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12/24/2018 5:27:00 PM
Purdue Foundry Investment Fund puts $750,000 toward life sciences startups

Jillian Ellison, Journal and Courier Education and Families Reporter

WEST LAFAYETTE — As shoppers wrap up their final gift purchases for Christmas on Tuesday, business news is slowly coming to a light pause.

But not before the Purdue Research Foundation’s Foundry Investment Fund could announce its investment in three life sciences startups through a total of $750,000 to advance them to commercial viability.

Let's get this one unwrapped.

Purdue Research Foundation’s Foundry Investment Fund has invested a total of $750,000 in three life sciences startups in an effort to advance them to commercial viability.

Novosteo Inc., Phytoption LLC and Confluence Pharmaceuticals LLC each will receive a $250,000 investment from the fund, according to a news release.The goal of the fund is to add critical capital for the transition from the discovery of a promising technology to founding a viable life sciences company. The funds are partial matching investments made in the companies by institutional and other investors.

“This fund attracts interest in our life sciences companies from across the country, and these companies have shown they are poised to take the next step and make a difference in lives,” John Hanak, managing director of Purdue Ventures, said. “Since its creation in 2014, the Foundry Investment Fund has invested about $4.3 million in companies that have secured external ‘smart money’ capital from venture funds and other institutional and professional investment sources.”  

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