County invests in new life science firm to retain scientists
St. Louis American
Thursday, March 24, 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 developing innovative treatments for animal and human diseases including cancer and chronic inflammatory diseases.
Joe Monahan, a highly regarded research scientist with 28 years experience in the drug discovery field, started the company less than a year ago.
"What appealed to us about Confluence are the groundbreaking drugs currently in its research pipeline. But it was also the opportunity to keep four of our top-level local scientists in the St. Louis region," said Denny Coleman, president and CEO of the Economic Council. "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 second investment of the Helix Fund, which 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 approximately $1.5 million to the Helix Fund.
