Eligibility Requirements

BioAdvance reviews proposals for eligibility based on geographic location, research area, and project activities.

Location Requirements 

We provide funding to firms that are located in Southeastern Pennsylvania (defined by the counties of Bucks, Chester, Delaware, Montgomery, and Philadelphia ).  In addition, unless there is a satisfactory reason otherwise, we require that work performed by a third party as part of a funded project performed in Southeastern Pennsylvania .  Firms outside the region may apply, but they must relocate to Southeastern Pennsylvania prior to funding. 

Firms are expected to reside in Pennsylvania for at least five years from the date of funding and are assessed a transfer if they exit before that time.

Technology Focus

The Greenhouse Fund supports activities within the general field of human health with an emphasis on:  

• Therapeutics
• Tools or platform technologies
• Devices
• Diagnostics     

BioAdvance will also support service businesses that focus on the areas mentioned above.

Eligible Activities  

Typically, we support research and development projects that define the commercial potential of scientifically-sound technology.  Such "proof-of-concept" work ideally will provide strong evidence for a "go / no go" decision that, if positive, will position the recipient for its next-stage of funding.  We also support the prosecution of patents, the hiring of personnel, initial market research, and business development activities.  The maximum funding period is 24 months. 

A recipient of funding may use the services of a third party to perform funded work, although only actual out-of-pocket contract costs are eligible for reimbursement.  Capital expenditures and leasehold improvements are not eligible.

Given the scarcity of seed stage-capital, we do not sponsor basic research that is more appropriate for NIH funding or firms that have already raised significant venture capital.

Our prior investments illustrate our focus. Please visit http://www.bioadvance.com/portfolio-companies.asp for descriptions of our portfolio companies.

Level of Support  

No more than $500,000 will be invested in a project in any one funding cycle. There is no minimum project size. A recipient of funding may use the services of a third party to perform funded work, although only actual out-of-pocket contract costs are eligible for reimbursement.  Capital expenditures and leasehold improvements are not eligible.   

Applicants may apply for additional funding to support the same project in subsequent funding cycles, but the aggregate investment in any project from the Greenhouse Fund is not expected to exceed $1 million.  

Conditions for Award  

To obtain a potential return on its investment, BioAdvance requires corporate awardees to issue a convertible note. Institutional and individual recipients are required to provide BioAdvance with the option to transfer the technology to a new company to be jointly owned by the institution/individual and BioAdvance. The terms of the project award (including project budget, milestones and reporting requirements) will be detailed in a funding agreement between BioAdvance and the recipient.  

BioAdvance make initial investments of up to $500,000.  There is no minimum project size.  We will cover the indirect costs of the recipient, up to 20% of direct project costs.    

Applicants may apply for additional funding to support the same project in subsequent funding requests, but the aggregate investment in any company from the Greenhouse Fund cannot exceed $1 million. 

In exchange for funding, BioAdvance holds a convertible note.  The note accrues interest, and both interest and principal are due at the end of a pre-specified term.  In the event of a significant financing by an institutional investor or syndicate, BioAdvance will convert the note into preferred stock, typically at a discount to the institutional round.

We negotiate exact terms at the time of funding. 

Term Sheet