Student-managed fund invests $100,000 in PRF company
PURDUE’S STUDENT-MANAGED VENTURE FUND, administered by the Burton D. Morgan Center for Entrepreneurship and the Krannert School, is investing $100,000 in Kylin Therapeutics Inc.
The funding is part of a $2 million round of financing led by In-vivo Ventures and Golden Pine Ventures. The funds will help advance Kylin Therapeutics’ lead cancer therapy to the marketplace.
The $100,000 investment stems from a degree program for Krannert MBA students. They analyzed Kylin’s business plan and decided to invest in the Indiana company, which is located in Purdue Research Park (PRF). Stephanie Williams is a fi rst-year MBA student who participated in the due-diligence process.
“Our team even had the opportunity to meet with the Kylin management team while they assisted with our process of data collection,” says Williams.
Kylin is in the preclinical stage of commercializing a technology called pRNAi. Based on a Purdue discovery, the technology uses RNA and a natural process called RNA interference (RNAi) to target and “turn off ” disease-causing genes.
“We believe the pRNAi platform has superior functionality and will be able to be delivered systematically,” says Eric Davis, Kylin’s president and CEO.
Davis says the Student-Managed Venture Fund, Krannert School, and Burton D. From left to right: Jason Lebron, Kim Corbitt, Amber Oliver, and Royce Carvalho make the winning presentation at Krannert’s fi rst annual Human Capital Case Competition in January. Morgan Center for Entrepreneurship are assets in economic development for Purdue, Lafayette–West Lafayette, and the state.
“Indiana entrepreneurs and startup companies seek resources to strengthen their network and to develop fi nancial support,” he says. “These resources make Purdue very attractive to high-tech and life sciences industries.”
With current assets of $130,000, the Student-Managed Venture Fund has $25,000 for its next planned investment in fall 2009, says Purdue Professor Kenneth Kahn, the Avrum and Joyce Gray Director of the Burton Morgan Center.
“The fund serves as an investment vehicle to spur commercialization of Purdue research,” says Kahn. “Just as importantly, it is an educational vehicle to provide hands-on understanding of venture capital and investment for entrepreneurially minded students at Krannert and across the University.”
— Phillip Fiorini and Steve Martin |
