Fletcher McCusker, founder of University of Arizona’s (UA) medication management spinout SinfoníaRx, has launched a venture capital fund called UAVenture Capital to invest in university-linked companies.
UAVenture Capital, whose size has not been revealed, will be aimed at spinouts from UA’s commercialisation arm, Tech Launch Arizona (TLA), as well as startups launched by faculty, alumni, students or contractors.
TLA has generated 45 spinouts and filed 909 patents since 2012.
McCusker founded the fund a day after his spinout SinfoníaRx was sold to healthcare systems provider Tabula Rasa Healthcare for an undisclosed sum a month ago.
McCusker will become CEO of UAVenture Capital, while Lawrence Hecker, managing partner of the Hecker legal practice, and Michael Deitch, chief financial officer at SinfoníaRx, will both become fund principals.
McCusker, who is also CEO at social services firm Providence Service, said: “The biggest problem for Tucson-based startups has been growth capital. With Providence and SinfoníaRx we had to continually search for investment capital.
“Ultimately, SinfoníaRx was funded entirely by Tucsonans and we believe that model, combined with institutional investment, can support a number of startup ventures.”
David Allen, UA’s vice-president for Tech Launch Arizona, said: “Having access to local capital will definitely be a boost for UA technology commercialisation. Tech Launch Arizona is excited to work with the fund managers.”
