INDIANAPOLIS, April 30, 2022 /PRNewswire via COMTEX/ — BioCrossroads announced today the formation of the Indiana Seed Fund II (the Fund), an early-stage capital fund focused on identifying, creating and developing the next generation of Indiana-based life sciences companies. The $8.25 million fund is a follow-on to the Indiana Seed Fund I, a $6 million fund that is now fully committed in a portfolio of 12 Indiana life sciences companies.
Managed by BioCrossroads, the Indiana Seed Fund II is a result of a unique public-private collaboration of corporate, university and philanthropic investors including BC Initiative (BioCrossroadsâ€™ for-profit / investment entity), Eli Lilly and Company, the Richard M. Fairbanks Foundation, Inc., Indiana University Research and Technology Corporation, Purdue University, the University of Notre Dame, and WellPoint.
“The fact that this impressive group of institutional investors has come together to form a new Indiana Seed Fund is a terrific testament to the strength of our life sciences sector,” said David L. Johnson, president and CEO of BioCrossroads. “Thanks to these stakeholders, weâ€™re now in position to invest in some of the most promising start-up companies we can find to advance this sectorâ€™s next round of success.”
The Fund will invest an average of $500,000 in early-stage biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech and health information technology products and platforms, continuing BioCrossroadsâ€™ focus on promising companies formed around innovative ideas. Managed by BioCrossroadsâ€™ experienced professional team, the Fund has an investment committee comprised of individuals with start-up management and life sciences investment experience, bringing years of collective knowledge to Indiana life sciences companies.
“This is outstanding news for the Indiana life sciences community,” said Darren Carroll, vice president of Corporate Business Development for Eli Lilly and Company and member of the Indiana Seed Fund II Investment Committee. “In a time of continuing difficulties in the financing market, this group was able to raise a follow-on fund that is larger and has more diverse investors than its predecessor. Weâ€™re looking forward to the next generation of groundbreaking ideas and entrepreneurs.”
The Fund will seek to invest in early stage life sciences companies progressing towards defined milestones to secure a Series A financing, strategic partnership or co-development agreement. Companies must illustrate proven management teams, owned or licensed technology, intellectual property, and a demonstrable and validated market need.
“There are so many important discoveries and ideas in science that simply will not make it to market without this type of capital — a critical component to help Indiana companies move their technologies forward,” added Nora Doherty, vice president-Finance of BioCrossroads and managing director of the Fund.
Indianaâ€™s life sciences sector has received national recognition as a life sciences center. In June 2009, The Economist said, “Though every state wants to be a hub in the life sciences, Indiana actually is one…” In August 2011, a Wall Street Journal article called Indianapolis a hotbed of activity for the life sciences, citing the stateâ€™s 825 life sciences companies and 8,800 new jobs.
About BioCrossroadsBioCrossroads ( www.biocrossroads.com ) is Indianaâ€™s initiative to grow, advance and invest in the life sciences, a public-private collaboration that supports the regionâ€™s existing research and corporate strengths while encouraging new business development. BioCrossroads provides money and support to life sciences businesses, launches new life sciences enterprises (Indiana Health Information Exchange, Fairbanks Institute for Healthy Communities, BioCrossroadsLINX, OrthoWorx and Datalys Center), expands collaboration and partnerships among Indianaâ€™s life science institutions, promotes science education and markets Indianaâ€™s life sciences industry.
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