NEW YORK, Feb. 5 - Bioscience incubator LaunchCyte has secured $2 million in new funding, bringing its total capitalization to $4.6 million, the company said on Tuesday.
More than $1 million of that cash came from current investors, the company said. Investors include former Monsanto CEO Robert Shapiro and the Commonwealth of Pennsylvania.
LaunchCyte was founded in 2000 with the goal of propelling what it considers promising biotech companies to market. Its strategy is to identify biotech-based ideas, with a particular focus on bioinformatics technologies, and to supply seed money and help investigators begin and cultivate startups.
To date, the firm, based in Pittsburgh, has helped launch three companies: Morewood Molecular Sciences, focused on high-throughput screening and cancer diagnostics; genotyping firm Biodot; and sepsis therapeutic-research company Immunetrics.
LaunchCyte has said it hopes to create 25 companies within the next few years.