U.K.-based biotech incubator
The vehicle will focus on making seed and early stage investments in various life science sectors, including biotechnology, medical technology, pharmaceutical services, diagnostics and health care services and research.
The fund, which launched Oct. 1, is entirely funded by Mobius, using excess cash generated through the incubator’s internal operations. BioCity Nottingham was launched in 2003 by two area universities—Nottingham Trent University and The University of Nottingham—in partnership with the East Midlands Development Agency.
BioCity CEO Glenn Crocker says that there are currently about 70 bioscience and life sciences companies based in or virtual tenants of BioCity.
“Many have grown rapidly, but there are still companies with great potential that are struggling to see daylight and we want to fill the critical funding and support gap,” Crocker says.
However, Crocker adds that companies will not have to be based in the incubator to be eligible for funding.
“Our priority will always be to make sound investments, whether or not companies decide to locate in BioCity,” he says.
The fund intends to make about two investments by the end of the year and about six total over the next year. —Alastair Goldfisher