Newswise — CLEVELAND—The transatlantic, not-for-profit medical accelerator, Harrington Discovery Institute (HDI) at University Hospitals, has collaborated with leading venture investor, Advent Life Sciences (‘Advent’) in the launch of the Advent-Harrington Impact Fund.
Advent’s new impact fund, structured alongside Advent Life Sciences Fund III, brings a total of $215 million to advance breakthrough discoveries into novel treatments for the benefit of patients and society.
Advent-Harrington Impact Fund, a market rate investment fund, breaks new ground through a partnership with a novel philanthropic vehicle at Morgan Stanley Wealth Management (MS GIFT Cures powered by HDI). Profits from Advent-Harrington Impact Fund are shared with HDI to create the means to Sustainable Philanthropy through a virtuous cycle. In this way, financial returns to HDI catalyze additional drug development to address future unmet medical need.
Advent is focused on building innovative life science companies in the UK, Europe and the US. The business model is based on best-in-class early stage science. The collaboration with HDI broadens the quality of investment in academic research and commercial drug development opportunities across the globe, while increasing the amount of capital available to support these projects.
“Advent’s focus on delivering new medicines for unmet medical needs closely aligns with Harrington’s mission. We are pleased to be able to expand Advent’s access to world-class academic science with high medical and commercial promise,” said Jonathan S. Stamler, MD, President, HDI, Robert S. and Sylvia K. Reitman Family Foundation Distinguished Professor of Cardiovascular Innovation and Professor of Medicine and of Biochemistry at University Hospitals and Case Western Reserve University.
Shahzad Malik, General Partner, Advent Life Sciences, said, “The last year reinforced the vital need to translate world class science into the discovery and development of new medicines to tackle devastating diseases. We are delighted to have partnered with Harrington Discovery Institute to provide translational finance that will deliver real impact to patients in addition to strong financial returns.”
Advent’s portfolio success stories over the last year include the sale of Advent-founded KaNDy Therapeutics to Bayer Pharmaceuticals for over $875 million bringing a non-hormonal treatment for symptoms of menopause closer to patients; Advent-founded Arrakis’ $190 million partnership deal with Roche to develop small molecule modulators of RNA; the NASDAQ IPO of Acutus Medical launching a best-in-class mapping technology and future ablation therapies for cardiac arrythmias; and notable follow-on financings including participating in a $60 million round for F2G Therapeutics, that also received Breakthrough Therapy Designation from the FDA for its novel class of anti-fungal treatments that address a very high unmet need.
“The need to deliver cures could not be greater. The Advent-Harrington Impact Fund recognizes this need and offers a new pathway to accelerate scientific breakthroughs into medicines for the benefit of patients,” added Dr. Stamler.
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