The for-profit accelerator, which was announced in February, will use the funds to launch its operations and plans to raise a total of $100m in capital.
BioMotiv aims to source its technology portfolio from academic medical centres and industry sources across the US.
Entrepreneur and philanthropist Ron Harrington said, “The challenge of translating discoveries into clinical development requires an innovative, next generation business model.
“BioMotiv’s mission-aligned model and experienced team will enable it to efficiently and effectively manage a portfolio of early-stage drugs.”
University Hospitals COO Achilles Demetriou added, “The project, supported by the generosity of the Harrington family, is a national initiative to advance the standard of care by creating structures that support physician-scientists in developing their insights into new therapies.”
Copyright © 2012 AltAssets