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New fund to invest $7.5M in bioscience
By: John Upton
10/26/09 1:44 PM PDT
A new Mission Bay-based investment fund plans to provide $7.5 million in startup funds to companies started by University of California bioscience entrepreneurs.
The fast-growing Mission Bay neighborhood is home to a UC San Francisco campus, scores of biotechnology companies and the California Institute of Quantitative Biosciences, which is a collaboration of private companies and universities that’s also called QB3.
The City donated much of the campus land in Mission Bay as part of an effort to develop a bioscience hub.
The Mission Bay Capital Fund will partner with QB3 to invest $500,000 apiece in 15 bioscience companies stemming from University of California research, the university announced Monday.
“American taxpayers provide billions of dollars per year for scientific research in the hopes of having it pay off to society by creating the technologies and medicines of the future,” QB3 Executive Director Regis Kelly said in a statement. “This funding is absolutely critical for the entrepreneurs who are trying to do that.”
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