IU Ventures Invests $500K in Medical Biotech Firm
BLOOMINGTON, CARMEL - Carmel-based MBX Biosciences Inc. has received a $500,000 investment from the Indiana University Philanthropic Venture Fund. The medical biotech firm, whose founders include high-profile inventor Dr. Richard DiMarchi, has developed therapeutics to treat endocrine diseases.
The company was founded by DiMarchi and IUPUI alumnus Kent Hawryluk. While the company is headquartered in Carmel, it also has an agreement with IU to support research at the DiMarchi Laboratory in Bloomington.
"Our leadership team has a longstanding commitment to serving patients suffering from endocrine diseases," DiMarchi said.
According to IU, the company is researching drug treatments that offer potential life-saving properties for patients struggling with certain, rare, endocrine-related disorders.
The Philanthropic Venture Fund is part of IU Ventures, which provides funding and other support to IU-related businesses and entrepreneurs.
"The experience of the business and science team at MBX creates a unique opportunity for a life science venture at this early stage. We are pleased to be part of an experienced syndicate of investors as the first money into this promising venture," said Teri Willey, manager of the IU Philanthropic Venture Fund and executive director of IU Ventures.
MBX Biosciences has also received investments from Twilight Venture Partners II and the BioCrossroads-managed Indiana Seed Fund III as part of its initial $2.5 million financing.