Boston Biomedical, Inc. Announces Investment by its Parent Company in MPM Oncology Innovations Fund
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oston Biomedical, Inc. announced today that its parent company, Sumitomo Dainippon Pharma Co., Ltd. (Osaka, Japan) has invested in the MPM Oncology Innovations Fund (hereinafter, INV), and made a donation to the Dana-Farber Innovations Research Fund (hereinafter, IRF).
The INV and IRF are a unique, first-of-its-kind, impact investing collaboration, which partners fundraising for biotech venture capital investing with philanthropic fundraising for cancer research.
INV will focus on creating and investing in early-stage biotech companies developing oncology therapeutic technologies. IRF will support basic science research at Dana-Farber Cancer Institute, a world-class oncology research center. INV will be managed by MPM Capital (hereinafter, MPM) and IRF is independently managed by a committee of Dana-Farber faculty research leaders. MPM expects 50 percent of capital from INV to be invested in new companies originating from Dana-Farber research. As part of the collaboration, MPM through INV has the right of first offer to license certain Dana-Farber technologies that have been identified as potential candidates for development and commercialization. The full press release from MPM and Dana-Farber describing the funds and their focus was issued on 26 February 2020 and can be found here https//www.businesswire.com/news/home/20200226005434/en.
Oncology is a prioritized area of focus for Sumitomo Dainippon Pharma. Leveraging MPM Capital's expertise in founding and investing in life science companies, we believe this effort will enable efficiencies in the drug discovery process and cutting-edge technologies in oncology, said Mahmoud Mahmoudian, Ph.D., Senior Vice President, Head of Global Oncology External Innovation, Sumitomo Dainippon Pharma Global Oncology. This marks another step in our commitment to supporting external innovation to advance cancer research, building on the ongoing efforts of our recently announced alliance with leading academic institutions to accelerate innovation and breakthrough science.
Both Dana-Farber and MPM have a commitment to discovery and the development of breakthrough oncology treatments. Sumitomo Dainippon Pharma is excited to support this mission through its participation in the funds and believes this innovative venture philanthropy model has the potential to generate promising advancements in cancer therapy and patient outcomes.
Global Oncology External Innovation is based in Cambridge, MA at the offices of Boston Biomedical, Inc., a subsidiary of Sumitomo Dainippon Pharma. It was established in 2018 to tap into the rich biotech ecosystem in the Boston area, as well as access and invest in innovation worldwide. This group is focused on the identification and incubation of disruptive technologies and early-stage clinical candidates from academia and venture capital that may be further developed and enrich Sumitomo Dainippon Pharma's oncology development pipeline.
✔️ Boston Biomedical, Inc. Announces Investment by its Parent Company in MPM Oncology Innovations Fund
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