Virtici, LLC announced today the award of supplemental funds to the ASCEND Accelerator Hub. The ASCEND Accelerator Hub is an NIH-funded consortium led by Virtici and includes 10 of the leading research institutions in the Western States (Alaska, Hawaii, Idaho, Montana, Nevada, New Mexico, and Wyoming).
The supplemental funds will be used to create the following programs:
- ASCEND Innovation Fund (up to $50,000/award hard cap): for innovations or discoveries that need additional experimentation before company formation or out-licensing is warranted. Innovation Fund is specifically for the advancement of pre-company formation discoveries. This fund expands ASCEND’s ability to engage with its smaller partners, and with earlier-stage academic innovation.
- ASCEND Microgrant Fund (up $10,000/award hard cap): for early-stage companies participating in the ASCEND Program to accomplish strategic goals, undertake key value-driving experiments, or otherwise help advance product development. This fund augments the already-established ASCEND Partnership Program.
Dr. Neil Fanger, CEO and Principal Investigator of the ASCEND Hub commented, “We are thrilled to have this additional financial support and the operational flexibility to directly fund the best medical innovation in our region. In our first year of operation, ASCEND has made significant positive impact. Now, with these new seed programs, we expect that impact to accelerate rapidly. We are very grateful to NIH and NIGMS for enabling this important initiative.”
The ASCEND Accelerator Hub is funded by the National Institute of General Medical Sciences of the National Institutes of Health under Award Number UT2GM130166. The content of this press release is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.