Prebys Ventures invests $5 million in five San Diego healthcare startups
One of startups Aspen Neuroscience is using robotic equipment to manufacture stem cell therapies for Parkinson s complaint Photo from company video Prebys Ventures declared this week it has invested million into five San Diego startup companies working on the cutting edge of healthcare research and advancement The venture fund created by San Diego s largest private foundation made separate million investments in AeroRX Aspen Neuroscience Crystalys Therapeutics Protalys Pharmaceuticals and Welby Fitness The companies are advancing solutions for chronic obstructive pulmonary illness COPD Parkinson s sickness gout oncology and chronic care management The funding comes at a time when venture investing is largely stalled across the nation We re very excited not only about the cutting-edge innovation of these five companies but for what this means for San Diego s entire innovation sector declared Prebys Ventures Managing Director Mike Krenn At a time when investors are scaling back we re proud to be working to advance healthcare device while investing in the future of San Diego Krenn added part of the fund s vision is to attract more outside capital to the region noting they ve already brought a new investor to San Diego with one of their portfolio companies We re already actively sharing San Diego deal flow with outside investors and we ll continue to do so We re also very pleased with the incredibly well-regarded and established funds we ve been able to invest alongside thus far and we re hoping to collaborate on more deals in the future he explained Prebys Ventures was created earlier this year by the Prebys Foundation with a goal of investing million into private ventures to grow capital that is in turn reinvested back into San Diego communities We believe the innovation economic system will play a vital role in San Diego s future opening up economic opportunity across our region stated Prebys Foundation CEO Grant Oliphant We know that every innovation commercial sector job creates other jobs in the region He mentioned he considered the fund would become a model for other foundations
