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Michigan Biomedical Venture Fund

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The Michigan Biomedical Venture Fund (MBVF) invests in biomedical startup companies with U-M licensed IP in the domain of therapeutics, devices, diagnostics, or health IT. The MBVF is a collaborative effort between the U-M College of Engineering’s Center for Entrepreneurship (CFE) and U-M Medical School’s Fast Forward Medical Innovation program (FFMI) program.

With a $3 million gift from the Monroe-Brown Foundation, the MBVF awards $50,000-300,000 to biomedical startup companies. The Fund serves to drive the university’s world-class leadership by creating a critical pipeline between research and the biomedical innovation life cycle. The goal is to continue in our efforts to attract world-class research talent to U-M and the broader Ann Arbor entrepreneurial ecosystem, securing the university’s position as the leader in translational research.

This fund is exclusively for biomedical startups or companies with U-M IP or license. Most applicants need to successfully complete an existing U-M translational program such as CoulterMTRACNSF I-Corps and, or be recommended by the Deal Flow Council (DFC). Companies can also directly apply after consulting with the Program Manager. Applicants are required to complete the 3-4 page proposal and submit any relevant material.

 

[/et_pb_text][et_pb_button button_url=”https://mbseedfund.infoready4.com/” url_new_window=”on” button_text=”APPLY HERE” button_alignment=”left” background_layout=”light” custom_button=”on” button_text_color=”#00274c” button_border_color=”#00274c” button_letter_spacing=”0″ button_use_icon=”default” button_icon_placement=”right” button_on_hover=”on” button_letter_spacing_hover=”0″ button_text_size__hover_enabled=”off” button_text_size__hover=”null” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_text_color__hover_enabled=”off” button_text_color__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_border_width__hover_enabled=”off” button_border_width__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_border_color__hover_enabled=”off” button_border_color__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_border_radius__hover_enabled=”off” button_border_radius__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_letter_spacing__hover_enabled=”on” button_letter_spacing__hover=”0″ button_one_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover=”null” button_two_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover=”null” button_bg_color__hover_enabled=”off” button_bg_color__hover=”null” button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” /][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section bb_built=”1″ fullwidth=”off” specialty=”off” prev_background_color=”#000000″ next_background_color=”#000000″][et_pb_row background_position=”top_left” background_repeat=”repeat” background_size=”initial”][et_pb_column type=”1_2″][et_pb_divider color=”#cecece” show_divider=”on” divider_style=”solid” divider_position=”top” divider_weight=”2″ hide_on_mobile=”on” disabled_on=”on|on|off” /][et_pb_accordion use_border_color=”off” _builder_version=”3.0.100″][et_pb_accordion_item _builder_version=”3.0.100″ title=”What are the eligibility criteria?” use_background_color_gradient=”off” background_color_gradient_start=”#2b87da” background_color_gradient_end=”#29c4a9″ background_color_gradient_type=”linear” background_color_gradient_direction=”180deg” background_color_gradient_direction_radial=”center” background_color_gradient_start_position=”0%” background_color_gradient_end_position=”100%” background_color_gradient_overlays_image=”off” parallax=”off” parallax_method=”on” background_size=”cover” background_position=”center” background_repeat=”no-repeat” background_blend=”normal” allow_player_pause=”off” background_video_pause_outside_viewport=”on” text_shadow_style=”none” box_shadow_style=”none”]

Any U-M startup that has a U-M license/option and has a biomedical or healthcare focus is eligible to receive funding. Since this is an early-stage venture fund we fund at the angel or seed level, and in some case at the Series A stage. We do not make our first investment in rounds later than the Series A stage.

[/et_pb_accordion_item][et_pb_accordion_item _builder_version=”3.0.100″ title=”We don’t have an option or a license yet, but are in the process; can we still apply?” use_background_color_gradient=”off” background_color_gradient_start=”#2b87da” background_color_gradient_end=”#29c4a9″ background_color_gradient_type=”linear” background_color_gradient_direction=”180deg” background_color_gradient_direction_radial=”center” background_color_gradient_start_position=”0%” background_color_gradient_end_position=”100%” background_color_gradient_overlays_image=”off” parallax=”off” parallax_method=”on” background_size=”cover” background_position=”center” background_repeat=”no-repeat” background_blend=”normal” allow_player_pause=”off” background_video_pause_outside_viewport=”on” text_shadow_style=”none” box_shadow_style=”none”]

Yes, you can still apply while the licensing is still in progress. The final funding is contingent on obtaining the license/option.

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Yes, you can still apply while the company formation is in progress. The final funding is contingent on company formation, and proof of business entity registration is required.

