The pharmaceutical company Novo A/S and the Novo Nordisk Foundation (NNF) have launched a new life sciences seed programme aimed at supporting early stage applied research in Scandinavia.
The fund will have two arms. A pre-seed fund run by NNF will provide financial, managerial and strategic support to early stage projects. The money will be given as grants with no claims for payback or ownership of projects.
The other arm, run by Novo, will support more advanced projects and initiatives, though these will be too preliminary to be supported by Novo's existing venture activities or by other investors. The Novo seed fund will operate on commercial terms.
Søren Carlsen of Novo A/S, and Gert Almind, of the Novo Nordisk Foundation, said, “Many of the biotech companies that were started in the period 1999-2003 are developing
very well. In spite of this, investors today are more risk adverse and prefer to invest in
companies where some proof of concept has been demonstrated.”
“As a consequence the number of newly formed companies is falling. This new initiative aims to identify and develop the unexplored commercial potential we see in biotech
research in Scandinavian institutions and early stage companies. We would like to help
potential entrepreneurs take the next step.“
The plan is to spend around DKK 100 million over the next three to four years. The administration of the programme will be funded separately.
The fund will have two arms. A pre-seed fund run by NNF will provide financial, managerial and strategic support to early stage projects. The money will be given as grants with no claims for payback or ownership of projects.
The other arm, run by Novo, will support more advanced projects and initiatives, though these will be too preliminary to be supported by Novo's existing venture activities or by other investors. The Novo seed fund will operate on commercial terms.
Søren Carlsen of Novo A/S, and Gert Almind, of the Novo Nordisk Foundation, said, “Many of the biotech companies that were started in the period 1999-2003 are developing
very well. In spite of this, investors today are more risk adverse and prefer to invest in
companies where some proof of concept has been demonstrated.”
“As a consequence the number of newly formed companies is falling. This new initiative aims to identify and develop the unexplored commercial potential we see in biotech
research in Scandinavian institutions and early stage companies. We would like to help
potential entrepreneurs take the next step.“
The plan is to spend around DKK 100 million over the next three to four years. The administration of the programme will be funded separately.
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