A little more than a year ago the American Heart Association launched an accelerator to fund biotechnolgy and medical device startups to fill a crucial gap in research funding caused by the increasing hesitance of investors to risk support on early-stage innovation. Now, it’s getting ready for a $2 million fundraising round to invest in two companies by the end of the year. It’s also working with sister organizations and mission-driven investment organizations to identify areas of common interest.
In a phone interview with MedCity News, Ross Tonkens, the director of the Science & Technology Accelerator, and Major Gifts Officer Mark Germano said they’re forming a group of donors who can provide expertise to screen applications. These donors have investment backgrounds steeped in biotechnology, drug development and medical devices. They also have expertise in legal issues, commercialization, IP, regulatory, clinical trial design and conduct issues. In a lot of cases, these are people who have had personal or close contact with people who have had cardiovascular disease or a stroke and want to see things move from the [lab] bench to bedside.