BioAccel launches network to attract bio funding

December 19, 2011

By hammersmith

From the Phoenix Business Journal:

BioAccel, a Phoenix nonprofit that helps startups commercialize their products, has created a network to attract more funds to Arizona’s biosciences community.

While a few local biotech companies have garnered venture capital from out-of-state sources this year, the lack of capital coming from within Arizona continues to plague the industry.

Enter the Philanthro-Capitalist Network, a group that aims to bring together the business community and high-net-worth individuals looking to invest in biotechnology-related companies.

Bio­Accel CEO MaryAnn Guerra said her goal is to build a life-science ecosystem in Arizona that can connect scientists with angel funds, manufacturers and others who can help take their ideas to the next level.

“We have a lot of high-net-worth individuals who could participate in a fund or invest,” she said. “We have great technology coming out of universities and research institutes and medical centers.”

What’s still missing is what Guerra calls deal flow.

BioAccel’s latest effort to instigate growth in the biosciences in Arizona follows on the heels of its creation with the Peoria City Council and the Plaza Companies of the Peoria Incucelerator.

Read more: “BioAccel launches venture capital network for AZ biosciences