BioMotiv, a Cleveland-based drug development accelerator, has raised new capital from Nationawide Mutual Insurance Company and individual investors, bringing total funding raised to $46 million.
The full announcement is below:
BioMotiv Secures $46 Million in Funding
CLEVELAND, Aug. 5, 2013 /PRNewswire-USNewswire/ — BioMotiv, a drug development accelerator based in Cleveland, Ohio, today announced that it has increased its total capital from investors to $46 million, adding Nationwide Mutual Insurance Company and several individual investors to its founding investors, University Hospitals of Cleveland and the Harrington Family. Nationwide Mutual Insurance Company also will appoint a representative to serve on the Board of Managers of BioMotiv.
“BioMotiv is a new business model for accelerating breakthrough discoveries into medicines, aligning capital and collaborations to develop a portfolio of therapeutics,” said Baiju R. Shah, Chief Executive Officer of BioMotiv. “This support from local institutions and investors provides the company a strong foundation on which to build nationally.”
Launched last year, BioMotiv has established its organization and operations and attracted a world-renowned advisory board that includes several former heads of global pharmaceutical research and development organizations to manage a portfolio of promising drug technologies. The company is affiliated with The Harrington Project for Discovery and Development, a $250 million national initiative initiated by University Hospitals.
“We license early-stage technologies and then develop them with the oversight of our experienced team and network of partners,” said Shah. BioMotiv has begun work on several promising technologies sourced from research institutions and industry sources.
BioMotiv continues to seek additional early-stage therapeutic technologies that are at the pre-clinical or early-clinical stage of development.
About The Harrington Project
The Harrington Project for Discovery and Development is a $250 million national initiative to support the discovery and development of breakthrough discoveries by physician-scientists. The Harrington Project, centered at University Hospitals Case Medical Center, is a new and powerful national model that addresses a set of challenges in advancing medicine through its innovative approach. It includes the Harrington Discovery Institute and BioMotiv. The project, powered by a generous gift and investment from the Harrington family, successful entrepreneurs and recognized philanthropists in Cleveland, provides a comprehensive model to advance discoveries into development and to create novel therapies for patient care.
For more information about the Harrington Discovery Institute, go to: www.uhharringtondiscoveryinstitute.org.
For more information about BioMotiv, go to: www.BioMotiv.com.