CLEVELAND, June 27, 2012 /PRNewswire/ -- BioMotiv, LLC today announced the launch of operations with headquarters in Cleveland, Ohio. The company has designed a next generation business model that facilitates efficient execution of earlier-stage drug development programs with the objective of out-licensing these significantly enhanced assets to biopharmaceutical companies or venture firms for later-stage development and commercialization. The company intends to raise $100 million in total initial capital as it builds a portfolio of breakthrough discoveries in-licensed from academic medical centers and other sources. BioMotiv is part of The Harrington Project for Discovery and Development, a first-of-its-kind $250 million initiative announced by University Hospitals (UH) in February.
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In conjunction with the launch, BioMotiv announced the following members of the Board of Managers:
- Achilles A. Demetriou, MD, PhD, BioMotiv Board Chairman, Chief Operating Officer, UH
- Jonathan S. Stamler, MD, Director, UH Harrington Discovery Institute
- Ronald G. Harrington, Entrepreneur & Philanthropist
- Robert S. Reitman, Entrepreneur & Philanthropist
- Robert W. Keith, Chief Executive Officer, BioMotiv
- David C. U'Prichard, PhD, Chief Scientific Officer, BioMotiv
Mr. Keith brings more than 25 years of global pharmaceutical and life science start-up experience to BioMotiv. He has served in chief executive officer, board and other senior management roles for multiple companies including Dura Pharmaceuticals and Verus Pharmaceuticals in San Diego. He has a proven track record in raising significant capital, building innovative business models, and completing sophisticated business transactions.
Dr. U'Prichard brings more than 35 years of academic and industry experience to BioMotiv, spanning a wide variety of roles from chief executive officer to venture partner and board member. He has served in senior R&D positions at a number of companies, including SmithKline Beecham Pharmaceuticals where he was chairman, global R&D.
"We are excited about the prospect of building the next generation business model for the industry, one closely aligned with entrepreneurial physician-scientists eager to participate in the transformation of the discovery and development process," said Mr. Keith. "As we move forward, we are confident we will attract the right combination of deep operating company skills and venture-like investment expertise to our expanding team."
The company also announced the following initial members of the Scientific Advisory Board:
- David C. U'Prichard, PhD, BioMotiv Scientific Advisory Board Chairman
- Jonathan S. Stamler, MD, Director, UH Harrington Discovery Institute
- Frank L. Douglas, MD, PhD, President & CEO, Austen BioInnovation Institute
- Perry B. Molinoff, MD, Professor of Pharmacology, University of Pennsylvania
- Christine M. Debouck, PhD, President, Ardennes Biosciences
- Srinivas G. Rao, MD, PhD, CEO, Kyalin Biosciences
"Our Scientific Advisory Board is comprised of industry experts who clearly understand early-stage drug development and have the right experience to help shape our portfolio selection strategy," said Dr. U'Prichard. "In addition, we look forward to working with our esteemed colleagues from the UH Harrington Discovery Institute to identify novel collaboration opportunities."
"BioMotiv is focused on bridging the 'valley-of-death' pipeline dilemma that has existed in the industry for some time," said Dr. Demetriou. "By addressing the discovery and development challenges in an integrated and synergistic fashion with academic institutions, and by having a top-tier leadership team in place, BioMotiv has the potential to be a major accelerator of disruptive innovations."
About The Harrington Project for Discovery and Development
The Harrington Project for Discovery and Development (The Harrington Project), announced in late February, is a first-of-its-kind initiative and is powered by a $50 million gift the largest donation in UH history from the Harrington family, recognized entrepreneurs and philanthropists in Cleveland. It includes the UH Harrington Discovery Institute and BioMotiv. Aligning the entities for the first time with an academic medical center as an engine for innovations, The Harrington Project provides a comprehensive model to advance discoveries into development and to create novel therapies for patient care.
For more information about The Harrington Project and the UH Harrington Discovery Institute, go to: UHHarringtonDiscoveryInstitute.org.
For more information about BioMotiv, go to: www.BioMotiv.com.
CONTACT:
Geoff Curtis
Edelman Public Relations
312-550-8138
Geoff.Curtis@Edelman.com
SOURCE BioMotiv, LLC