The New York Academy of Sciences Launches NYC’s First Early-Stage Life Science Angel Investment Network
The “Life Science Angel Network” will promote innovation and match healthcare startups with early-stage funding.
Published November 18, 2010
The New York Academy of Sciences will launch the Life Science Angel Network (LSAN) at an event at the Academy’s lower Manhattan headquarters on Thursday, November 18. The new investment network is designed to connect scientists and entrepreneurs with funding to support innovations in biotechnology, medical devices, and healthcare IT. The Academy's partners in the program include many of the city's leading academic institutions and the New York City Economic Development Corporation.
As the first angel group in New York City focused on healthcare and life sciences, the Life Science Angel Network will fill the gap between New York and tri-state area technology transfer offices, entrepreneurs, and venture capitalists by providing capital primarily through individual member contributions and sponsorships from organizations involved in supporting innovation and building companies. The program will leverage the Academy’s wide-ranging network in the life sciences industry to uncover, fund, and mentor a wide variety of emerging life sciences companies.
"New York City has one of the largest concentrations of life science and biomedical research institutions in the world, but many of the new and innovative technologies they are producing lack the funding required for commercialization,” said Mayor Michael R. Bloomberg. “The Academy's Life Science Angel Network will create new access to capital and establish new opportunities for our talented researchers to develop contacts within the investment and entrepreneurial communities. And it will further promote New York City as a worldwide center for bioscience."
Seth W. Pinsky, President of the New York City Economic Development Corporation, a government partner in the network, said, "New York City's life science companies regularly develop new and innovative technologies, but we know that there is even more potential from this important industry. I applaud the efforts of the New York Academy of Sciences to create this new angel network that will support the crucial life sciences sector that has the power not only to create new jobs, but to change how we live in fundamental ways."
Dr. Milena Adamian, Director of the Angel Network at the New York Academy of Sciences, said, “Our Mission is to provide young life sciences companies with financial and operational support, sector-specific mentorship, and access to a broad network of investors and entrepreneurs for subsequent institutional financing."
Business plans submitted to the LSAN will be screened by a multi-disciplinary expert panel of clinicians, scientists, entrepreneurs and investment professionals. Selected candidates will present to the entire membership to seek financing with clearly defined milestones and timelines.
“The New York Academy of Sciences uniquely offers company founders and inventors with deep scientific and business resources to advance medical technologies through the earliest stages of development. The caliber of the participants in the LSAN provides the potential to spark growth and expansion of both entrepreneurship and early-stage financing of life sciences technologies based in New York City and the Tri-State area,” said Steven Hochberg, member of the Board of Governors of the New York Academy of Sciences and managing partner of Ascent Biomedical Ventures, a NYC-based early stage venture capital fund focused on biomedical technologies.
“With a large concentration of universities, research institutions, and medical centers that attract some of the world's best talent, New York City is a national leader in research and development in the life sciences,” said President & CEO of the New York Academy of Sciences, Ellis Rubinstein. “Despite having such unmatched resources, NYC has, until now, been missing a focused organization that will consolidate the efforts of turning research ideas into improved patient care by providing early stage funding to promising new companies with validated technologies.”
Founding sponsors of the Life Science Angel Network are Ascent Biomedical Ventures, CBIZ MHM, LLC, Meditech Strategic Consultants, and Wilson Sonsini Goodrich & Rosati. Partners include the New York City Economic Development Corporation, the Downtown Alliance, NYU Ventures, Columbia Technology Ventures, Cornell Center for Technology, Enterprise and Commercialization, NYC Investment Fund, Office of Technology and Business Development at Mount Sinai Medical Center, Office of Industrial Liaison at Sloan Kettering, and Hospital for Special Surgery.
The Invitation Only kick-off event will take place at 6:00 pm, November 18. NYCEDC President Seth Pinsky and Allan May, Chairman and Founder of Life Science Angels in Palo Alto, Calif., will deliver opening remarks.
Reporters wishing to cover the event, please contact Adrienne Burke, aburke@nyas.org, or (212) 298-8655.
For more information about the Life Science Angel Network, please see http://www.nyas.org/LSAN.