Icahn School of Medicine at Mount Sinai, a medical research division of Mount Sinai Health System, has established a $10m fund called i3 Asset Accelerator aimed at commercialising Mount Sinai’s research.
I3 Asset Accelerator will also be supported by Mount Sinai Innovation Partners, the hospital system’s commercialisation operation. The vehicle is still conducting philanthropic fundraising but did not specify a target size.
The fund will offer capital to propel the development of initial-stage projects alongside unspecified contract research organisations. It will ensure teams can quickly amass data of commercial relevance and can form relationships with existing companies or external investors based on a milestone development strategy.
I3 has already backed two Icahn medical research projects with investments of undisclosed size. The first is a new oncological treatment based on work by Ross Cagan, senior associate dean of Icahn’s Graduate School of Biomedical Sciences, whose research covers cancer genetics, developmental biology, diabetes and neuro-degeneration.
The second is a project led by Florian Krammer, an associate professor in Icahn’s Department of Microbiology, who is developing new treatments for type B influenza viruses, which can cause serious complications in certain patients.
Erik Lium, senior vice-president of Mount Sinai Innovation Partners, said: “I3 provides funding to accelerate commercially relevant research. It allows us to de-risk technology, helps us find more partners, and at the same time generates rewards in terms of patient benefits for the future.”
“I3 is the next step in engaging with our community, building upon our translational competencies, and evolving our commercial ecosystem to create major breakthroughs in healthcare.”
