A New Jersey foundation that funds research coming out of the state’s medical school has agreed to replenish its investment arm with $5 million to pump into biotechnology startups at the pre-seed stage — one of the most difficult stages for companies to get funding.
The New Jersey Health Foundation’s Foundation Venture Capital Group in New Brunswick, New Jersey invests up to $500,000 in pre-seed stage companies spinning out of the University of Medicine and Dentistry of New Jersey. It is poised to close its 10th investment deal from the fund initially set up in 2006.