Without fanfare, the University of Pennsylvania has agreed to invest up to $50 million over the next three years in at least 10 biotech companies, the Inquirer has learned.
The goal of the pilot program is to convince more local Ph.D.s and M.D.s to establish their companies near the school’s West Philadelphia campus, instead of moving to traditional venture-capital centers in Massachusetts, California, and other states where funding has been more readily available, until now.
Image: PENN MEDICINE - Carl June, one of the gene therapy pioneers at the University of Pennsylvania. Penn Medicine scientists are raising funds for a series of for-profit companies that hope to capitalize on medical innovations.
