The University of Pennsylvania, BioNTech SE, and Osage University Partners (OUP) announced the launch of the $50 million Penn-BioNTech Innovative Therapeutics Seed Fund (PxB Fund), a dedicated venture fund focused on early-stage life science companies originating from Penn.
The partners said the fund will invest in Penn-founded startups developing therapeutics, diagnostics, research tools, and related platforms, including AI-enabled drug discovery approaches. The goal is to provide early-stage capital to help Penn investigators translate discoveries from the lab into products that benefit patients. OUP will manage the fund.
OUP said it manages more than $800 million and has invested in more than 150 startups commercializing university research, including more than 10 Penn startups. The launch also includes the appointment of Anna Turetsky, Ph.D., as General Partner. The partners said Turetsky is a Penn alumna and experienced early-stage biotech investor who previously worked at Lightstone Ventures and later led the venture arm of the Mark Foundation, where she invested in projects including work with Penn on Interius BioTherapeutics.
Penn said the PxB Fund complements its existing commercialization and incubation programs by providing a focused pool of capital to lead financings at the earliest stages of company formation. BioNTech said the fund deepens its collaboration with Penn and increases visibility into emerging therapeutic approaches and modalities at the university, building on longstanding research ties between the organizations.
KEY QUOTES:
“Penn has a remarkable track record of creating cutting-edge startups, with recent success stories including Capstan Therapeutics, which has been acquired by AbbVie, and Interius BioTherapeutics, acquired by Kite. We have been a partner of Penn and have worked closely with the Penn Center for Innovation (PCI) over many years to promote the Penn entrepreneurial ecosystem. Through the PxB Fund, and with access to BioNTech’s insights, we intend to invest in the next generation of Penn innovations to translate breakthrough science into medicines that can improve patients’ lives.”
Marc Singer, Managing Partner, OUP
“Penn’s mission is not only to perform groundbreaking research and generate and disseminate new knowledge, but to ensure that the fruits of those efforts are translated into real-world solutions. This new fund is reflective of the deep trust and shared vision we have with BioNTech and OUP. It will allow us to move faster and more intentionally to support our faculty and other members of our research community as they build high-impact life science companies here in Philadelphia and beyond. We see this as a major step forward for Penn’s innovation ecosystem and a real boon for patients.”
John S. Swartley, PhD, MBA, Chief Innovation Officer, University of Pennsylvania
“BioNTech has a longstanding R&D collaboration with Penn. Groundbreaking work, including in mRNA and immunotherapy, is aligned with our commitment to developing innovative therapeutics for patients with high unmet medical needs. By partnering with Penn and OUP on this fund, we will have the opportunity to support the next wave of scientific breakthroughs coming out of the university.”
James Ryan, Ph.D., Chief Business Officer and Chief Legal Officer, BioNTech SE
