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Eli Lilly Creates Venture Fund to Invest in Biotechnology Startups

NEW YORK, Sept. 20 – Eli Lilly has formed a new venture capital group, Lilly Bioventures, that will invest in early-stage biotechnology companies, Lilly said Thursday. 

The venture capital group will make initial investments of up to $5 million in companies developing new biotechnology or biopharmaceutical technologies, and companies developing new or improved platforms for drug discovery, Lilly said. The company did not disclose the total value of the new fund.

"Our goal is to provide the necessary aid, whether it's capital or scientific advice, that entrepreneurs need to transform their concepts or inventive science into commercial success," Pawel Fludzinski, a managing director for Lilly BioVentures, said in a statement. "Lilly BioVentures' affiliation with Lilly offers start-up companies exposure to one of the world's most innovative pharmaceutical companies including its first-class scientists and network of multinational collaborations.”

In January, Indianapolis-based Lilly created the e-Lilly fund to invest in early stage e-business companies with applications in pharmaceuticals.

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