Syridex Bio, a life sciences impact investment firm, announced today that it has been chosen by the New Jersey Economic Development Authority (NJEDA) to manage and invest up to $5 million in early-stage healthcare and life sciences companies in New Jersey.
The allocation comes from the State’s Life Science and Health Care Fund and aims to support businesses that advance health equity and develop therapies for diseases that disproportionately affect underserved populations.
Among the three investment managers selected by the NJEDA, Syridex Bio is notable for its unique focus on health equity. The firm, based in Princeton, targets funding for drugs and medical therapies that address health outcome disparities among ethnic minorities, the LGBTQ+ community, and rural dwellers.
By utilizing venture creation and private equity strategies, Syridex Bio aims to finance the development of medical solutions that promote health equity.
The $5 million allocation will be managed by Syridex Bio in accordance with the firm’s overall goals and objectives, as well as state and federal government regulations. Its role will involve managing day-to-day operations and identifying prospective life science startups in New Jersey that can benefit from the capital.
This includes companies involved in biotechnology, pharmaceuticals, and medical devices, but within the overall goal of promoting equitable opportunities and addressing health disparities in the state.
