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Indiana Biotech Hotbed Gets Hotter with $4M BioCrossroads Seed Fund

NEW YORK, June 7 (GenomeWeb News) - BioCrossraods, an initiative to develop the life science industry in Indiana, said yesterday that it has established a $4 million seed fund to support Indiana life science companies in the beginning stages of operation.

 

The Indiana Finance Authority will also contribute to the seed fund, BioCrossroads said. The fund will provide working capital to candidate companies in the range of $50,000 to $500,000, to be allocated by an investment committee that includes outside investment professionals.

 

According to a BioCrossroads spokesperson, the venture welcomes applications from a wide variety of companies in life science, and is not targeting any particular niches. The organization is accepting the first round of applications until Aug. 31. Applications can be found at the Indiana Seed Fund website.

 

In April, BioCrossroads assembled the Indiana Future Fund, a $73 million "fund of funds" to be invested in Indiana-based life sciences companies and backed by a variety of Indian public and private institutions.

 

BioCrossroads said in a statement that the Indiana Seed Fund was intended to "help narrow the gap between the discovery of an idea and actual venture capital funding, and to prepare companies for future investments through vehicles like the Indiana Future Fund.

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