Former NCI director Norman “Ned” Sharpless and serial biotech entrepreneur Nathaniel “Ned” David have joined forces to create Jupiter Bioventures, a new venture capital firm that has raised $70 million to invest in early-stage biotech companies. The firm’s goal is to establish small biotechs, quickly determine their viability, and either sell them off at higher valuations or discontinue them if they fail to meet necessary benchmarks. Jupiter Bioventures has secured funding from prominent investors such as Mission BioCapital and the Mayo Clinic.
The partnership between Sharpless and David, now known as “the Neds,” aims to bring efficiency to the biotech sector by rigorously testing ideas and making swift decisions on their potential. Sharpless, who served as the director of the National Cancer Institute and acting commissioner of the Food and Drug Administration during the first Trump administration, brings extensive experience in the field. David, on the other hand, has founded several successful biotech companies, including Syrrx, Achaogen, Kythera, and Unity Biotechnology.
Jupiter aims to streamline biotech investments
The $70 million fund will be distributed across eight to ten companies developing cancer therapeutics or working in other disease areas that benefit from insights in cancer biology. Jupiter Bioventures will assess potential “moons,” deploying a team and a small seed amount to acquire intellectual property and experimentally validate the core science.
The most promising “moons” will receive additional funding from both Jupiter and non-Jupiter investors to help them become freestanding, high-value biotechs with sufficient capital to conduct proof-of-concept clinical trials. “We love bold science, but we hate risk,” David said in a statement. “By experimentally confirming the science first, we kill bad projects early, so we can focus on the winners.”
Jupiter Bioventures represents a bold approach in the biotech industry, focusing on rapid evaluation and potential monetization of small biotech firms.
With significant backing from prominent investors and the combined expertise of Sharpless and David, the company is poised to make a substantial impact on how early-stage biotech ventures are developed and assessed.
