Helix Fund receives strong backing in support of bioscience startups
St. Louis Globe-Democrat
November 22, 2010
St. Louis, November 22, 2010 - St. Louis County, through its Port Authority, affiliated with and staffed by the Economic Council, announced last month the establishment of the Helix Fund to address funding needs for plant and life science entrepreneurs. The Port Authority and Economic Council now have memorialized a strategy to deploy the Fund through a unique regional partnership with key organizations committed to advancing scientific innovation toward commercialization. These organizations are the Nidus Investment Partners L.P., Danforth Plant Science Center, BioGenerator, Innovate St. Louis, St. Louis Arch Angels, and Prolog Ventures, LLC, all of which provided the County with the benefit of their expertise in developing the Helix Fund concept and have executed a Memorandum of Understanding (MOU) with the Port Authority.
"The Helix Fund supports the formation and growth of early stage plant and life science companies and ultimately fosters economic growth and jobs for the 21st century," said St. Louis County Executive Charlie A. Dooley. "The partnership and support from these leading agencies will help to grow a new generation of entrepreneurs in the fast-growing bioscience field."
The Helix Fund will provide approximately $1.5 million in funding for emerging plant and life sciences businesses, the entrepreneurial talent and expertise needed to evaluate the commercial potential of these ventures and a loan fund for small- to medium-sized companies expanding or relocating to the County.
"This innovative Fund works with its partners to "co-invest," leveraging expertise and expanding the pool of funding dedicated to promoting this industry cluster and bringing much-needed capital to St. Louis County," said Vicki Gonzalez, managing partner, Nidus Investment Partners.
In addition to the Helix Fund, the County's latest incubator, the Helix Center, will fill a gap in the continuum of plant and life science business development support by offering early stage ventures affordable office and lab space. Client companies will also benefit from the Center's proximity to the expertise and facilities at the Danforth campus and BRDG Park. Renovation of 33,000-square-foot in the facility is scheduled for completion in 2011.
