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BioMotiv Secures $46 Million in Funding
Date:8/5/2013

CLEVELAND, Aug. 5, 2013 /PRNewswire-USNewswire/ -- BioMotiv, a drug development accelerator based in Cleveland, Ohio, today announced that it has increased its total capital from investors to $46 million, adding Nationwide Mutual Insurance Company and several individual investors to its founding investors, University Hospitals of Cleveland and the Harrington Family.  Nationwide Mutual Insurance Company also will appoint a representative to serve on the Board of Managers of BioMotiv. 

(Logo: http://photos.prnewswire.com/prnh/20130805/DC57374LOGO)

"BioMotiv is a new business model for accelerating breakthrough discoveries into medicines, aligning capital and collaborations to develop a portfolio of therapeutics," said Baiju R. Shah, Chief Executive Officer of BioMotiv.  "This support from local institutions and investors provides the company a strong foundation on which to build nationally."

Launched last year, BioMotiv has established its organization and operations and attracted a world-renowned advisory board that includes several former heads of global pharmaceutical research and development organizations to manage a portfolio of promising drug technologies.  The company is affiliated with The Harrington Project for Discovery and Development, a $250 million national initiative initiated by University Hospitals.

"We license early-stage technologies and then develop them with the oversight of our experienced team and network of partners," said Shah.  BioMotiv has begun work on several promising technologies sourced from research institutions and industry sources.

BioMotiv continues to seek additional early-stage therapeutic technologies that are at the pre-clinical or early-clinical stage of development. 

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