HIGHLIGHTS
Jun 21, 2011
Mirina Corporation Changes Name to Groove BiopharmaMay 24, 2011
Accelerator Corporation Finances Twelfth Startup with Oncofactor CorporationDec 01, 2010
Accelerator Reaches Out to East Coast to Find Latest Startup, Acylin TherapeuticsDec 01, 2010
Accelerator Corporation Finances Eleventh Startup with Acylin Therapeutics, Inc.Apr 26, 2010
Accelerator’s MicroRNA Play, Mirina, Forges Ahead With One More Year of Cash
Accelerator Corporation Adds $11.8 Million and Two New Investors
Amgen Ventures and OVP Join Other Life Science Leaders to Fund Biotech Start Ups
Seattle – Thursday, November 18, 2004 – Accelerator Corporation, a privately–held biotechnology investment and development company announced today that it has added $11.8 million to the pool of committed capital it has available for investments in leading-edge emerging biotechnology start-ups, and as part of that transaction has added two new investors – Amgen Ventures and OVP Venture Partners.
The new investors join other life science leaders MPM Capital, ARCH Venture Partners, Versant Ventures, Alexandria Real Estate Equities (NYSE:ARE) and the Institute for Systems Biology in building the next generation of life-enhancing biotechnology companies by providing the resources critical to accelerating the development of nascent leading-edge biotechnology companies.
These new commitments, which also include funding from MPM Capital, ARCH and Alexandria, bring the total Accelerator investment pool to $21.8 million, of which $15.35 million remains available for future investments. In conjunction with joining the Accelerator, Amgen Ventures and OVP also invested in the two existing Accelerator companies, VieVax Corporation and VLST Corporation.
“Amgen Ventures is a natural partner for Accelerator, and they bring significant value to the enterprise,” stated Dr. Leroy Hood, president of the Institute for Systems Biology. “By joining Accelerator, Amgen Ventures demonstrates a significant interest in the growth and development of biotech in Seattle. OVP has a proven track record as a visionary investor with a tremendous presence in the Pacific Northwest. OVP also brings significant expertise and acumen in computer science and information technology, both critical to the cross-disciplinary approach necessary in systems biology.”
“Through our investment, we join an innovative partnership with Accelerator to commercialize the next generation of systems biology technologies,” said Chad Waite, a general partner at OVP. “We’re very excited about working with the tremendous leadership teams at both Accelerator and ISB and intend to combine our expertise with theirs in particular to focus upon advancements made possible by the convergence of information technologies and biotechnology research. The goal is to create new ventures which will take advantage of what we believe is an interesting inflection point for the industry. This is just one of the key areas that will help fuel the development of emerging technologies and establish the Pacific Northwest as a world-leader in systems biotechnologies.”
“We are delighted to have Amgen Ventures and OVP join the investor syndicate of the Accelerator,” commented Dr. Michael Steinmetz, General Partner at MPM Capital. “Both investors will significantly strengthen our scientific and financial resources and will make Accelerator even more attractive for entrepreneurs wanting to start innovative companies that can benefit from a close association with the Institute for Systems Biology.”
About OVP Venture Partners
OVP is the leading venture firm in the Pacific Northwest and has more than $500 million in capital under management. The firm has raised six venture funds with an investment focus in pre-revenue software, communications, and electronics companies. Over the past 20 years, OVP has invested in almost 80 start-up companies, with 22 IPO’s and a similar number achieving merger and acquisition. OVP VI closed in 2002 at $185 million. OVP’s Technology Advisory Board includes CIO’s and CTO’s who work or have worked at Intel, Microsoft, Nike, Morgan Stanley, Aventis, General Electric, Deutsche Bank, Providence Health Systems and TCI. For more information please go to: www.ovp.com.
About Accelerator Corporation
Accelerator Corporation, founded in 2003, is a privately–held biotechnology investment and development company located in Seattle, Washington, USA. The company is building the next generation of life-enhancing biotechnology companies by providing the resources critical to accelerating the development of nascent leading-edge biotechnologies. These key resources, provided by global life science leaders – Alexandria Real Estate Equities, Inc., Amgen Ventures, ARCH Venture Partners, MPM Capital, OVP Venture Partners and Versant Ventures, the Institute for Systems Biology and Accelerator Corporation - include committed capital from top-tier venture capital firms, state-of-the-art facilities, world-class scientific and technical expertise and support, and experienced biotechnology start-up business management and support. For more information, please go to: www.acceleratorcorp.com.