Catapult Bio, a spin-off of the Translational Genomics Research Institute, has received a $14 million grant from Abraxis Bioscience. The Arizona-based non-profit is charged with injecting the funds into the state's bioscience industry. Although the capital is primarily earmarked to help non-profits turn their research into business ventures, co-founder MaryAnn Guerra, tells the Pheonix Business Journal that Catapult is interested broadening their network. "Catapult would love to find a way to play a role in the commercial sector," she said. "We would actively like to try to do that."
Ron King, Catapult's presisdent tells The Arizona Republic that he expects the group to invest $50,000 to $300,000 to each project, with a focus on drug development, diagnostics and medical devices.
- read the Pheonix Business Journal for more
- check out The Arizona Republic article