By Cassandra Willyard

New York City’s burgeoning bioscience industry got a boost on 18 November when the New York Academy of Sciences launched a new network to connect private investors with fledgling life science companies looking for funding. The network, which is comprised of angel investors—wealthy individuals who risk their own money—will finance companies working to commercialize drugs, medical devices and other healthcare products. The goal is to bridge the funding gap between academic technology transfer offices and late-stage investors such as big corporations and venture capital firms.

To be eligible for funding, inventors must submit an application and business plan to the Life Science Angel Network’s (LSAN) screening committee, a panel of scientists, physicians, venture capitalists and other technology development experts tasked with vetting proposals. The most promising applicants will have the opportunity to present their idea to the entire network.

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