CincyTech has garnered its first exit with the sale of a drug-licensing program from Blue Ash Therapeutics to Forest Laboratories on April 19.CincyTech will receive 10 times its original investment -- $2.5 million – which will be distributed to the partners in Fund I: Fort Washington Capital Partners, the Health Foundation of Greater Cincinnati, Cincinnati Children’s Hospital Medical Center, and the Castellini Foundation. (Ohio Third Frontier also has money in CincyTech’s Fund I but does not receive a payout.)
CincyTech invested $250,000 in Blue Ash Therapeutics in January 2010 after spending a year working to license the drug-development program for azimilide from Procter & Gamble Pharmaceuticals and then Warner Chilcott, finding co-investors and finding a CEO, Greg Flexter (pictured left), to work with former Procter executive and scientist Kevin Malloy (pictured right).
The deal is the first “exit” – or cash out – for CincyTech, which has invested $7 million in 21 companies since May 2007 and has helped attract $140 million in co-investment and follow-on money to these companies.
Friday, July 1, 2011
Portfolio Company News - CincyTech garners first exit - Nice win for the JumpStart of Cincinnati
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