Accelerator Corporation, a leading Life Science investment and management firm, today announced that it has secured an additional $11.7 million in new investment commitments, bringing the final Accelerator IV closing to an oversubscribed $62.8 million. This final closing includes new strategic investments from AbbVie, WuXi PharmaTech, and Watson Fund. These new investors join the previously announced Accelerator IV syndicate, which includes Alexandria Venture Investments, ARCH Venture Partners, Eli Lilly and Company, Harris & Harris Group, Inc., Johnson & Johnson Innovation – JJDC, Inc., The Partnership Fund for New York City, Pfizer Venture Investments and WRF Capital.
“We are pleased to welcome this new group of top tier strategic investors to the Accelerator IV syndicate,” said Thong Q. Le, chief executive officer of Accelerator. “This additional investment will further enable Accelerator to provide important resources to early-stage life sciences companies focused on bringing innovative research and therapies to patients in need.”
The Accelerator IV portfolio will be diversified with investments in a variety of early-stage Life Science opportunities. A key focus will be on the discovery and development of novel therapeutics. Many of these investment opportunities will come from Accelerator’s unique company creation efforts largely based on the ground-breaking research conducted by its consortium of Institution Partners in New York and Seattle.
Since its inception, Accelerator has raised more than $100 million in capital commitments to invest in innovative Life Science companies. Accelerator has assembled a team of talented professionals with deep investment, operational, and scientific expertise to build high-quality Life Science start-up companies.
New Board Members Appointed
In conjunction with the financing, Accelerator also announced the appointment of three new directors to its board of directors – James P. Sullivan, Ph.D., Tadataka (Tachi) Yamada, M.D. and Peter Cheney.
“Accelerator has an exciting vision for the research and development of innovation in the Biotechnology industry,” said Dr. Yamada. “I look forward to working closely with the Accelerator team to support their efforts to develop and launch ground-breaking start-up companies in New York and Seattle.
“We are delighted to have Jim, Tachi and Peter join our board and leverage their experience to help advance our company’s mission,”said Thong Q. Le, chief executive officer of Accelerator.
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