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Applications are accepted on a rolling basis. It is highly recommended that you contact the program manager before applying. Once we receive a company’s application, we’ll begin the initial due-diligence process (about 4-6 weeks). Select teams will be recommended to present to the external Investment Advisory Board (IAB). During this time, companies have to address issues raised by the Board and the Program Manager as they perform further due diligence (4-8 weeks). In most cases, companies are funded after addressing feedback from the introductory meeting with the Board. Typically, the entire process takes 2 to 4 months.

[/et_pb_accordion_item][et_pb_accordion_item title=”Do you fund student startups that come out of the university?” _builder_version=”3.0.100″] Sorry, at this moment we are not considering student-IP owned startups from U-M. [/et_pb_accordion_item][et_pb_accordion_item title=”What financial instrument do you use to invest?” _builder_version=”3.0.100″ use_background_color_gradient=”off” background_color_gradient_start=”#2b87da” background_color_gradient_end=”#29c4a9″ background_color_gradient_type=”linear” background_color_gradient_direction=”180deg” background_color_gradient_direction_radial=”center” background_color_gradient_start_position=”0%” background_color_gradient_end_position=”100%” background_color_gradient_overlays_image=”off” parallax=”off” parallax_method=”on” background_size=”cover” background_position=”center” background_repeat=”no-repeat” background_blend=”normal” allow_player_pause=”off” background_video_pause_outside_viewport=”on” text_shadow_style=”none” box_shadow_style=”none”]

Since most companies are very early-stage, we want to keep the terms as simple and easy as possible. We are open to using a Simple Agreement for Future Equity (SAFE) agreement or a convertible note. In cases where syndicates are being formed, we are happy to follow the lead investor’s term sheet subject to certain provisions.

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PROGRAM  MANAGER

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Hirak Parikh, PhD

Email: hparikh@umich.edu

Direct: 734.647.7459

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DEAL FLOW COUNCIL MEMBERS

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The Deal Flow Council (DFC) is comprised of 4-7 members that review applications, as well as recommend U-M start-ups to consider for funding. DFC members include individuals that are closely connected to U-M research and innovation, and U-M translational programs, eg: Office of Tech Transfer Licensing and the Venture Center, I-Corps, Med and CoE units (including the department chairs), U-M MTRAC for Life Sciences Innovation Hub, and the Coulter Program. DFC members are:

Drew Bennett, M.B.A., Licensing, U-M Technology Transfer

Charles Cole, M.B.A., Venture Center, U-M Technology Transfer

Jonathan Fay, Ph.D., I-Corps, U-M Center for Entrepreneurship

Tom Marten, M.B.A., Coulter Program, U-M Biomedical Engineering

Brad Martin, Ph.D., U-M MTRAC for Life Sciences Innovation Hub, Fast Forward Medical Innovation

Mike Psarouthakis, M.B.A., M.S., Venture Center, U-M Technology Transfer

Dave Repp, M.B.A., M.S., Venture Center, U-M Technology Transfer

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INVESTMENT ADVISORY BOARD MEMBERS

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The Investment Advisory Board (IAB) is comprised of 7-10 members and advises on all investment decisions. IAB members include individuals with domain expertise, successful venture capitalists, entrepreneurs, and other investors in healthcare and biotech. Members do not have an official U-M appointment or specific ties to existing U-M funding programs (one representative is appointed to the IAB by the U-M Investment Office). The IAB is operationally independent from the Deal Flow Council. IAB Board Members are:

Keith Brophy, M.S.I.S., Director of Business Lab, Blue Cross Blue Shield Emerging Markets

Rafael Castilla, J.D., Director of Investments and Structuring, U-M Investment Office

Robin Damschroder, Interim CFO, Henry Ford Hospital

Brian Gallagher, M.S., Ph.D., Partner, SR One

David Gregorka, M.S., M.B.A., Venture Partner, Baird Capital

Rekha Hemrajani, M.S., COO FLXBio

Dan Kidle, B.B.A., M.B.A., Principal, Arboretum Ventures

Jason Lettman, M.B.A., Partner, Lightstone Ventures

Julia Owens, Ph.D., President & CEO, Millendo Therapeutics

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PORTFOLIO  COMPANIES

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Girish Kulkarni, President & Co-Founder

Arborsense makes wearable devices for continuous monitoring of blood alcohol content and other analytes directly from the skin https://arborsenseinc.com/

[/et_pb_team_member][et_pb_divider _builder_version=”3.0.100″ show_divider=”on” height=”6″ color=”#cecece” /][et_pb_team_member admin_label=”BRIO LLC” _builder_version=”3.0.100″ name=”BRIO LLC” position=”Ann Arbor, MI” image_url=”http://cfe.umich.edu/wp-content/uploads/2018/03/150-brio.jpg” background_layout=”light”]

