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Indiana Industry, University and Community Leaders Capitalize on Next Generation of State's Life Sciences Growth
Date:12/16/2009

lyst for the continued growth of Indiana's life sciences. Our investment in the fund is smart not only from Lilly's business perspective, but we also view it as a part of a collaborative effort to strengthen our community," said Bart Peterson, Senior Vice President of Corporate Affairs, Eli Lilly and Company. "Lilly's investment strategy is to find the best opportunities, and we look all over the world to find them. It just so happens that some of the best innovations are happening in our own backyard."

The Indiana Future Fund, a $73 million fund, has been the life blood of 14 Indiana life sciences companies, and continues to provide the foundation for Indiana's venture capital growth. The IFF has also been a trailblazer in securing additional capital from beyond Indiana for Indiana companies, helping to bring over $160 million to Indiana start-ups from venture capital firms across the country.

"Given the current challenges in the U.S. economy, building a return-driven fund of this magnitude is very impressive," said Phil Belt of Credit Suisse's Indianapolis office. "Indiana's life sciences industry is full of both promise and opportunity, and progress continues to be made. This state is now a life sciences leader and is on the map for venture capital firms from the east and west coasts and points in between."

Indiana has seen an increase in the number of entrepreneurial life sciences companies, both university-based and private start ups, since the formation of the IFF. One of the investments that the IFF firms made in 2006 was BioStorage Technologies, an Indianapolis based biomaterials storage and inventory management company. Since that time, BioStorage has tripled its workforce, announced a $6.1 million investment in a new facility in Indianapolis and will add another 125 employees by 2012.

"We brought this group of industry, university and community leaders together with a common goal -- to generate good retu
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SOURCE BioCrossroads
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