County invests $50,000 in life sciences company
St. Louis Post-Dispatch
March 22, 2011
St. Louis County Port Authority, an affiliate of the St. Louis County Economic Council, has invested $50,000 in Confluence Life Sciences Inc., an early-stage life sciences company in Spanish Lake.
Research scientist Joe Monahan started the company less than a year ago. Confluence is developing treatments for animal and human diseases including cancer and chronic inflammatory diseases.
"What appealed to us about Confluence are the groundbreaking drugs currently in its research pipeline," said Denny Coleman, president and CEO of the Economic Council. "But it was also the opportunity to keep four of our top-level local scientists in the St. Louis region. Four of the company's founding partners were all involved in a downsizing at Pfizer and had multiple opportunities to leave the region for new positions."
This is the Helix Fund's second investment. The Helix Fund supports the early-stage growth and development of plant and life sciences companies through direct investment and other entrepreneurial support. The Port Authority has committed about $1.5 million to the Helix Fund.
"This investment is what we consider pre-seed funding," Monahan said. "It gets other investors and employees we are trying to recruit to sit up and take notice. Our first year has been successful, but the next five, we think, will exceed expectations."
