Ohio State University and Ohio University are creating a $35 million venture capital fund aimed at commercializing research that comes out of universities in the state.
California-based Dominion Ventures will be the fund’s general partner, according to a statement from the two universities. An official with Dominion wasn’t available for comment.
Ohio State plans to contribute $20 million to the fund and Ohio University pledged $15 million.
“We hope to move more innovations to the marketplace to cure disease, produce healthier food and advance alternative energy solutions,” said Roderick Davis, Ohio University’s president.
The fund plans to invest in research that emerges from other universities in the state as well as Ohio State and Ohio University.
More details on the fund are expected to be available next quarter.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Ohio State’s technology transfer program generated $1.9 million in licensing revenue in 2010, according to the annual survey from the Association of University Technology managers. OSU spent $756 million on research and created eight startups during the same year.
Ohio University’s numbers weren’t included in the survey.
