J&J, Pfizer, Eli Lilly Invest in Biotech Investment FundBy
Accelerator Corporation, a life-sciences investment fund based in Seattle, has closed on $51.1 million in capital to expand its operations to New York City at the Alexandria Center for Life Science in Manhattan's East Side Medical Corridor. Its latest round of funding includes investments from Pfizer, Johnson & Johnson, and Eli Lilly.
“There is a funding gap for innovators looking to build new companies, as more and more venture investors are turning their attention to de-risked, later-stage developmental therapies instead of early research,” said Thong Q. Le, chief executive officer of Accelerator, in a press release. “We have had tremendous success in bridging this gap in Seattle, with more than half of our companies graduating to successful venture rounds and achieving development successes. We recognize a similar gap in New York City where funding is available for developed companies but in short supply for early-stage research, and we look forward to this strategic expansion with our new round of committed capital.”
Over the last 10 years, and through its first three rounds of committed capital, Accelerator has developed 12 early-stage biotechnology companies in Seattle and provided them with the necessary resources to give each company a greater opportunity for early success. The fourth commitment round includes return investors Alexandria Venture Investments, ARCH Venture Partners, and WRF Capital, alongside new strategic investors, including Eli Lilly and Company, Harris & Harris Group, Inc., Johnson & Johnson Development Corporation, The Partnership Fund for New York City, and Pfizer Venture Investments. Accelerator will have dedicated capital commitments for both Seattle and New York City.
In addition to providing venture capital support, Accelerator provides its portfolio companies with product development capabilities, including access to resources from partner organizations. In New York City, Accelerator will work in partnership with seven institutions, including Albert Einstein College of Medicine of Yeshiva University, Columbia University, Icahn School of Medicine at Mount Sinai, Memorial Sloan Kettering Cancer Center, New York University, The Rockefeller University, and Weill Cornell Medical College. In Seattle, Accelerator has expanded its partners beyond the Institute for Systems Biology to include Benaroya Research Institute at Virginia Mason, Infectious Disease Research Institute (IDRI), Pacific Northwest Diabetes Research Institute, Puget Sound Blood Center Research Institute, Seattle BioMed, Seattle Children's Research Institute and Washington State University.
Source: Accelerator Corporation