CLEVELAND, Aug. 21, 2012 /PRNewswire/ -- BioMotiv, LLC, today announced the appointment of Baiju R. Shah as its new chief executive officer, and as a member of its Board of Managers, effective September 1, 2012. Currently, Mr. Shah is president and chief executive officer of BioEnterprise, a business acceleration initiative and partnership among leading Cleveland-area hospitals and health systems.
"We are excited that Baiju Shah will be leading BioMotiv, a key part of the Harrington Project for Discovery and Development," said Achilles A. Demetriou, MD, PhD, BioMotiv board chairman and chief operating officer of University Hospitals (UH). "With his knowledge of the life science industry, healthcare, business development and the importance of medical innovation, he is the perfect person to lead and grow this unique organization."
BioMotiv has designed a next generation business model that facilitates efficient and profitable development of multiple, early-stage drug candidate programs with the objective of out-licensing significantly enhanced assets to biopharmaceutical companies or venture firms.
"A new business model is just what the biotech industry needs," said Mr. Shah. "In my new role at BioMotiv, we will be developing just such a model, one closely aligned with physician-scientists who are eager to participate in the discovery and development process to bring novel therapies to patient care."
BioMotiv is a part of The Harrington Project for Discovery and Development, a first-of-its-kind $250 million initiative announced by UH in February. BioMotiv is continuing its plans to raise $100 million in total initial capital as it builds a portfolio of breakthrough discoveries in-licensed from academic medical centers, research institutions, and other sources.
Prior to his decade of work with BioEnterprise, Mr. Shah, a Cleveland native, played a leading role in the
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