Lab software firm raises $8.5M, names new CEO
A San Diego venture capital firm has made a big bet on Indigo BioSystems Inc., which just installed its founder as the new chief executive.
A San Diego venture capital firm has made a big bet on Indigo BioSystems Inc., which just installed its founder as the new chief executive.
An Indianapolis-based biotech company plans to use $2.75 million in new funding to begin commercial production of its algae-based nutritional supplements, the firm announced Monday.
The envisioned 26-acre, $200-million-or-more complex would bridge IU’s School of Medicine with the city’s life sciences firms, including those at the nascent 16 Tech, a business park.
When Lawrence and Francis Beck planted six acres of hybrid corn on their Hamilton County farm almost eight decades ago, the father and son sowed the seeds of a family business that’s still growing despite widespread industry consolidation.
OnTarget Laboratories LLC’s technology was developed by Philip Low, a Purdue chemistry professor who also created the technology behind Endocyte Inc.
Dow AgroSciences LLC is spending millions of dollars and racking up hundreds of patents as its expands ever deeper in the burgeoning global market for genetically modified crops and pesticides.
Nationally, venture capital investments into life sciences firms totaled $4.9 billion during the first nine months of 2013, down 30 percent from the same period in 2008, according to data from Thomson Reuters and PricewaterhouseCoopers. In Indiana, life sciences firms raised $21 million during the first nine months of the year, far lower than any year since 2003.
Investors on Friday dumped shares of West Lafayette-based Endocyte Inc. after an independent analysis said an experimental lung cancer drug is unlikely to be declared superior to existing chemotherapy. But two analysts say, to the contrary, the analysis shows the prospects for Endocyte’s drug are as good as ever.
Elona went into receivership in June after Greenwood officials filed a foreclosure lawsuit against the firm. The company failed after receiving more than $8 million in economic development incentives from the city over the past three years.
IBJ convened a panel of experts at its Life Sciences Power Breakfast on May 10 to talk about the industry issues of venture capital, digital health innovations and research university entrepreneurship.
Panel members included Kristin Eilenberg, CEO, Lodestone Logic, Infuse Accelerator; Philip S. Low, Purdue University professor of chemistry, founder and chief science officer at Endocyte Inc. and On Target Laboratories LLC; R. Matthew Neff, president, CHV Capital Inc.; Brian Stemme, project director; BioCrossroads; Brian S. Williams, director, Global Healthcare Strategy, PricewaterhouseCoopers International Ltd.; and Raul Zaveleta, CEO, Indigo BioSystems Inc.
The following is an unedited transcript of the discussion.
The Indiana University School of Medicine has launched 12 companies in the past 18 months—a burst of startup activity the school has never seen before.
Frustrated by up-and-down state funding for startup life sciences companies, industry leaders are talking up a plan to create a dedicated funding stream that could total $30 million a year.
Fourth-quarter profit fell 2 percent at Zimmer Holdings Inc. due to large accounting charges, but still beat the estimates of Wall Street analysts.
Local startups Esanex Inc. and Algaeon Inc. have received $500,000 and $250,000, respectively, from Indiana Seed Fund II, BioCrossroads’ second fund to help fledgling life sciences companies.
Indianapolis-based Nico Corp. wants to use its new round of capital to develop brain surgery products to address diseases that were often considered inoperable, such as metastatic brain cancer and intracerebral hemorrhages.
In the 10 years BioCrossroads has been promoting life sciences in Indiana, the effort has netted more than 330 new companies, an infusion of more than $330 million in venture capital, a tripling of exports, and a growing number of mentions in national reports on life sciences.
The Indianapolis-based unit of Dow Chemical Co. saw earnings grow to $142 million, a fourth-quarter record and double the $72 million reported for the 2010 period.
BioCrossroads’ Indiana Seed Fund has invested $300,000 in a startup company chaired by a former Eli Lilly and Co. executive developing an absorbable stent.
A former Indiana scientist has agreed to plead guilty to charges of illegally sending trade secrets worth $300 million to China and Germany.
Rochester Medical Implants plans to move operations from Rochester to Noblesville in October. The company has 28 employees.