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Inova Plans $100 million Venture Fund Focused on Precision Medicine

Thursday, February 25, 2016  
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Inova Health System will set up a $100 million venture fund focused on precision medicine. The Inova Innovation Fund will include an incubator program and commercialization program to scale breakthroughs for the healthcare system, and is a key plank of the healthcare system's goal to develop the biotech and diagnostics industry in its home state

During an event at the White House, the National Institutes of Health will make its first funding awards supporting the Precision Medicine Initiative, which was announced by President Barack Obama in January 2015 as part of his State of the Union address. The initiative calls for the creation of a national participant group of at least 1 million people to support research in precision medicine, which uses a patient's genetic makeup to improve diagnosis and tailor treatments. Obama signed legislation in December earmarking $215 million toward the initiative. Inova will be among about 40 private-sector organizations from around the U.S. that will also announce their own commitments in tandem with the federal push.

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