Virginia tech agency creates new fund to support biotech companies

BYLINE: Neil Adler

Virginia's Center for Innovative Technology has set up a new fund to support emerging life science companies in the state.

The fund's launch coincides with a $250,000 grant that CIT received from Johnson & Johnson (NYSE: JNJ), based in New Brunswick, N.J.

The Johnson & Johnson grant, which has been matched by CIT, gives an initial boost to the BioLife Fund, which will provide financing as well as guidance to position Virginia companies for growth and private equity financing from other sources. There's also the potential for additional investments from Johnson & Johnson.

The new fund will specifically focus on life science companies formed as a result of technology-transfer collaboration with Virginia's universities and federal laboratories.

Tom Weithman, CIT's vice president and managing director of its growth acceleration program (GAP) funds, will be responsible for the BioLife fund.