SCI Ventures, a new investment vehicle created by five spinal cord injury charities, has started with $27 million in commitments and aims to raise $40 million by the end of the year. The fund will support companies developing innovative treatments for people disabled by spinal cord injuries, with initial investments in companies like Onward Medical and Augmental, working on electronic devices for communication and mobility, and Axonis Therapeutics and Sania Therapeutics, using biological approaches like drugs and gene therapy. Adrien Cohen, founding managing director of SCI Ventures, stated that recent advancements in science and technology have made recovery from paralysis a real possibility for the first time in history, but the transfer of treatments from lab to clinical settings remains a challenge.
The five founding charities, based in the US, UK, and EU, have contributed their own capital to SCI Ventures, along with donations from supporters with personal experience of spinal cord injury. Cohen, a tech entrepreneur motivated by his brother’s spinal fracture, reached out to the Christopher & Dana Reeve Foundation, which had already invested in Onward Medical. They then partnered with four more charities to establish SCI Ventures, aiming to support emerging companies in their portfolio and be the first generation to potentially eliminate paralysis as a lifelong condition. With an estimated 15.4 million people globally living with spinal cord injuries and significant healthcare costs per patient, there is a large potential market for effective treatments.
SCI Ventures plans to reinvest all gains into more companies working towards curing paralysis, following a popular trend of charities setting up venture philanthropy vehicles focused on specific diseases. This model allows medical charities to fund research and development efforts in corporate settings, primarily in startup companies, to accelerate the search for effective treatments and cures. Anita Gerhardter, chief executive of Wings for Life, one of the founding charities, expressed confidence in the potential of the companies in SCI Ventures’ portfolio to make a significant impact. The fund’s focus on supporting companies working on paralysis treatments aligns with the broader goal of improving outcomes for individuals living with spinal cord injuries.
The launch of SCI Ventures reflects the increasing interest in venture philanthropy as a means for medical charities to invest in researching and developing treatments and cures. By putting money into corporate research, particularly in startups, these charities can directly contribute to the advancement of innovative solutions for various health conditions. Cohen noted that funding for early-stage companies working on paralysis treatments was a significant obstacle to innovation, leading him to establish SCI Ventures and collaborate with other charities in the field. This initiative aims to drive progress in the development of treatments that can restore function and, ultimately, find cures for spinal cord injuries.
The fund’s investments in companies like Onward Medical and Augmental, focused on developing devices to aid paralyzed patients in communication and mobility, as well as Axonis Therapeutics and Sania Therapeutics, working on biological approaches to stimulate the growth of new brain and nerve cells, highlight the diverse strategies employed in the search for effective paralysis treatments. The potential of emerging technologies and therapies to enable functional recovery in individuals with spinal cord injuries has fueled optimism among the charities, donors, and stakeholders involved in SCI Ventures. With a growing global population affected by spinal cord injuries, the need for innovative solutions and effective treatments is evident, making initiatives like SCI Ventures crucial in advancing medical research and improving outcomes for individuals with disabling conditions.
In conclusion, SCI Ventures, a new investment vehicle created by five spinal cord injury charities, aims to support companies developing innovative paralysis treatments. With an initial focus on funding startups working on electronic devices and biological approaches, the fund seeks to accelerate the development of viable solutions for individuals living with spinal cord injuries. By reinvesting gains into more companies and following the venture philanthropy model, SCI Ventures exemplifies a proactive approach to driving progress in medical research and potentially finding cures for paralysis. As the fund continues to expand and build its portfolio, the impact on individuals affected by spinal cord injuries could be significant, paving the way for improved outcomes and potential breakthroughs in treatment options.
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