|[February 04, 2014]
Purdue Research Foundation, Cook Medical Partner on $12 Million Project to Support Life Sciences Startup Opportunities
WEST LAFAYETTE, Ind. --(Business Wire)--
Purdue Research Foundation and Cook Medical officials announced plans to
establish a $12 million evergreen investment fund to support
Purdue-based life sciences companies.
"Converting Purdue innovation into new products, companies and jobs is
perhaps the most valuable way for our university to live up to its land
grant heritage and contribute to the progress of our state," said Mitch
Daniels, president of Purdue University (News - Alert). "This fund will help a new and
larger generation of Purdue innovators move their technologies to the
Investment Fund, a not-for-profit fund, will seek to join with other
investors to fund companies that are based on Purdue technology or
expertise in the areas of human and animal health and plant sciences.
The Foundry Investment Fund will provide a match to outside investors'
funds, adding critical capital for the transition from the discovery of
a promising technology to founding a viable life sciences company.
Reurns on the investments will remain in the fund for future
"Cook has a long history of commercializing life-changing medical
innovations that originated at Purdue," said Mark Bleyer, president of
Cook Biotech Inc. "We have seen firsthand how innovative technology,
when guided by thoughtful business practices and supported by sufficient
financial funding, can result in products that improve lives in amazing
Established in 1995, Cook Biotech develops and manufactures advanced
biologic tissue grafts engineered from natural tissue sources. Based on
discoveries made at Purdue, these tissue-engineered medical products
have been used worldwide in more than 1.5 million surgical repairs.
Product applications include treatments for hernias, fistulas and wounds.
"The Foundry Investment Fund provides Cook with the opportunity to join
Purdue in an effort to repeat the Cook Biotech story for other
companies," Bleyer said.
The Foundry Investment Fund will:
Stimulate outside parties to invest in Purdue-based life sciences
Provide critical capital funds to entrepreneurial ventures that
originate from Purdue innovation or expertise.
Be self-sustaining through returns from prudent investments.
"Clearly, raising capital is one of the most challenging endeavors that
entrepreneurs face, and offering a match of funds from the Foundry
Investment Fund will help drive interest in our life sciences companies
and draw funding opportunities from across the country," said Dan
Hasler, president and chief entrepreneurial officer for the Purdue
Those who could be matching investors are non-Purdue entities such as
venture capital firms, corporations, angel groups or qualified
For more information about the Foundry Investment Fund, contact John
Hanak, entrepreneur-in-residence at the Purdue Foundry, firstname.lastname@example.org,
317-616-1860. For information on other Purdue entrepreneurial programs,
Innovation and Entrepreneurship.
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