Indiana Seed Fund II Full Description

About the Fund:

Indiana Seed Fund II (the Fund) is an early-stage life sciences venture fund focused on identifying, creating and developing the next generation of leading Indiana-based companies.  Managed by BioCrossroads, the $8. 25 million fund is a follow-on to Indiana Seed Fund I, a $6 million fund organized in 2005.  It is now fully invested in a portfolio of early-stage Indiana life sciences companies who are developing a range of diagnostic, therapeutic and medical technology products.

The Fund makes investments of up to $1 million in early-stage biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech and health information technology products and platforms and will continue BioCrossroads’ focus on forming promising companies around innovative ideas.  The Fund’s investment committee is comprised of individuals with start-up management and life sciences investment experience.

The Fund’s investment committee augments BioCrossroads’ expertise and draws upon many years of collective operational experience as CEOs, business development heads, and other senior management positions at life sciences and technology companies, including several successful start-ups with a number of profitable exits.

Members of the Indiana Seed Fund II’s investment committee include:

  • Darren J. Carroll – Vice President, Corporate Business Development, Eli Lilly and Company;
  • David L. Johnson – President and CEO BioCrossroads/ BC Initiative, Inc.;
  • William R. Ringo, Jr. – Executive Partner, Sofinnova Ventures; Retired Senior VP of Strategy and Business Development, Pfizer, Inc.;
  • Steffanie Rhinesmith – Chief Investment Officer, Richard M. Fairbanks Foundation; and
  • Nora B. Doherty, ex-officio – Managing Director, Indiana Seed Fund I and Indiana Seed Fund II; Vice President of Finance BioCrossroads/BC Initiative, Inc.

To be considered for investment, companies are expected to have proven management teams, owned or licensed technology, intellectual property, and be able to demonstrate a validated market need.  Ideal companies will be progressing towards defined milestones to secure a Series A financing, strategic partnership or co-development agreement.

Collaborative Investment Focus

Through its organization and sponsorship of the $73 million Indiana Future Fund (IFF) in 2003 and the $58 million INext Fund (INext) in 2009, BioCrossroads has developed active, collaborative relationships with each of the ten venture capital firms that participates in these fund-of-funds investments ,as well as Credit Suisse, the  manager for both IFF and INext.

BioCrossroads regularly consults with partners in each of the firms participating in the IFF and INext programs (as well as other regional and national venture capital firms that continue to pursue Indiana life sciences opportunities) as a key part of the diligence process for assessing the merits and marketability of prospective seed-stage investments.  All of these venture capital firms have come to view BioCrossroads as the “go to” place for knowledge of the Indiana marketplace, promising university research, and potential deal flow through the BioCrossroads/BCI’s seed funding program.

Participating firms in IFF and/or INext are:

  • 5AM Ventures
  • OrbiMed Advisors
  • SV Life Sciences
  • H.I.G. BioVentures
  • A.M. Pappas
  • Burrill & Co.
  • EDF Ventures
  • Pearl Street Venture Partners
  • Spring Mill Venture Partners
  • Triathlon Medical Ventures

Unique Vantage Point of BioCrossroads

For the past decade, BioCrossroads has been strongly supported by Indiana’s corporate and academic life sciences leadership,   and has partnered with these stakeholders in several ways, including investments and enterprise-formation activities.   In addition to establishing its multiple venture and seed funding programs, BioCrossroads has driven the formation and capitalization of new, sustainable collaborations, including the industry-leading Warsaw-based orthopedics companies (OrthoWorx); the 45 Central Indiana-based contract research organizations and contract manufacturers serving the biopharmaceutical industry in Indiana and across the United States (BioCrossroadsLINX); biorepositories and clinical databases for researching specific disease states (the Fairbanks Institute for Healthy Communities); and the nation’s largest, self-sustaining health information exchange serving more than  80 hospitals and processing over  2.5 million secure collections of clinical data every day (the Indiana Health Information Exchange).

Since 2002, BioCrossroads has raised more than $260 million to fund its strategic research, capital investment and enterprise formation efforts. In the process, BioCrossroads has developed relationships of intense value and trust with its members, investors and stakeholders.  These relationships and BioCrossroads’ resulting unique network give it ready access to deep scientific expertise, diverse market insights, promising academic research and – in the end – unmatched deal flow.

BioCrossroads’ stakeholders include the following Board of Directors members:

  • Eli Lilly and Company
  • Biomet
  • Cook Group, Inc.
  • Covance
  • Dow AgroSciences
  • Roche Diagnostics Corporation
  • Anthem
  • Indiana University Health
  • Richard M. Fairbanks Foundation
  • Indiana University
  • Indiana University School of Medicine
  • Purdue University
  • University of Notre Dame

About BioCrossroads

BioCrossroads is Indiana’s privately funded collaboration of life sciences companies and research universities working to identify and advance leading opportunities for life science sector growth.  Through its for-profit affiliate BC Initiative, Inc. (“BCI”), BioCrossroads makes return driven seed-stage investments in emerging life sciences and healthcare companies holding a substantial nexus to Indiana and offering the potential for significant growth and long-term capital appreciation.

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