BioSpace Collaborative

Academic/Biomedical Research
News & Jobs
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  C2C Services & Suppliers™
Europe
Asia

DIVERSITY

PROFILES
Company Profiles

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Research Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
Get Our Industry eNewsletter FREE email:    
   

BioCrossroads Release: Indiana Future Fund I Makes First-Round Investments


10/19/2005 5:10:52 PM

Local, National VC's Make the Cut for Indiana "Fund of Funds"

INDIANAPOLIS--(BUSINESS WIRE)--April 12, 2004--The Indiana Future Fund I, a $73 million "fund of funds" designed to attract more venture capital to Indiana life sciences opportunities, has announced its first round of investments in local and national VC funds.

The Indiana Future Fund, which was organized through BioCrossroads (the Indiana life sciences consortium) and boasts investments from many of Indiana's leading public, corporate and academic institutions, will invest a portion of its capital in a first round of four funds. In turn, these funds will explore Indiana-based investment opportunities in the life sciences; the funds are:

* REI, a joint venture between Terre Haute, Indiana-based Rose-Hulman Ventures and EDF Ventures, a venture capital firm with offices in Terre Haute and Ann Arbor, MI.

* Pearl Street Venture Funds, a joint venture between Indianapolis advisory and management firm Barnard Associates and California-based Coastview Capital.

* A.M. Pappas & Associates, an early- to late-stage life sciences investor with offices in Indiana and North Carolina (Research Triangle).

* Burrill & Company, a life sciences merchant bank with offices in Indiana and San Francisco.

"The Indiana Future Fund was formed through a unique collaboration among our state pension funds, key university partners and leading companies, who coalesced around the idea that we need to attract more attention and resources to worthy life sciences investments here in Indiana," said Charles E. Schalliol, President and CEO of BioCrossroads and Chairman of the Future Fund Advisory Board. "These great investments are an important step towards realizing those goals."

Representatives from Credit Suisse First Boston (CSFB), the Indiana Future Fund's professional manager, stressed the balance between local and national perspectives in selecting the fund partners.

"Indiana has a unique mix of life sciences assets, with global companies like Eli Lilly, Roche Diagnostics, Guidant, Cook Group and Dow AgroSciences undertaking billions of dollars in corporate R&D annually side-by-side with nationally-known institutions like Indiana University, Purdue University and the Rose-Hulman Institute of Technology," said Michael Arpey, CSFB's Managing Director. "To fully evaluate the entrepreneurial opportunities that come out of this great environment, we looked for a mix of local knowledge and global perspective. This group of funds delivers."

"This is the initial round of investments, each specifically designed to capture and capitalize on our most promising early Indiana life sciences opportunities," said David Johnson, a member of the BioCrossroads Board of Directors and Baker & Daniels partner. "The Fund has resources available for additional investments and will continue to evaluate local and national VC funds."

The Indiana Future Fund includes investments by Indiana's public pension funds, Eli Lilly and Company, Anthem Blue Cross and Blue Shield, Indiana University, Indiana University Foundation, Purdue University, Ball State University Foundation, American United Life Insurance Company, Indiana State University Foundation and Guidant Corporation.

Indiana Governor Joe Kernan praised the Future Fund as key to the state's burgeoning life sciences industry. "For too long, Indiana has been an under-served venture capital market - the Future Fund is a perfect incentive to attract attention and dollars to deserving life sciences start-ups," said Kernan. "We're proud that our pension funds can help make this day a reality."

Mayor Bart Peterson, a BioCrossroads co-founder, said that national VCs would find a deep investment pipeline in Central Indiana. "For the past year, BioCrossroads has deployed teams of academic and industry experts to find entrepreneurial opportunities within key life sciences sectors," said Mayor Peterson. "They've found a wealth of potential, and efforts like the Future Fund are key to turning that potential into viable businesses and jobs for Hoosiers."

More details on Indiana Future Fund I are available at www.indianafuturefund.com.

About BioCrossroads

BioCrossroads, the Indiana life science consortium, is a public-private collaboration that supports the region's research and corporate strengths while encouraging new business development. With government, industry and academic resources aligned to accelerate business growth, the region is fertile ground for investors and entrepreneurs to build new ventures. Learn more at www.biocrossroads.com.

Contact:

MARC USA Public Relations

Jenny Cebalo, 317-635-9175 (office)

317-213-5466 (mobile)

jcebalo@marcusa.com

Source: BioCrossroads


Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES
 

//-->