| Eligibility Criteria
BioAdvance sets the following eligibility criteria based
on research area, project activities, geographic location,
level of support and conditions for award.
Eligible Research Areas
BioAdvance’s Greenhouse Fund supports projects within
the general field of human health with an emphasis on:
Eligible Activities
We support work leading to the proof-of-concept of a therapeutic agent, tool or platform, diagnostic or device in the field of human health. Our objective is to fund projects of high technical merit and commercial potential that, if successful, will lead to additional financing, such as venture capital or corporate partnering, within 18-24 months of project initiation.
The proposed project should identify clear and definite milestones that demonstrate the commercial potential of the given technology.
In addition to funding direct research and development activities,
we will consider funding for activities that are ancillary
to funded research but necessary to support a sound commercial
strategy. Examples of this include intellectual property prosecution
and the development of marketing plans.
A BioAdvance funding recipient may use the services of a
third party to perform funded work, although only actual out-of-pocket
contract costs are eligible for reimbursement by BioAdvance.
Capital expenditures and leasehold improvements are not eligible
for BioAdvance funding.
Location Requirements
Applicants must be located in or willing to relocate to Southeastern
Pennsylvania as a condition of receiving funding. Funded work
performed by the applicant must be conducted in Southeastern
Pennsylvania (comprised of Philadelphia, Montgomery, Delaware,
Bucks, and Chester counties). Work performed by a third party
as part of a funded project must also be performed in Southeastern
Pennsylvania in absence of a compelling reason.
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. Included
in this amount, we will reimburse the indirect costs of the
recipient up to 20% of direct project costs with certain exclusions.
Any typical indirect costs in excess of this amount will be
considered an in-kind match to BioAdvance.
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 and warrants. Terms for corporate recipient are outline in Term Sheet. 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.
Copies of the funding agreement and associated documents will be available on the BioAdvance website for you to download and review after you have logged on to the applicant home page. Institutions or individuals should contact BioAdvance for further information about the funding agreement.
|
