I guess there is hope and some the believe in Life Science research after all. It is tough though trying to figure out which product(s) will make it and even more difficult sometimes is the amount of time for R and D before a product is brought to market. I didn’t realize that Partners Health Care licensed technology, of which two of the founding members of another fund. BD
Richard Anders, a veteran Boston-area entrepreneur and investor, has long shown an interest in life sciences through his affiliations with the Museum of Science in Boston, the Dana-Farber Cancer Institute, the Harvard-MIT Health Sciences and Technology program, and other organizations. Along the way, he’s seen a major problem: many promising life sciences inventions never reach the market. So after spending more than a year thinking about how to solve this problem, he led the formation of an angel investment group called Mass Medical Angels (MA2).
“I had been frustrated,” says Anders, “I wondered what can we do to bring more cash and innovation into life sciences.” The angel group aims to help entrepreneurs in the biotech, medical devices, and other science-related fields raise enough money to make sure that their great ideas for products don’t die on the vine. And though the challenge of raising seed money for life sciences startups predates the financial meltdown, the formation of the angel group could be extremely timely because the down economy has forced many venture firms to reduce their bets on seed-stage companies.
The group’s founding team includes Carl Berke and Roger Kitterman, who are also both partners at Boston-based Partners Innovation Fund, which invests in startups with technology licensed from Partners HealthCare System hospitals, and physician Pushwaz Virk. “In the software business it’s very tough now to figure out something that hasn’t already been done,” Anders says. “In life science there are enormous needs, tremendously bright minds, and lots of ideas.”