Investments to accelerate the development of novel therapeutics and create revenue to reinvest in oncology research
Dana-Farber Cancer Institute is launching its first-ever venture fund, Binney Street Capital, LLC. Binney Street Capital will advance the Institute's mission by investing in new research and technologies to treat uncurable cancers.
"We must commit all the resources we can to reduce the burden of cancer, in the clinic and in our laboratories," said Laurie H. Glimcher, MD, President and Chief Executive Officer of Dana-Farber. "We are excited about the potential of Binney Street Capital to help support our development of new and advanced therapies for our patients."
Dana-Farber research and intellectual property has enabled the creation of more than 51 startups, including more than 11 in just the last three years.
Luba Greenwood will serve as the Managing Partner to lead the Fund and its investments. Greenwood is an experienced life sciences, tech and healthcare executive and investor with recent experience at Roche and Verily. "We plan to invest in eight to 10 companies over the next three years, with $250K - $2M per investment," said Greenwood. Investments will be made from DFCI investment funds and the returns will create a potential new revenue stream for additional Institute research. "I am excited to capitalize on some of the exciting therapeutics, diagnostic, and digital health opportunities coming out of Dana-Farber."
Investments will be made in Dana-Farber startup companies that were created either with Dana-Farber intellectual property or were co-founded by a Dana-Farber investigator. The Fund will focus on therapeutics but will also consider investments in novel diagnostics, digital health, and services companies. The Fund will be guided by an advisory group comprised of leading investors and industry experts committed to furthering Dana-Farber's mission.
"With this new Fund, Dana-Farber can invest in start-up companies and leverage our rights to participate in subsequent financing rounds," said Lesley Solomon, Chief Innovation Officer, Dana-Farber. "Supporting innovative technologies that provide new treatments and cures for cancer will benefit patents all over the world. In addition, the Fund will provide investment returns to support ongoing discovery at the Institute.".
