Virginia Catalyst Awards $500,000 to Help Enhance the Recovery from Opioid Overdoses
Tuesday, December 5, 2017
The Virginia Biosciences Health Research Corporation, known as Virginia Catalyst, has awarded a $500,000 grant to a collaborative bioscience commercialization project including a team from Virginia Commonwealth University, Virginia Tech, Inova Health System and Indivior Inc., a global specialty pharmaceutical company with a 20-year legacy of leadership in patient advocacy and health policy. This grant, which includes matching funding of $500,000 provided by Indivior, is intended to catalyze the development and commercialization of life science projects that address major unmet needs for improving human health, while also contributing to Virginia’s economic growth. This project is focused on addressing neuroscience initiatives involving the treatment and care of patients recovering from an opioid overdose.
“Bioscience continues to be a vital part of Virginia’s economy and we are excited to continue our mission of helping to fuel innovation, collaboration and economic growth in our state,” said Mike Grisham, CEO, Virginia Catalyst. “Virginia’s research universities have long provided leadership on a national and global level in life sciences, combining their intellectual and scientific prowess through collaboration to achieve meaningful results. These achievements have attracted significant outside capital and industry participation to commercialize Virginia’s innovations, creating high-paying jobs for Virginia while improving lives around the world.”
The winning project for round seven is:
Project Focus: Novel Preventive Treatment Paradigm to Change the Standard of Care for Those Who Recover from Opioid Overdose
· Company: Indivior Inc. (Richmond, VA)
· University collaborators: Virginia Commonwealth University and Virginia Tech
· Additional collaborator: Inova Health System
· Funding amount: $500,000
· Matching funds: $500,000 provided by Indivior
Two additional projects are pending documentation.
Virginia Catalyst is a not-for-profit 501(c)(3) corporation funded by the Virginia General Assembly’s general fund and seven of Virginia’s research universities. The organization has now awarded 26 grants totaling over $10.5 million, combined with $20 million in matching funds, which financed the achievement of meaningful milestones. This has then resulted in follow-on funding of an additional $80 million and the creation of high-paying jobs throughout the Commonwealth.