i&i Biotech Fund

Address the critical bottlenecks in both established and emerging markets that limit access and affordability to novel cancer solutions. Inculcate the tenets of ESG (Environmental, Social and Governance) based investing and measure the progress and impact of our portfolio using the following metrics: E: The ability to optimize differential drug and device pricing based on geography and expand access to promising products early in their lifecycle S: Ability to boost R&D productivity through operational optimization and process transformation G: Promote ethical conduct of business and collaboration while ensuring inclusion & diversity What We DoInvest in US and EU based cancer start-ups who are keen to explore emerging markets or engage in collaborative R&D. Streamline the product-market fit and ensure access to supportive infrastructure and resources. Facilitate their collaborative R&D/commercialization strategy in geographies of interest. How We Do It Accelerate the path to successful commercialization for US and EU based start-ups developing the next generation of oncology solutions by: Reducing costs through infrastructure consolidation and collaborative expertise Expanded access to capital Facilitating rapid market penetration and commercial scaling​

The T1D Fund invests in areas strategically aligned with JDRF, with an emphasis on cure-oriented or disease modifying therapies. The T1D Fund is an evergreen model and realized gains will be deployed into new investments. The T1D Fund was launched in 2016 and continues to grow its half-dozen person team and > $150 million assets under management. The Fund has made investments in approximately thirty portfolio companies and has already generated several successful exits. The Fund will continue to be a highly active investor playing various roles within its world-class co-investor syndicates. JDRF is the world’s largest nonprofit funder of T1D research having made grants of approximately $2 billion over the past fifty years, and the JDRF seeded the Fund with an initial investment capital and provides meaningful support and access to the key stakeholders and experts in the T1D community. Success is enhanced by the Fund’s relationship and leverage of JDRF resources, yet the Fund governed as a separate vehicle with an independent investment team, board, and investment committee, allowing for nimble and effective decision making. This new model has been highly visible, with coverage in outlets including the New York Times, Bloomberg TV, BioCentury, Venture Capital Journal, and Axios.

RA Capital Management is a multi-stage investment manager dedicated to company formation and evidence-based investing in healthcare and life science companies developing drugs, medical devices, diagnostics, services, and research tools. The firm’s portfolio of private and public companies spans the globe and most therapeutic areas across all stages from discovery through commercialization. We are committed to fostering diversity at RA, in our portfolio companies, and in the broader biotech community. Who We AreOur flexible strategy allows us to provide seed funding to startups and lead private, IPO, and follow-on financings for our portfolio companies, thereby driving value creation from idea inception through commercialization. At RA Capital’s core is its TechAtlas research division, a scientifically trained team that maps out competitive landscapes to put data into context, identify breakthroughs, and originate conviction in new ideas. TechAtlas provides market intelligence and, technical diligence, and other resources to both our internal Investment Team and our portfolio companies. The team’s understanding of industry best practices is derived from an extensive collection of case studies documenting the impact of clinical trial design, partnership structures, and public market dynamics. Beyond CapitalRA Capital offers its portfolio companies much more than capital to help them grow, make decisions, and succeed. We:Serve on boards of private and public companies and host board meetings at our offices Help recruit executives and board members Provide access to TechAtlas maps and expertise Prioritize indications and targets based on their feasibility and value given current scientific knowledge, unmet needs, and emerging competition Monitor for new applications and complementary technologies Create custom maps that lay out a company’s competition and unrealized opportunities Provide extra analytical bandwidth across our large team (e.g., analyze literature, provide insights from scientific and investor conferences) Assist with grant writing and preparation of scientific publications Interview clinicians and key opinion leaders (KOLs) Host advisory boards Facilitate partnership or acquisition discussions with larger companies Help design (or redesign) a corporate slide deck or website, leveraging in-house writing and graphics teams Make introductions to other investors Anchor subsequent financings and set the pace for closing Help select bankers for financings and M&A We also provide a growing suite of Innovator Resources to the broader ecosystem, with more hands-on support for our portfolio companies, management teams, and boards. These resources include: a comprehensive reference guide to conducting successful biotech board meetings; a data-driven guide to how to conduct a logical IPO based on first principles of price discovery and shareholder alignment; and a roadmap for how to convey your company’s unique Equity Value Proposition to employees (because they are also your investors). We’re available to coach you through a pitch, provide feedback on a deck, and partner with you to refine strategy or messaging at every stage. Additionally, we helped to found and continue to support No Patient Left Behind, a non-profit dedicated to promoting affordability of today’s medicines and the development of better ones. More specifically, NPLB advocates for insurance reforms that would allow all patients to afford the treatments they need, draws attention to the full societal value of all medicines and the merits of ensuring that all drugs go generic without delay, and educates lawmakers and the public about the workings of the biomedical ecosystem to protect it against misguided policies. Translation & HuntingRA Capital offers Executive-In-Residence (EIR) and venture partner programs for experienced professionals seeking thought partners. We welcome experienced drug hunters searching for technologies/candidates and looking to start new companies to collaborate with our team, explore the capabilities of our in-house incubator, and take advantage of the breadth and depth of our TechAtlas platform. RAVen, our in-house incubator, provides a collaborative platform for drug hunters and company builders to explore both the novel and the re-imagined. Discoveries and improvements in chemistry, molecular and cellular biology, and materials science create novel capabilities that may address unsolved challenges. Our understanding of fundamental biology is constantly evolving, revealing new applications for existing technologies and partially-developed drug candidates. Programs we consider worthwhile may form the basis for a new venture. We believe that when a business proposition is framed correctly, the capital markets have adequate resources and understanding to fund proper experimental design and solution development without forcing companies to cut corners. Furthermore, we have collaborated extensively with other funds that share our philosophy to enable ambitious and capital-intensive endeavors. Our ValuesWe at RA Capital are introspective and deliberate about the ways in which we engage with each other and those outside our firm. Our values represent a set of clear parameters by which we create working relationships founded on trust, collaboration, diligence, and integrity.We originate conviction. We do not borrow it from others. We expect and strive to inspire the best in everyone. We embrace the unfamiliar. We do not let convention stand in the way of what is right. We learn collaboratively. We have a bias for action. We are persistently curious and humbled by what is left to learn. We are data-driven and challenge assumptions. We preserve the ability to change our mind. We admit our mistakes and share lessons learned. We address the elephant in the room. We value our relationships and are positive, respectful, and open-minded. We take fun seriously.

