Torrey Pines Investment and BioMotiv Structure Multi-Million Dollar Partnership for Drug Development
SAN DIEGO and CLEVELAND, Aug. 12, 2013 /PRNewswire/ -- Torrey Pines Investment (TPI), a San Diego based specialty life-science investor, and BioMotiv, an accelerator company associated with The Harrington Project for Discovery & Development, have signed a multi-million dollar joint investment framework to fund early stage life-science programs and companies over the next seven years. The agreement will fund innovative ideas emerging from research institutions with a focus on creating new medicines by quickly and cost-effectively moving platforms, compounds, and candidates from early-stage development through clinical proof-of-concept. Investments are planned across multiple therapeutic areas and disease targets. Under the terms of the agreement the technologies can come from any location world-wide, enabling both organizations to tap into their regional and global research and development networks.
Ronald Demuth, President of TPI, commented: "We are very pleased to partner with BioMotiv's ambitious team in pioneering new ways to accelerate translation of academic research into new medicines and therapies. This framework will provide an outstanding platform for this effort and will help to take advantage of each partner's networks, resources, knowledge, and expertise in innovative drug discovery and development."
"Torrey Pines Investment is committed to new models of efficient therapeutic development and thus is an aligned investment partner for BioMotiv," said Baiju R. Shah, CEO of BioMotiv. "In addition, their network provides BioMotiv access to new technology sources and experienced development capabilities. We are pleased to enter this partnership."
About Torrey Pines Investment
Torrey Pines Investment, founded in 2002, is a specialty life-science investment company located in San Diego. Torrey Pines has a team of investment professionals with extensive experience in entrepreneurship, venture capital and operations. Our firm has created biopharma incubators investing in early development stage assets from international pharma and biotech partners in CNS, oncology, and virology area to bring them to commercial success through pharma partnering and M&A. We are committed to capitalizing on the unique opportunities in biotech and pharma, where we can add value in development or regulatory strategy by utilizing resources of our portfolio CRO companies. We seek to leverage our industry knowledge, network of industry and financial contacts, and internal resources to assist our portfolio management in developing and executing their business strategy. Our bottom line is to help our companies achieve growth, build value and realize wealth.
About BioMotiv
BioMotiv is the mission-driven accelerator associated with The Harrington Project for Discovery & Development, a $250 million national initiative for advancing medicine centered at University Hospitals of Cleveland. The focus is to accelerate breakthrough discoveries from research institutions into therapeutics for patients through an innovate model that efficiently aligns capital and collaborations. The company leverages an experienced team and advisory board to select, fund, and actively manage and advance a portfolio of programs. Products are advanced to clinical proof-of-concept and then partnered. BioMotiv is interested in early-stage therapeutics in all disease areas. Learn more at www.biomotiv.com.
CONTACT: Olga Dmitrieva, 858-794-4860, [email protected], or Dawn Auvil, 216-455-3217, [email protected]