Boston Biomedical, Inc. Announces Investment by its Parent Company in MPM Oncology Innovations Fund
CAMBRIDGE, Mass., March 2, 2020 /PRNewswire/ -- Boston Biomedical, Inc. announced today that its parent company, Sumitomo Dainippon Pharma Co., Ltd. (Osaka, Japan) has invested in the MPM Oncology Innovations Fund (hereinafter, "INV"), and made a donation to the Dana-Farber Innovations Research Fund (hereinafter, "IRF"). The INV and IRF are a unique, first-of-its-kind, impact investing collaboration, which partners fundraising for biotech venture capital investing with philanthropic fundraising for cancer research.
INV will focus on creating and investing in early-stage biotech companies developing oncology therapeutic technologies. IRF will support basic science research at Dana-Farber Cancer Institute, a world-class oncology research center. INV will be managed by MPM Capital (hereinafter, "MPM") and IRF is independently managed by a committee of Dana-Farber faculty research leaders. MPM expects 50 percent of capital from INV to be invested in new companies originating from Dana-Farber research. As part of the collaboration, MPM through INV has the right of first offer to license certain Dana-Farber technologies that have been identified as potential candidates for development and commercialization. The full press release from MPM and Dana-Farber describing the funds and their focus was issued on 26 February 2020 and can be found here: https://www.businesswire.com/news/home/20200226005434/en.
"Oncology is a prioritized area of focus for Sumitomo Dainippon Pharma. Leveraging MPM Capital's expertise in founding and investing in life science companies, we believe this effort will enable efficiencies in the drug discovery process and cutting-edge technologies in oncology," said Mahmoud Mahmoudian, Ph.D., Senior Vice President, Head of Global Oncology External Innovation, Sumitomo Dainippon Pharma Global Oncology. "This marks another step in our commitment to supporting external innovation to advance cancer research, building on the ongoing efforts of our recently announced alliance with leading academic institutions to accelerate innovation and breakthrough science."
Both Dana-Farber and MPM have a commitment to discovery and the development of breakthrough oncology treatments. Sumitomo Dainippon Pharma is excited to support this mission through its participation in the funds and believes this innovative venture philanthropy model has the potential to generate promising advancements in cancer therapy and patient outcomes.
Global Oncology External Innovation is based in Cambridge, MA at the offices of Boston Biomedical, Inc., a subsidiary of Sumitomo Dainippon Pharma. It was established in 2018 to tap into the rich biotech ecosystem in the Boston area, as well as access and invest in innovation worldwide. This group is focused on the identification and incubation of disruptive technologies and early-stage clinical candidates from academia and venture capital that may be further developed and enrich Sumitomo Dainippon Pharma's oncology development pipeline.
About Dana-Farber Cancer Institute
Dana-Farber Cancer Institute is one of the world's leading centers of cancer research and treatment. It is ranked in the top 5 of U.S. News and World Report's Best Hospitals for both adult and pediatric cancer care. Dana-Farber's mission is to reduce the burden of cancer through scientific inquiry, clinical care, education, community engagement, and advocacy. Dana-Farber provides the latest in cancer care and treatment for adults through Dana-Farber/Brigham and Women's Cancer Care and for children through Dana-Farber/Boston Children's Cancer and Blood Disorders Center. Dana-Farber is dedicated to a unique and equal balance between cancer research and care, translating the results of discovery into new treatments for patients locally and around the world.
About MPM Capital
MPM Capital is a healthcare investment firm with over two decades of experience founding and investing in life-sciences companies that seek to translate scientific innovations into cures for major diseases. With its experienced and dedicated team of investment professionals, entrepreneurs, and advisors, MPM strives to power novel medical breakthroughs that transform patients' lives. For more information visit www.mpmcapital.com.
About Boston Biomedical, Inc.
Boston Biomedical, Inc. is a developer of novel cancer therapeutics with the goal of significantly improving patient outcomes. The company's most advanced research programs are focused on investigational agents that inhibit multiple oncogenic pathways, including cancer stemness pathways, and modifying immune responses.
Headquartered in Cambridge, Massachusetts, Boston Biomedical, Inc. is an indirect, wholly-owned subsidiary of Sumitomo Dainippon Pharma Co., Ltd., a pharmaceutical company based in Japan. Boston Biomedical works closely with its parent company, Sumitomo Dainippon Pharma, and Tolero Pharmaceuticals, Inc. also a wholly owned subsidiary, to advance a pipeline of innovative oncology treatments. The organizations apply their expertise and collaborate to achieve a common objective – expediting the discovery, development and commercialization of novel treatment options.
Additional information about the company and its pipeline can be found at www.BostonBiomedical.com.
Disclaimer Regarding Forward-Looking Statements
The forward-looking statements in this press release are based on management's assumptions and beliefs in light of information presently available and involve both known and unknown risks and uncertainties. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof.
SOURCE Boston Biomedical, Inc.