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Carl Weissman Biotech, VC, consumers Accelerator Slowed Down in 2009,Office Professional Plus 2010, Expects to Rev Back again Up in 2010 Luke Timmerman 12710 Any fair evaluation of Seattle biotech in excess of the previous five many years would have to count Accelerator as among the many shiny spots. However the previous 12 months or so has been unusually tranquil on the biotech startup incubator. Accelerator a short time ago endured a six-month dry spell when it didn’t see any exciting new investment ideas enter its pipeline, according to CEO Carl Weissman.
“We can survive these kind of times easily, because what the board essentially expects is that the quality [of investments] never goes down,” Weissman said when I stopped by his office on Seattle’s Eastlake Avenue last week. “We don’t must lower our standards on quality in order to satisfy a quota.”
For those who aren’t familiar, Accelerator is among the list of central players with the local life sciences innovation scene. Biotech pioneer Leroy Hood, along with a number of prominent venture firms, founded Accelerator in 2003 to provide some lab space and operational support for scientific entrepreneurs with potentially groundbreaking ideas that demand a little significantly more proof before they can secure serious venture dollars. Accelerator has raised a total of $43.8 million, some of which it has put to work in 10 startups so far. The roster includes four Seattle companies that have emerged and raised a combined $144 million since graduating—VLST, Theraclone Sciences, Allozyne, and Integrated Diagnostics.
That last company, known as InDi for brief, is the most latest startup with roots at Accelerator to score venture bucks. It was known as Homestead Clinical in a past incarnation,Windows 7 64 Bit, and it didn’t win follow-on financing from Accelerator’s primary VC backers, but it emerged in October anyway with a $30 million commitment from outside VCs largely because of Hood’s “force of will,Office 2007 Professional,” Weissman says. OK, so InDi may very well be another notch from the Accelerator belt. But I wondered about the other three startups that were founded at Accelerator with the past two years—PharmSelex (formerly known as GPC-Rx) in June 2008, Mirina in August 2008,Microsoft Office 2007 Key, and Xori in May very well of 2009. All three are still operating, and Weissman wouldn’t say much about their future prospects other than, “We’re truly pleased with the progress from two out for the three.”
So we’ll must sit tight a even when longer to see whether any of those three emerge, or fade away. What was extra surprising to me is what he said about the slowdown in the flow of new ideas for companies. From about June via December, “there wasn’t much,” while in the way of exciting new scientific ideas coming in to Accelerator, Weissman says, even though it has historically been inundated with pitches. That improved a bit last month, when Accelerator found three new ideas that it considered “very exciting,” Weissman says.
The feast-and-famine cycle at Accelerator “is to be expected,Office 2007 Enterprise,” he says, and that is why the organization doesn’t have a hard quota …Next Page » Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. You can e-mail him at ltimmerman@xconomy.com, or follow him at twitter.comldtimmerman.