Birmingham-based venture capital firm First Avenue Ventures has launched a multimillion-dollar life science fund with a focus on research developed at the University of Alabama at Birmingham (UAB) and has announced its first investment in UAB start-up ResBiotic Inc.
The First Avenue Ventures Life Sciences Fund I will invest in early stage drugs, therapies and devices developed at UAB and in Birmingham. Saksham Narang, First Avenue Ventures Fund Manager and former venture Adviser at UAB, will serve as the fund’s liaison with the university.
“Venture-backed companies bring well-paying jobs, financial opportunities and economic growth to a city,” Narang said in this UAB-issued news release. “We can share in the prosperity of coastal life science innovation hubs right here in Birmingham.”
No dollar amounts, either in terms of the fund’s investment availability or average deal size, were revealed.