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BioCrossroads seed fund makes first investments

January 10, 2013

BioCrossroads Inc. announced Thursday morning that its newest seed fund has made its first two investments.

Indianapolis startups Esanex Inc. and Algaeon Inc. received $500,000 and $250,000, respectively, from Indiana Seed Fund II.

Esanex is developing a therapy that inhibits the ability of cancer cells to grow and survive. The investment will be used to complete a Phase 1 study in patients with tumors and to conduct multiple Phase 2 trials.

Esanex is part of the portfolio of Lilly Ventures, the venture capital firm spun out of Eli Lilly and Co. in 2009.

Algaeon developed patent-pending technology used to make micro-algae-based products used in human supplements and in animal and fish-feed stocks. The company will use the investment to expand operations and produce additional products.

Algaeon is located on the northwest side on West 82nd Street.

BioCrossroads, the Indianapolis-based life sciences development group, launched Indiana Seed Fund II in April after raising $8.25 million to help fledgling life sciences companies grow.

Its first seed fund raised $6 million that was invested in 11 companies.
 

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