Ohio State University and Nationwide Children’s Hospital are funding a $15 million venture capital fund focused on medical and biotech startups.
The new fund, called Catalyst II, will be managed by Rev1 Ventures in Columbus. It surpasses earlier ones the two research institutions had funded at Rev1 to help spin out companies based on their discoveries: the $7 million Catalyst fund with participation from both OSU and Children’s, and a $5.5 million Children’s-only fund. Half of each came from Ohio Third Frontier loans.
The funds have paid off in a big way for Children’s. Two of its gene therapy spinoffs in the portfolio of 4-year-old Life Sciences Fund I have been acquired: Celenex Inc. for $100 million in September 2018 and Myonexus Therapeutics Inc. for $105 million in February. Other acquisitions of unnamed portfolio companies have totaled $45 million, Rev1 said in a news release.