Purdue Research Foundation and Cook Medical partner on $12m evergreen fund for life science firms at Purdue University.
Purdue University life sciences firms are set to benefit from plans to establish a $12m university venture capital evergreen fund from the Purdue Research Foundation and medtech firm Cook Medical.
The Foundry Investment Fund will seek to support companies based on Purdue intellectual property in the sectors of human, animal, and plant sciences. All proceeds from the fund, which will seek to join other investors in participation, will be funnelled back in for future investments.
Mitch Daniels, president of Purdue University, said: “Converting Purdue innovation into new products, companies and jobs is perhaps the most valuable way for our university to live up to its land-grant heritage and contribute to the progress of our state. This fund will help a new and larger generation of Purdue innovators move their technologies to the public.”
Dan Hasler, president and chief entrepreneurial officer for the Purdue Research Foundation, added: “Clearly, raising capital is one of the most challenging endeavours that entrepreneurs face, and offering a match of funds from the Foundry Investment Fund will help drive interest in our life sciences companies and draw funding opportunities from across the country.”
