Tech Transfer eNews Blog

First Avenue Ventures launches fund for life science start-ups emerging from U of Alabama-Birmingham

By Jesse Schwartz
Published: October 27th, 2021

Birmingham-based VC firm First Avenue Ventures has formed a multi-million dollar fund to back life science start-ups launched out of the University of Alabama-Birmingham (UAB).

The First Avenue Ventures Life Sciences Fund will collaborate with the Bill L. Harbert Institute for Innovation and Entrepreneurship at UAB to identify and support companies advancing early-stage drugs, therapies and medical devices.

“First Avenue’s mission is to help grow Birmingham’s entrepreneurial ecosystem,” says Mike Goodrich, founder and fund manager at First Avenue Ventures. “Working with UAB allows us to better fulfill this mission of developing Birmingham businesses and building a brighter future for our families and workforce.”

Kathy Nugent, executive director of the Bill L. Harbert Institute for Innovation and Entrepreneurship, comments, “First Avenue Ventures’ Life Sciences Fund offers a critical resource for early-stage companies in the UAB pipeline. Having these resources focused on early-stage life science will help bridge the gap for companies spinning out of the lab.”

First Avenue Ventures recently announced the fund’s first investment in UAB start-up ResBiotic, which is developing probiotic therapies to treat chronic lung disease.

“With the help of First Avenue Ventures’ Life Sciences Fund and our other investors, ResBiotic is taking a pivotal step toward giving patients and pulmonary specialists science-based solutions to improve lung health,” says Vivek Lal, founder, president and CSO of ResBiotic and professor at UAB. “We appreciate the support and are excited to see a life science fund focused on local research.”

Source: UAB News

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