Accelerator Corporation, a leading life science investment vehicle for
disciplined and efficient investment in emerging biotechnology research,
announced the first closing of Accelerator IV with $51.1 million in
capital commitments, as it expands its operations in Seattle to New York
City. Located at the Alexandria Center for Life Science in the heart of
Manhattan’s East Side Medical Corridor, Accelerator will infuse
strategic venture capital, entrepreneurial leadership, and critical
product development capabilities into the New York City life science
cluster.
“There is a funding gap for innovators looking to build new companies,
as more and more venture investors are turning their attention to
de-risked, later-stage developmental therapies instead of early
research,” said Thong Q. Le, chief executive officer of Accelerator. “We
have had tremendous success in bridging this gap in Seattle, with more
than half of our companies graduating to successful venture rounds and
achieving development successes. We recognize a similar gap in New York
City where funding is available for developed companies but in short
supply for early-stage research, and we look forward to this strategic
expansion with our new round of committed capital.”
Over the last 10 years, and through its first three rounds of committed
capital, Accelerator has developed 12 early-stage biotechnology
companies in Seattle and provided them with the necessary resources to
give each company a greater opportunity for early success. The fourth
commitment round includes return investors Alexandria Venture
Investments, ARCH Venture Partners, and WRF Capital, alongside new
strategic investors, including Eli Lilly and Company, Harris & Harris
Group, Inc., Johnson & Johnson Development Corporation, The Partnership
Fund for New York City, and Pfizer Venture Investments. Accelerator will
have dedicated capital commitments for both Seattle and New York City.
“We believe that there is an unparalleled opportunity to support
exciting early-stage life science research in both New York City and
Seattle. Accelerator will provide a big boost to help foster innovation
in both these locales,” said John Lechleiter, Ph.D., chairman and chief
executive officer of Eli Lilly and Company.
In addition to providing venture capital support, Accelerator provides
its portfolio companies with access to leadership and critical product
development capabilities, including access to resources from partner
organizations. In New York City, Accelerator will work in partnership
with seven top-tier institutions, including Albert Einstein College of
Medicine of Yeshiva University, Columbia University, Icahn School of
Medicine at Mount Sinai, Memorial Sloan Kettering Cancer Center, New
York University, The Rockefeller University, and Weill Cornell Medical
College. In Seattle, Accelerator has expanded its partners beyond the
Institute for Systems Biology to include Benaroya Research Institute at
Virginia Mason, Infectious Disease Research Institute (IDRI), Pacific
Northwest Diabetes Research Institute, Puget Sound Blood Center Research
Institute, Seattle BioMed, Seattle Children’s Research Institute and
Washington State University. Collectively, these institutions will
provide Accelerator companies with unparalleled access to technology
development capabilities and scientific expertise.
“We are excited to welcome Accelerator to New York City, and look
forward to partnering with their outstanding team to transform some of
our region’s most promising scientific discoveries into life science
start-up companies with a real shot at success,” said Marc
Tessier-Lavigne, Ph.D., president of Rockefeller University, a new
Accelerator institution partner.
Leroy Hood, M.D. Ph.D., co-founder and president of the Institute for
Systems Biology (ISB) and founding institution partner of Accelerator,
noted, “Through its newest capital commitment from some of the world’s
top investors, Accelerator will continue to play an instrumental role in
commercializing early-stage life science discoveries. We look forward to
continuing our partnership with Accelerator.”
Joel Marcus, co-founder, chairman and chief executive officer of
Alexandria Real Estate Equities, Inc. (NYSE:ARE) and Alexandria Venture
Investments noted, “With the opening of Accelerator at the Alexandria
Center for Life Science in Manhattan’s East Side Medical Corridor,
Alexandria will add a strong array of disruptive clinical-stage
opportunities as well as life science platform companies to its all-star
roster of client tenants on our world-class urban campus. This is a
critical moment for the Alexandria Center for Life Science and for New
York City more broadly.”
Accelerator operations in New York City will join the collaborative and
innovative campus at the Alexandria Center for Life Science, New York
City’s first and only premier life science park. The Alexandria Center
for Life Science has become the leading commercial destination in New
York City for world-class life science entities to translate innovative
discoveries into breakthrough products for patients with significant
unmet medical needs. Accelerator is an ideal fit for the Alexandria
Center for Life Science, and its presence will bring a new generation of
highly disruptive companies to the City’s rapidly growing cluster, as it
already has proven to do so in Seattle.
About Accelerator Corporation
Accelerator Corporation, established in 2003 with operations in Seattle
and New York City, is a biotechnology investment and management company.
Formed by a syndicate of top-tier venture capital investors and a
world-class research institution, Accelerator identifies, evaluates,
finances, and manages the development of emerging biotechnology
opportunities. Accelerator has built a unique solution that addresses
many of the key problems associated with investing in early-stage
biotechnology by providing access to venture capital, management,
scientific expertise, and facilities. For more information, please go
to: www.acceleratorcorp.com.
Copyright Business Wire 2014