Orange Grove Bio, AlleyCorp and Alexandria Venture Investments Establish Partnership with Albert Einstein College of Medicine to Support Development of Novel Therapeutics
- Mentorship Program Designed to Support Researchers and Clinical Scientists in Streamlining Translation of Novel Discoveries into New Therapeutic Candidates
- Pitch Contest to Award Winners Funding to Further Research Programs
NEW YORK, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Orange Grove Bio, AlleyCorp and Alexandria Venture Investments, three industry leaders dedicated to the acceleration and growth of innovative healthcare and life science companies, today announced the formation of a partnership program with Albert Einstein College of Medicine to support the development of novel therapeutics. Through the newly established program, Einstein scientists will have the opportunity to receive expert mentorship and financial support to advance their foundational research and streamline translation of their discoveries into new drug candidates.
Program participants will be selected by an expert panel of scientists, investors and drug development professionals based on submitted applications. Selected project teams will receive more than six months of director mentorship designed to assist in translating their discoveries into novel therapeutic candidates. The program will culminate in a pitch contest during which each team will present their work, highlighting the medical and commercial potential of their proposed program. Top teams will receive cash prizes to directly support the research efforts presented during the pitch contest.
“The life science ecosystem in the greater New York area, including the renowned Albert Einstein College of Medicine, is teaming with talented scientists who are advancing cutting-edge research that has the potential to combat disease and make a meaningful impact in the lives of patients around the world. However, some of the biggest obstacles to this science reaching patients are the myriad challenges involved in translating groundbreaking research into novel drug candidates, as well as creating companies to develop the therapeutics,” said Marc Appel, chief executive officer of Orange Grove Bio. “Through this new partnership, Orange Grove Bio, AlleyCorp and Alexandria Venture Investments are working to leverage our combined expertise in drug development, company formation and fundraising to support Einstein scientists in translating their groundbreaking discoveries into the impactful treatments of tomorrow.”
“We are excited to partner with Orange Grove Bio, AlleyCorp and Alexandria Venture Investments to provide this opportunity for our exceptional researchers,” said Janis Paradiso, director of Einstein’s Office of Biotechnology and Business Development.
“These groups share our commitment to advancing human health through the translation of innovative research, as well as our vision of New York as a leading hub for creating the next generation of transformational therapies,” added Edward R. Burns, M.D., executive dean of the Albert Einstein College of Medicine.
About Orange Grove Bio
Orange Grove Bio (OGB) is an emerging, preclinical, capital allocation and asset development biotech company. OGB partners with universities and entrepreneurs to develop innovative treatments for important diseases, particularly cancer and immune disorders.
Founded by serial entrepreneur Kevin Ryan, AlleyCorp is a New York-based $500M+ evergreen venture fund that founds and invests in companies in New York and across the globe. AlleyCorp's work stretches across three principal categories: first, founding companies (having founded MongoDB, Gilt Groupe, Business Insider, Zola, Nomad Health, and many more); second, as an early-stage investor in technology companies (across pre-seed, seed, and series A); and third, as a limited partner and fund-of-funds (investing in 30+ top funds globally). While AlleyCorp is industry-agnostic, it also has a dedicated Healthcare Fund, Robotics Fund and Canada-focused fund. For more information, please visit www.alleycorp.com.
About Alexandria Venture Investments
Alexandria Venture Investments, the strategic venture capital platform of Alexandria Real Estate Equities, Inc. (NYSE:ARE), was founded in 1996 to invest in disruptive life science, agrifoodtech, and technology companies advancing transformative new modalities and platforms to meaningfully improve human health. Alexandria Venture Investments has been recognized by Silicon Valley Bank as the most active biopharma corporate investor by new deal volume since 2017 and the most active new Series A investor in biopharma by new deal volume from 2020 to 1H21, as well as by AgFunder as one of the five most active U.S. investors in agrifoodtech in 2020. With approximately $2B under management, Alexandria Venture Investments continues to invest in seed-, early- and growth-stage companies that are accelerating discoveries in immunology, neuroscience, cell and gene therapies, single-cell genomics, epigenetics, synthetic biology, in silico drug discovery, and other emerging areas. For more information, please visit www.are.com/venture-investments.html.
Contacts Orange Grove Bio Marc Appel, Chief Executive Officer firstname.lastname@example.org (845) 558-5286 Vida Strategic Partners (on behalf of Orange Grove Bio) Tim Brons email@example.com (415) 674-7402