[ad_1]
The Dana-Farber Cancer Institute is entering the life sciences financing industry with the launch of its subsidiary Binney Street Capital.
Dana-Farber is certainly no stranger to supporting biotechnology and working with other VCs; a year ago, he struck a deal with MPM Capital to create a so-called venture philanthropy alliance, raising a $ 100 million investment fund and $ 26 million in donations to support research in Beginning phase.
He also has experience in co-launching new biotechnologies, some of which are taken over by Big Pharmas along the way.
But now he wants to run his own VC, and Binney Street Capital will help by investing in new research and technology to treat incurable cancers. This will include therapeutics, diagnostics, digital health and service companies.
RELATED: MPM Wins First Dana-Farber Technology Bid and Raises $ 100 Million Fund
The plan is to channel liquidity into eight to ten companies over the next three years, with $ 250,000 and up to $ 2 million per investment. Who it is going to be decided by an advisory group made up of leading investors and industry experts, Dan-Farber said in a statement.
Investments will be made from Dan-Farber investment funds, and the returns from these will be used as a new source of income “for further research by the Institute.”
The group called on Luba Greenwood to lead the fund and its investments; she worked in the research unit of Roche and Alphabet, Verily, where she was in charge of business development.
She left Verily in 2019 to teach at Harvard University, while also taking on an advisory role at Dana-Farber, which ultimately led to her leading Binney.
“I am excited to take advantage of some of the exciting therapeutics, diagnostics and digital health opportunities that come from Dana-Farber,” said Greenwood.
[ad_2]
Source link