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- EIN 46-0481876
- (610) 230-0536
- 170 N Radnor Chester Rd Ste 350 Radnor PA 19087-5281 USA
- www.bioadvance.com
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Nonprofit Overview
Causes: Children & Youth
Mission: The biotechnology greenhouse of southeastern pennsylvania was established with funds from the commonwealth of pennsylvania's share of the national tobacco settlement to accelerate growth of the life sciences industry by transforming the southeast pennsylvania region's strength in biomedical research and development into commercial opportunities. Approximately $25 million of the original government grant funding has been dedicated for pre-seed or "gap" funding for promising therapeutic, biomedical device and related technology companies, in a program called the greenhouse fund. The greenhouse fund is designed to move promising scientific projects out of the laboratory and into commercial opportunities. Additional funds were set aside for initiatives to increase the region's strengths in biomedical informatics and clinical trials.
Programs: Greenhouse program - the cornerstone of bioadvance investment activities - was launched two months after receiving the dced grant. The program funds young companies for 'proof of concept' work that within 24 months will provide enough scientific progress to enable them to attract venture capital or an industry partner. Individual companies are eligible to receive up to $1,500,000 which is disbursed as milestones are achieved, unless the cap is increased by the board. The investments are in the form of a note that converts into equity upon a specified minimum size of dollar funding.