Formed in March 2018, the Penn Medicine Co-Investment Program emerged from a four year pilot and became a permanent program in March 2022 with support from Penn’s Board of Trustees. The Program is administered by Penn Medicine in close collaboration with PCI to support faculty innovation utilizing a $50M investment fund alongside industry leading venture investors.
The Program assists faculty entrepreneurs moving along the path to venture creation and permanent financing through active support and early stage targeted co-investments focused on cell therapy, gene therapy, mRNA, lipid nanoparticle, and connected health technologies. The program helps to further incentivize faculty innovation while also capitalizing on Penn’s strengths in key areas and spurring increased economic growth in the Philadelphia region.
Since its pilot began, Penn has invested almost $30M, helped launch 13 companies that have gone on to raise over $1.23B, created over 300 jobs, generated over $215M in sponsored research in the Philadelphia area, and spent over $50M with local contract research organizations.
Fiscal year 2022 saw the Co-Investment Program help launch and fund 2 new companies ViTToria Biotherapeutics and Dispatch Bio, as well as participate in follow-on rounds for Linnaeus Therapeutics, CareAlign, and Interius Biotherapeutics.