Hannah Hensel, Co-Founder & CEO

Brio’s insertion stylets minimize reliance on clinician skill for success and are designed to assist users in locating the trachea and maneuvering the endotracheal tube through the mouth, throat and airway. | More info: briodevice.com

[/et_pb_team_member][et_pb_divider _builder_version=”3.0.100″ show_divider=”on” height=”6″ color=”#cecece” /][et_pb_team_member admin_label=”EVOQ” _builder_version=”3.0.100″ name=”EVOQ THERAPEUTICS” position=”Ann Arbor, MI” image_url=”http://cfe.umich.edu/wp-content/uploads/2018/03/150-evoq.png” background_layout=”light”]

William Brinkerhoff, Co-Founder & CEO

EVOQ offers nano-vaccine technology that is able to evoke potent anti-tumor T-cell responses that can eradicate tumors and establish long-term immunity against tumor recurrence. | More info: evoqtherapeutics.com

[/et_pb_team_member][et_pb_divider _builder_version=”3.0.100″ show_divider=”on” height=”6″ color=”#cecece” /][et_pb_team_member admin_label=”GENOMENON” _builder_version=”3.0.100″ name=”GENOMENON” position=”Ann Arbor, MI” image_url=”http://cfe.umich.edu/wp-content/uploads/2018/03/150-genomenon.jpg” background_layout=”light”]

Mike Klein, CEO

Genomenon’s software simplifies genome interpretation to improve diagnostic accuracy in clinical practice and speed genetic discoveries in research laboratories. | More info: genomenon.com

[/et_pb_team_member][et_pb_divider _builder_version=”3.0.100″ show_divider=”on” height=”6″ color=”#cecece” /][et_pb_team_member admin_label=”MDI Therapeutics” _builder_version=”3.0.100″ name=”MDI Therapeutics” position=”Ann Arbor, MI” image_url=”http://cfe.umich.edu/wp-content/uploads/2018/05/0-1-e1526584139739.png” background_layout=”light”]

Stephen Benoit, President & CEO

Leveraging the world-renown research of founder Dan Lawrence in serpin biology, MDI Therapeutics has discovered a new class of small molecule inhibitors of plasminogen activator inhibitor-type 1 (PAI-1) for the treatment of fibrosis. | More info: mditherapeutics.com

[/et_pb_team_member][et_pb_divider _builder_version=”3.0.100″ show_divider=”on” height=”6″ color=”#cecece” /][et_pb_team_member admin_label=”MOUNTAIN PASS” _builder_version=”3.17.6″ name=”MOUNTAIN PASS” position=”Ann Arbor, MI” image_url=”http://cfe.umich.edu/wp-content/uploads/2018/03/150-mountain-pass.jpg”]

Tom Simon, CEO

Mountain Pass Solutions (MPS) offers a fully configurable workflow management system as a SaaS product. | More info: gomountainpass.com

[/et_pb_team_member][et_pb_divider _builder_version=”3.0.100″ show_divider=”on” height=”6″ color=”#cecece” /][et_pb_team_member admin_label=”ONL THERAPEUTICS” _builder_version=”3.0.100″ name=”ONL THERAPEUTICS” background_layout=”light” image_url=”http://cfe.umich.edu/wp-content/uploads/2018/03/150-onl.png” position=”Ann Arbor, MI”]

John Freshley, President & CEO

ONL offers a first-in-class therapy to protect the vision of patients with retinal disease, using a Fas inhibitor designed to protect against retinal cell death. | More info: onltherapeutics.com

[/et_pb_team_member][et_pb_divider _builder_version=”3.0.100″ show_divider=”on” height=”6″ color=”#cecece” /][et_pb_team_member admin_label=”PARABRICKS” _builder_version=”3.17.6″ name=”PARABRICKS” position=”Ann Arbor, MI” image_url=”http://cfe.umich.edu/wp-content/uploads/2018/03/150-parabricks.jpg”]

Mehrzad Samadi, CEO and Co-founder

Parabricks helps companies and researchers sequence whole human genomes 48x faster than conventional next-generation sequencing pipelines saving on computation costs with a faster throughputs. | More info: parabricks.com

[/et_pb_team_member][et_pb_divider _builder_version=”3.0.100″ show_divider=”on” height=”6″ color=”#cecece” /][et_pb_team_member admin_label=”RIPPLE SCIENCE” _builder_version=”3.17.6″ name=”RIPPLE SCIENCE” position=”Ann Arbor, MI” image_url=”http://cfe.umich.edu/wp-content/uploads/2018/03/150-ripple.jpg”]

Peter Falzon, Co-Founder & CEO

Ripple Science offers program management software for recruiting subjects for academic or industry studies. | More info: ripplescience.com

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