Third Rock Ventures recently unveiled a $378 million life sciences fund which it says will concentrate on early-stage drug discovery--linking academic research to biotech companies. In an interview with Investor's Business Daily, Third Rock's Kevin Starr explained that a "giant void" has developed in biotechnology, with Big Pharma and VC firms looking to invest in late-stage products. Says Starr: "Amazing innovation is happening in academia and medical centers, and no one is building that bridge to translate that into important companies. We're jumping in to bridge that void." The bulk of their time is spent talking to innovators, he says, who have yet to gain commercial traction.
- see Third Rock's release on the fund
- here's the report from CNN
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