BioMotiv, an accelerator formed out of Ohio-based University Hospitals, has announced a partnership with venture firm Torrey Pines Investment to boost new biotech firm.
Under the terms of the deal, BioMotiv will receive up to $20m to support research and development of new firms coming through its doors. In return, Torrey Piunes will have access to BioMotiv’s research networks with the aim of commercialising biotech through its ties to the pharmaceutical industry.
BioMotiv has so far received $46m from other sources, including University Hospitals, to help companies cross the valley of death to commercialisation. It has a target of $100m.
Baiju R. Shah, chief executive of BioMotiv, said: “Torrey Pines Investment is committed to new models of efficient therapeutic development and thus is an aligned investment partner for BioMotiv. In addition, their network provides BioMotiv access to new technology sources and experienced development capabilities. We are pleased to enter this partnership.”
