Syridex Bio, a life sciences-focused firm investing in therapies that address the needs of underserved communities, has been selected to manage and deploy up to $5 million in investment capital for growing healthcare and life sciences companies in New Jersey.
The Princeton-based firm was one of three firms named by the New Jersey Economic Development Authority (NJEDA) to receive capital from the state’s Life Science/Health Care Fund. The $5 million allocation will become part of Syridex Bio’s new investment fund and will be managed in alignment with the firm’s mission and with state and federal government rules.
As a life sciences impact investment firm, Syridex Bio’s investment focus centers on funding therapies for diseases that disproportionately affect underserved populations, including ethnic minorities, the LGBTQ+ community, and rural dwellers. The firm’s investment targets include in-development drugs and medical therapies that tackle the world’s greatest health outcome disparities. By leveraging venture creation and private equity strategies, Syridex finances the development of medical solutions that concretely advance health equity.
“We are gratified to receive this funding from the State of New Jersey to advance health equity and support local businesses,” said Founder and Managing Partner Squire Servance. “Syridex Bio was founded with the fundamental belief that everyone deserves access to high quality health care. We are proud to start this work for local communities in our home state of New Jersey.”
The allocation from NJEDA was funded through the federal State Small Business Credit Initiative (SSBCI), intended to support small and early-stage businesses across the state. After issuing Notices of Investment Opportunities (NIOs) in February, the NJEDA approved Syridex Bio’s response to the NIO issued by the Authority and tasked the firm with managing up to $5 million from its $60 million Life Science/Health Care Fund. Syridex Bio will be responsible for managing day-to-day operations and developing a pipeline of prospective, New Jersey-based life science startups that can benefit from the capital, including companies in biotechnology, pharmaceuticals, and medical devices.
“The SSBCI-funded Life Sciences and Health Care Fund will drive investment in innovative, emerging New Jersey-based companies and help to continue the state’s leadership in this competitive sector,” said NJEDA Chief Executive Officer Tim Sullivan. “The selection of Syridex Bio as a manager for the fund will help to ensure that we are strategically supporting small business owners while driving the scientific breakthroughs and economic activity that will help us achieve Governor Phil Murphy’s vision for more equitable and inclusive opportunities for New Jerseyans.”
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