Alzheimer’s, Parkinson’s and other neurodegenerative diseases;
GeneAssess, a company developing a diagnostic tool for more accurate breast cancer staging;
Longevica Pharmaceuticals, developing a chemoprotective agent that may keep normal cells healthy during cancer treatments (FVCG’s equity interest in Longevica was sold to Rostock International, LTD, a subsidiary of a Russia-based global investment firm);
MentiNova, working to reduce side effects of L-Dopa Induced Dyskinesia; and
Snowdon Pharmaceuticals, a drug discovery company focused on several major therapeutic areas.
James Golubieski, president of FVCG, said: “One of the things that makes Foundation Venture Capital Group unique is that we provide pre-seed funding when most other companies are not willing to commit at that early stage.”
George Heinrich, vice-chairman and chief executive of FVCG, added: “In our model, not only do we help start the company but we perform all of the other business transactions associated with starting a business.
“By doing so, very little of our investment goes into the company’s operating expenses, allowing most of our investment to be used for research and development.”