Pennsylvania lines up $50m

Jun 28, 2018 •

University of Pennsylvania will pour money into at least 10 Philadelphia-based biotech companies over three years and has already backed Tmunity, Carisma and Tycho.

University of Pennsylvania has launched a $50m co-investment pilot program for at least 10 biotech developers aimed at driving entrepreneurial activity surrounding its campus, the Inquirer reported on Tuesday.

The money will be invested over three years in companies which agree to hold their head offices in the Philadelphia region. To be eligible, potential investees must have secured external funding from at least one biotech-focused investor.

Kevin Mahoney, chief administrative officer of Penn Medicine, the university’s health system, confirmed the…

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