Torrey Pines Investment to Commit Up to $20M to a Cleveland Biotech AcceleratorTuesday, August 13, 2013
Torrey Pines Investment will commit up to $20 million to Cleveland-based biotech accelerator BioMotiv LLC to help fund early stage life sciences companies.
The agreement will focus on commercializing research over the next seven years that quickly and cost-effectively can lead to developing new medicines, the companies said.
San Diego based Torrey Pines Investment, which has close ties to the Russian and Ukrainian pharmaceutical industries, said it will also lend its contract research and international expertise to the fledgling companies. The life sciences investment company was founded in 2002, and specializes in funding biopharmaceutical startups and incubators.
BioMotiv is an accelerator associated with The Harrington Project for Discovery & Development, a $250 million national initiative for advancing medicine centered at the University Hospitals of Cleveland. Earlier this month, it raised $46 million, which included $25 million from Nationwide Mutual Insurance Co. and several individual investors.
— Meghana Keshavan