|By PR Newswire||
|March 19, 2014 02:10 PM EDT||
NEW BRUNSWICK, N.J., March 19, 2014 /PRNewswire-USNewswire/ -- Michael A. Wiley has joined Foundation Venture Capital Group (FVCG), an affiliate of New Jersey Health Foundation, as the Senior Director of Ventures and Commercialization, announced James M. Golubieski, president.
During the past 14 years, Mr. Wiley has amassed a successful track record in developing new businesses, forming and leveraging strategic relationships and supporting innovation and technology commercialization, all of which are part of his responsibilities in his new position.
Prior to joining FVCG, Mr. Wiley worked at the New Jersey Economic Development Authority (EDA) as a Senior Venture Officer, a Clean Energy Solutions Project Leader and an Innovation Zone Manager. He has also held positions at Avaya and in the Rutgers University Office of Corporate Liaison & Technology Transfer.
"We are delighted that Mike is now part of our organization," said Dr. George F. Heinrich, vice chair and CEO. "His past experience at the EDA and at Rutgers University has given him the expertise and skills he'll need to assist FVCG as we continue to invest in life science start-ups in New Jersey heading toward commercialization."
Foundation Venture Capital Group has invested in 10 companies to date, one of which was sold within 18 months for a substantial return on investment. An additional $5 million was recently allocated by New Jersey Health Foundation for investment in 10 more companies.
In addition to providing pre-seed funding, Foundation Venture Capital Group provides strategic guidance, leadership and business support including space, contacts and back room functions to all its portfolio companies, which currently include:
- Actinobac Biomed Inc., developing a therapeutic agent targeting blood cells for the treatment of hematological malignancies such as leukemia and lymphomas;
- Affineti Biologics, Inc., advancing research in the development of therapeutic and diagnostic products based on new discoveries in oral biology and dental medicine;
- CellXplore, Inc., engaged in the development of biomarker-based in vitro diagnostic assays for cancer;
- Celvive, Inc., working to develop technology to treat patients with chronic spinal cord injuries with their own adult stem cells;
- Durin Technologies, working to develop a blood test to diagnose and assess severity of Alzheimer's, Parkinson's and other neurodegenerative diseases;
- GeneAssess, Inc., developing the FRY gene as a predictive biomarker for breast and other cancers
- Longevica Pharmaceuticals, Inc., developing a chemoprotective agent that may keep normal cells healthy during cancer treatments (FVCG's equity interest in Longevica was sold to Rostock International, LTD)
- MentiNova, Inc., working to validate a drug that reduces the side effects of L-Dopa Induced Dyskinesia
- NovoPedics, Inc., developing an implantable meniscus replacement/regeneration medical device to restore mobility to patients suffering from severe meniscus knee injuries
- Snowdon Pharmaceuticals, Inc., a drug discovery company focused on several major therapeutic areas and providing computational tools to rapidly identify high-value molecules from their library of vendor-available compounds
SOURCE Foundation Venture Capital Group