Mission: Improve healthcare outcomes, reduce healthcare costs and promote the growth of the bioscience industry in Colorado by accelerating commercialization of new drugs, medical devices and diagnostics based on discoveries made at Colorado’s research institutions.
Bioscience research institutions are significant drivers of economic development in Colorado. The University of Colorado Anschutz Medical Campus (UC-AMC) alone contributes over $3 billion to the State’s economy yearly. An important part of research institution impact on Colorado’s economy comes from the federal grant funds they attract. From 2010 to 2014, Colorado research institutions brought in more than $1.5 billion in life science research grant funding from the National Institutes of Health (NIH) for over 4,000 bioscience research projects. In that same period, however, the NIH funded only $18 million for 19 SBIR/STTR small business commercialization grants to projects originating from Colorado research institutions. The economic impact of our research institutions to the State could be sustainably increased if more new discoveries generated from this research funding could be commercialized in Colorado by Colorado entrepreneurs. The Colorado Institute for Drug, Device and Diagnostic Development (CID4) has targeted this need as its primary focus.
CID4 is a unique non-profit entity with 5½ years of experience in helping to accelerate promising bioscience technologies to the market by providing seed funding and hands-on venture advisory services. CID4 has had impressive success assisting early-stage bioscience companies. Since inception we have reviewed nearly 160 early-stage companies (private and university spin-outs) and invested a little over $2 million in 9 portfolio companies, 2 of which were newly created by CID4. Three of these investments were syndicated with High Country Venture (HCV) and with angel investor members of the Rockies Venture Club (RVC). CID4 staff have dedicated approximately 2,500 hours each year to advising both portfolio and non-portfolio early-stage bioscience companies and entrepreneurs. CID4’s investment and mentoring has positioned our portfolio companies to create 70 high-wage jobs, enter into 5 partnerships, and generate more than $45 million in follow-on investments, grants, and revenues. Four new products have been submitted to the FDA for review and Sophono, CID4’s first portfolio company, was acquired by Medtronic in March 2015.
CID4 works closely with research institution technology transfer offices (TTOs) on company formation, advising them on business planning, patent strategies, regulatory issues and financing, and providing introductions to potential partners and investors. CID4 Helps TTOs create spin-out companies and mentors spin-outs to help them obtain federal and state small business grants. Once the appropriate level of technology development has occurred as a result of non-dilutive grant funding, CID4 will provide seed funding to support achievement of key commercial milestones to attract follow-on funding and partnerships.