BioMotiv has raised $21 million in new financing from founding investors University Hospitals and the Harrington Family. The Cleveland-based company is a for-profit therapeutic accelerator, and will use the new funds for development and working capital.
BioMotiv today announced that it has secured $21 million in financing from its founding investors, University Hospitals and the Harrington Family.
“BioMotiv is a new model for accelerating breakthrough discoveries into medicines and aligning capital and collaborations to develop a portfolio of therapeutics,” said Baiju R. Shah, Chief Executive Officer of BioMotiv. “Through their commitment, University Hospitals and the Harrington family have once again demonstrated their dedication to solving a major national challenge that prevents promising discoveries from advancing to patient benefit.”
“The challenge of translating discoveries into clinical development requires an innovative, next generation business model,” said Ron Harrington, a successful entrepreneur and recognized philanthropist. “BioMotiv’s mission-aligned model and experienced team will enable it to efficiently and effectively manage a portfolio of early-stage drugs.”
BioMotiv is the mission-driven, for-profit therapeutic accelerator affiliated with The Harrington Project for Discovery and Development, a $250 million initiative announced by University Hospitals this past February. “Our mission is ‘To Heal. To Teach. To Discover.,’” said Achilles A. Demetriou, MD, PhD, Chief Operating Officer of University Hospitals. “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.”
The initial capital will be used to launch operations and initiate the development of BioMotiv’s technology portfolio which is being sourced from leading academic medical centers and industry sources from across the country. The company plans to raise a total of $100 million in capital.