06 Sep IU Ventures Makes Follow-On Investment In Indiana-Based Amplified Sciences
FOR IMMEDIATE RELEASE
September 6, 2023
West Lafayette, Ind. — IU Ventures, the venture capital arm of Indiana University, participated in a follow-on investment round of Amplified Sciences, a clinical-stage life sciences diagnostic company, focused on accurately detecting and pre-empting the risks of debilitating diseases like pancreatic cancer. IU Ventures made its investment through two of its major investment vehicles: the IU Philanthropic Venture Fund and the IU Angel Network.
Amplified Sciences recently completed a $1.5 million first tranche of an open Series Seed Preferred round of funding. The startup is built on the innovation of Dr. V. Jo Davisson, an IU School of Medicine biochemistry graduate and longtime biochemist at Purdue University, where he invented the technology. The existing diagnostic methods for pancreatic cancer are challenging and often lead to missed early-stage cancer, unnecessary surgeries and complications and substantial financial burdens. Amplified Sciences has created an innovative and exceptionally sensitive laboratory diagnostic test to detect enzyme and other biomarker activities in a minimal amount of pancreatic cyst fluid in patients diagnosed with pancreatic cystic lesions. The company has early data in other disease states and plans to extend its platform approach to other diseases with its open fundraising round.
“We’re looking forward to the possibilities that lie ahead for our company, driven by the impact our groundbreaking diagnostic solutions can bring to improving patient outcomes,” said Diana Caldwell, CEO, and co-founder of Amplified Sciences and an IU Kelley School of Business alumna. “Our continued collaboration with the IU School of Medicine and IU Ventures is key to our success as we bring new diagnostic tools to the market.”
With ties to both IU and Purdue, Amplified Sciences has strong IU DNA, including Caldwell’s executive leadership. IU Ventures was an early supporter of Amplified Sciences, completing its first investment into the company in 2019. Amplified Sciences is actively collaborating with IU clinicians and researchers to collect samples that are critical for product testing and regulatory approval.
Additionally, Vince Wong, an IU Ventures executive in residence and IU Maurer School of Law alum, serves as a board observer for Amplified Sciences, bringing decades of clinical diagnostics industry expertise to the company. “It’s exciting to see the team’s progress and the milestones reached towards improving the detection of pancreatic cancer, a disease that is too often detected at a late stage, resulting in poor clinical outcomes,” Wong shared. Two IU Venture Fellows are also working with the company to support its growth and development.
“These partnerships reflect IU Ventures’ commitment to building long-term relationships and helping its portfolio companies to achieve their goals and drive the development of new and impactful technologies,” said Jason Whitney, Chief Venture Officer of IU Ventures and Executive Director of the IU Angel Network.
“We are thrilled to continue our support of Amplified Sciences’ mission to improve patient outcomes through early detection and preemptive treatment, and IU Ventures’ goal of driving innovation and impact in the healthcare sector,” Whitney said.
As Amplified Sciences continues to translate its research and development efforts to a clinically available test, the company aims to become a leader in the field of life science diagnostics and to make a significant impact on patient outcomes by addressing unmet needs in the diagnosis of debilitating diseases.
About IU Ventures:
IU Ventures invests in and supports IU-affiliated early-stage companies. Its investment programs include the IU Philanthropic Venture Fund, IU Angel Network, Shoebox Fund and Innovate Indiana Fund. It further supports IU founders through the Executive in Residence Program and IU Founders and Funders Network. Student support is provided through a variety of engagements, including the new IU Venture Fellows Program. Each program takes unique approaches to accelerate and support the positive impacts that entrepreneurs affiliated with IU already achieve across the world. IU Ventures is a recognized leader in increasing opportunities for diverse and historically underserved entrepreneurs and investing in Indiana startups with a shared commitment to diversity, equity and inclusion.
Emily Atkinson, PhD