The mission of the group is to identify early-stage companies with disruptive technologies that solve unmet needs in biologic drug R&D and production, as well as challenges in the diagnostics market. Investment selection is completed thorough a rigorous review process, which starts with in-depth market work, followed by due diligence according to Danaher’s best-in-class standard work.

Venture capital for environmental health and healthcare infrastructure startups tackling the root causes of why we get sick. Root Causes Man perisheth. That may be, but let us struggle even though we perish; and if the nothing is to be our portion, let it not come to us as a just reward. – Senancour By some estimates, between 70-90% of chronic diseases are driven, at least in part, by our environmental exposures. [1] As the world has industrialized, toxic exposures have increased, which has translated to rising prevalence rates of chronic diseases both here in the US and around the globe. 42% of Americans now suffer from 2 or more chronic conditions. [2]​ The good news is we have the power to bend this curve. While we can’t do much to change the fundamentals of our genetics, we can change our environment. As more and more people have started to recognize environmental exposures are root cause drivers of ill health, more technologists and scientists are stepping up to help us fight this rising tide of disease. Our sole mission at MBX is to back these leaders. So what has to get done? First, we have to clean up our environment - our water, our air, our soil, our built environment, our food, and so on - with a laser focus on the things that pose the greatest risk of toxicity to us. We know there aren't abundant resources for clean up, so to do this, we have to create cheaper and better ways to abate pollutants than ever before. Second, we need to replace legacy, hazardous chemicals and materials with safer, bio-inert ones. To be clear, we don’t believe all chemicals are bad - they’re not. Novel chemicals have unlocked abundance that has reduced rates of hunger, driven economic progress, and alleviated global poverty. We need highly functional chemistries to support the transition to renewable energy, to protect our food supplies, treat our illnesses, and much more. The opportunity going forward lies in harnessing the techniques of green chemistry and advances in safety toxicology to design products that are bio-inert, or at the very least, products which present lower risks to our health. Third, we have to harness data from our environmental exposures (the cumulative set of which make up our exposomes) to develop new medicines and diagnostics - we call this exposomic medicine. There are now powerful technologies for analyzing our in vivo chemical exposures, and we can use this exposure data to pinpoint the mechanisms of diseases we today don’t understand well. This information has great potential to enable the next generation of biotech companies to make immense progress on previously intractable diseases, such as many cancers and neurodegenerative conditions. Finally, but no less importantly, we have to adapt our healthcare infrastructure to deal with the rising burden of disease. It will take time to clean up our environment, replace chemicals, and advance exposomic medicine. In the meantime, we need to fortify our existing system of healthcare by arming our limited supply of healthcare providers with technology that gives them more time and tools to treat an ever growing number of patients, especially in underserved communities. We know none of this is easy, but with ingenuity and dedication, we believe there’s great progress to be made. We’re up for the challenge - are you? Frequently Asked Questions What sectors do you invest in? We're agnostic to sector as long as your company is addressing a clear root cause problem. Whether you're building a deep-tech or biotech company or focused on healthcare delivery, as long as you can make durable progress towards improving human health, we can back you. Our portfolio includes companies doing everything from pollutant abatement to developing new medicines and diagnostics to making healthcare more accessible for underserved communities. What rounds do you invest in? We usually invest in the first or second institutional round of financing that a company raises, and typically before companies have reached a $50mm valuation. In practice, this means we usually invest in Seed and early Series A financings. How much do you typically invest? Our typical first check is usually between $1 to 2.5mm, though we can flex up or down from this depending on the stage of the company. We generally seek at least 5% ownership when we invest. Do you lead investments? While we prefer to lead or co-lead financings, we can also participate as a follow-on investor. Where do you invest? Most of our investments are in the United States, but we can invest anywhere in the world for the right opportunity. How do you help your partner companies? There are hundreds of leading scientists, clinicians, and industry executives in the MBX Atom Network. This enables us to match our companies to relevant domain experts who can unlock customer relationships and provide tactical advice throughout their journeys. What are your Assets Under Management? As of 6/4/24, our AUM was in excess of $100mm.

The MBVF is a collaborative effort between the U-M Medical School’s Fast Forward Medical Innovation (FFMI) program and the U-M College of Engineering’s Center for Entrepreneurship (CFE). Founded based on an initial gift from the Monroe-Brown Foundation, MBVF makes seed-stage equity investments in UM life science startup companies, typically $100,000-$300,000. This evergreen fund serves to drive the university’s world-class leadership by creating a critical pipeline between research and the biomedical innovation life cycle, resulting in broad clinical and economic impact through startups. The Fund is exclusively for biomedical startups with U-M IP. Most applicants need to successfully complete an existing U-M translational program such as Coulter, MTRAC for Life Sciences, NSF I-Corps. Companies interested in more information should consult with the Fund Manager.