Alexandria launches seed capital platform

Alexandria Venture Investments said it is continuing to boost its investment in early stage life science companies through the launch of the Alexandria Seed Capital Platform.

Alexandria’s Jenna Foger told BioCentury the firm saw a need for the platform because although “New York medical centers are spinning out new opportunities more rapidly than ever before,” it can be difficult and take a long time for new companies to find funding.

“We want to become the obvious central source of seed stage funding for entrepreneurs,” she said.

In June, Alexandria Real Estate Equities Inc. (NYSE:ARE) opened Alexandria LaunchLabs, which offers lab space to up to 25 companies in New York City (see BioCentury Extra, June 13, 2017).

Foger said all LaunchLabs companies can apply for funding through the Seed Capital Platform. However, the platform will fund companies outside of New York as well, said Foger. “It is open to anyone; they don’t have to come into the building.”

Eligible companies include those developing drug discovery platforms, diagnostics, medical technologies or bioinformatics-driven healthcare solutions.

Foger said the firm has “no cap” on how much funding it will provide or how many companies it will support through the platform. It is also agnostic to disease area and modality. “We’re focused on quality over quantity,” she said, noting that the funding will be milestone-based with continued investment driven by factors including product differentiation, IP creation, business strategy, financing plan and management team.

Alexandria has convened an advisory board to help mentor the newcos. Members of the board, which consists of VCs and executives from Accelerator Life Science Partners, Arch Venture Partners, Eli Lilly and Co. (NYSE:LLY), Pfizer Inc. (NYSE:PFE) and Roche (SIX:ROG; OTCQX:RHHBY), also may opt to invest in the start-ups.