Seattle-based Accelerator Corp. will be looking to spend a ton of money on biotech startups soon, but not only in the Emerald City.
The life sciences investment company announced today that it has secured a $62.8 million round of funding for growing biotech companies, with plans to fund one in Seattle and two in New York City by the end of 2015.
Accelerator secured the first chunk of this funding round back in July 2014, with $51.1 million raised from existing investors Alexandria Venture Investments, ARCH Venture Partners, as well as new strategic investors such as Eli Lilly and Company, Harris & Harris Group, Inc., Johnson & Johnson Development Corporation, The Partnership Fund for New York City, and Pfizer Venture Investments.
The last $11.7 million from AbbVie, WuXi PharmaTech, and Watson Fund brings this fourth round of funding to a close at an oversubscribed total of $62.8 million.
“We are pleased to welcome this new group of top tier strategic investors to the Accelerator IV syndicate,” said Accelerator CEO Thong Le in a press release. “This additional investment will further enable Accelerator to provide important resources to early-stage life sciences companies focused on bringing innovative research and therapies to patients in need.”
The new portfolio of companies will have a therapeutic bent, with a focus on new and novel ideas for treating illness. The new investments would be Accelerator’s first since early 2011. The company has backed Oncofactor, Groove Biopharma and Theraclone Sciences, with one portfolio company sale since its 2003 founding, the cancer-fighting XORI antibody platform.