State life sciences receive millions

BioCrossroads, the recently christened central Indiana life science initiative, announced Tuesday the formation of Indiana Future Fund I, a more than $72 million capital pool that will invest in regional and national venture capital to encourage direct investment in life science opportunities within Indiana.\nThe Future Fund benefits the life sciences initiative, which was renamed BioCrossroads last week in reference to Indiana's motto "Crossroads of America."\nBioCrossroads' goal is to increase life science jobs in Indiana to benefit the lagging economy, officials said.\nIU and the IU Foundation invested in the life sciences fund as well as several other public and private investors.\n"As home to the nation's second largest medical school, (IU) has been on the cutting-edge of improving human health," IU President Adam Herbert said in a statement. "The Indiana Future Fund will be key to tapping into the economic potential of our research efforts, and contributing to Indiana's economic health in the process."\nThe original goal of the fund was to raise between $50 million and $150 million, but fund-raising ended nine months earlier in order to invest the fund as soon as possible.\nIt is likely that when the funds are used up in a year or two, a new fund-raiser will begin, Indianapolis attorney David Johnson told The Associated Press. Johnson was part of a committee that raised the money.\nAt least 60 percent of the fund must go to life science firms in Indiana, which is home to 1,200 life science companies.\n"The life science initiative is a great partnership which will be the basis for companies to license, produce and create products involved in health care," BioCrossroads public and media relations science writer Eric Schoch said.\nAlso this week, BioCrossroads, in partnership with Roche Diagnostics, announced it will hold a conference on biosensors Wednesday at the IU-Purdue University Indianapolis Conference Center.\nBiosensors are small devices that can detect changes in light, sound and chemicals, among other uses. They are one of the eight target opportunities BioCrossroads sees future growth in.\n"The conference will feature company presentations, panels and the opportunity to search for potential partnership opportunities," BioCrossroads spokesman Jenny Cebalo said.\nFor more information on the initiative, log on to www.biocrossroads.com.\n-- Contact staff writer Chris Freiberg at wfreiber@indiana.edu.