Foundation Venture Capital Group, a $5m medical foundation to back start-ups using research from the University of Medicine and Dentistry in New Jersey, has sold its stake in Longevica Pharmaceuticals to the international division of Russian investment firm Rostock Group.
Longevica is developing treatments to keep normal cells healthy during chemotherapy or radiation treatments for cancer. James Golubieski, president of Foundation Venture, (pictured) said the sale to Rostock International represented a substantial but undisclosed return on investment in less than 18 months.