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Life Sciences Discovery Fund to support drug discovery, foster new R&D initiative
Date:10/25/2010

l be used to fund a non-profit organization to enhance the competitiveness of Washington's life sciences sector, improve health and healthcare across the state and beyond, and provide statewide economic returns. This new life sciences initiative, with a mission complementary to LSDF's, would have close working relationships with LSDF and other entities focused on promoting the life sciences in Washington. Omeros, at its discretion, can contribute additional funding to the initiative by re-directing a portion of the proceeds otherwise owed to Vulcan, Inc., which has invested in Omeros' GPCR platform.

According to Lura Powell, chair of the LSDF Board of Trustees, "The allocation of a portion of the fruits of Omeros GPCR commercial successes toward a public purpose in Washington state was an important factor in making the grant."

As currently anticipated, the life sciences initiative will take the form of a new non-profit entity that is expected to make grants to non-profit life science entities in Washington state to both support cutting-edge research and accelerate the translation of such research to public benefit. The organization could also provide investment capital for Washington-based, early-stage companies seeking to move research results into the commercial marketplace. Support of the initiative is anticipated to be bolstered by funding from philanthropic donors.

Lee Huntsman, LSDF executive director, noted that although significant revenue to support the initiative might not be available for several years, the potential for substantial health and economic benefit to Washington through such an effort would be high. "We expect that this initiative, by promoting high quality research and development and translation through commercialization, will complement LSDF's mission and address additional areas such as facilities and investment capital needs."

Huntsman further remarked that the initiative's investments in Washington
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Contact: Cathyryne Manner
manner@lsdfa.org
206-732-6755
Life Sciences Discovery Fund
Source:Eurekalert

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