Mission BioCapital Announces 2024 Platinum Program Contest with Partners Eli Lilly and Company, Ono Venture Investment, and Alloy Therapeutics

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May 01, 2024, 08:00 ET

— Up to 6 winners are eligible for up to $3 million in seed funding, incubator space,
$1 million in total equity for discovery services from Alloy Therapeutics, and expert mentorship —

CAMBRIDGE, Mass., May 1, 2024 /PRNewswire/ -- Mission BioCapital (MBC), in partnership with founding sponsors Eli Lilly and Company (Lilly) and Ono Venture Investment (OVI) and our newest sponsor, Alloy Therapeutics, announced today that applications are open internationally for the 2024 Platinum Program. MBC's Platinum Program aims to advance high-potential life sciences start-up companies through funding, global laboratory space, expert mentorship, and discovery services to accelerate their launch and initial development. Early-stage biotechnology innovators from around the globe are invited to apply. Applications will be open through the middle of July, and winners will be announced in Fall 2024.

The 2024 Platinum Program will award each of up to six winning start-ups with:

A guaranteed lab bench in one of MBC's affiliated incubators located in 13 cities in the U.S. and Europe
Up to $500,000 of seed capital provided as a SAFE investment
Drug discovery services from Alloy Therapeutics to enable companies with a derisked path to lead candidate
Strategic scientific and business development mentorship from experts at Lilly, OVI, Alloy Therapeutics, MBC, and other companies across MBC's corporate network

"Since its establishment two years ago, our Platinum Program has awarded eight high-potential, early-stage founders with a total of $3.5 million in seed funding, lab bench space, and business and scientific mentorship to accelerate the launch and initial development of potentially game-changing innovations," said Jennifer Griffin, Ph.D., Partner, Mission BioCapital. "We are looking forward to this year's applicants and encourage early-stage biotechnology innovators from around the globe to apply."

Winners of MBC's pilot 2022 Platinum Program are developing technologies that include a novel drug development approach that targets genome packaging states known to cause hard-to-treat cancers and other diseases (Tipping Point Biosciences, San Francisco, CA); and development of next-generation therapeutics by combining synthetic biology and machine learning to control cellular stress responses (Integrated Biosciences, San Carlos, CA). The six winners of the 2023 Platinum Program are currently incubating in San Francisco; Cambridge, MA; New Haven, CT; and Heidelberg, Germany.

"As the Mission BioCapital Platinum Program enters its third year, we are very pleased to continue our partnership with Lilly and OVI and to welcome our newest partner, Alloy Therapeutics, which will provide a total of up to $1 million of customized antibody services to this year's applicable winners," said Steve Tregay, Ph.D., Managing General Partner, Mission BioCapital. "By making company formation and early-stage development easier, regardless of geographical origin, our Platinum Program aims to empower and accelerate biotechnology innovation around the globe to improve human health."

"We are committed to enabling the biotech ecosystem by catalyzing breakthrough science," said Katie Hewitt, Global Head of Business Development, Lilly Catalyze360. "The MBC Platinum Program is aligned with Lilly's initiatives to foster and support innovative, early-stage science irrespective of where it originates, and we are delighted to continue our participation in Mission BioCapital's Platinum Program in 2024, helping early-stage scientists and founders cultivate the seeds of biotech innovation."

"We are excited to see what types of new innovations will be submitted by talented innovators around the globe through the 2024 Platinum Program," said Shunichiro Matsumoto, Executive Vice President of OVI. "We look forward to our continued involvement to help identify and enable the next generation of biotechnology leaders."

"Part of Alloy's mission is reducing barriers to innovation and increasing access to foundational biologics discovery technologies for company founders, in addition to our collaborations with established biotechnology and pharmaceutical partners," said Errik Anderson, CEO of Alloy Therapeutics. "We are enthusiastic about joining the consortium supporting Mission BioCapital's 2024 Platinum Program and excited to begin working with incredible founders to enable their therapeutic programs."

To apply, please visit: http://www.missionbiocapital.com/platinumprogram. Only non-confidential information will be required for application.

About the Mission BioCapital Platinum Program
Mission BioCapital (MBC) established the Platinum Program in 2022 to enable entrepreneurs with breakthrough technologies from diverse backgrounds to quickly launch new companies. Platinum Program winners receive guaranteed laboratory space at MBC's partner incubators in the U.S. and Europe, access to world-class experts, lead candidate-enabling drug discovery services, and seed capital to quickly develop scientific data needed to obtain subsequent funding rounds. The program invites innovators from around the world, including academic scientists, to submit breakthrough biomedical innovations that have the potential to advance patient care. In its first two years, the Mission BioCapital Platinum Program has awarded a total of $3.5 million, incubator space, and business mentoring to eight life sciences companies located in two countries and three U.S. states. For more information about the Mission BioCapital Platinum Program, please, visit: http://www.missionbiocapital.com/platinumprogram.

About Mission BioCapital
Mission BioCapital is a venture capital firm focused on making pivotal early-stage investments in life sciences companies. We support our portfolio companies through a unique combination of shared lab space, capital investment, and access to strategic partners. With offices in the nation's leading life sciences clusters in Cambridge, MA and San Francisco, Mission BioCapital is dedicated to helping entrepreneurial scientists build successful companies, from idea to exit. Learn more at missionbiocapital.com.

Contact:
Mary Moynihan
M2Friend Biocommunications
+1 (802) 951-9600
[email protected]

SOURCE Mission BioCapital