National Institute on Drug abuse
The societal need for an analgesic devoid of adverse effects cannot be overstated. According to the NIH HEAL Initiative SM (https://heal.nih.gov), “More than 47,000 Americans died of opioid overdose in 2017, and more than 2 million Americans live with addiction to opioids. Moreover, more than 50 million Americans suffer from chronic pain, and of those, 25 million live with daily chronic pain and lack effective and safe non-opioid options for pain management….These staggering numbers are likely underestimates. They fail to capture the full extent of the damage of the opioid crisis, which reaches across every domain of family and community life — from lost productivity and economic opportunity to intergenerational and childhood trauma, to extreme strain on community resources, including first responders, emergency rooms, hospitals, and treatment centers.”
BioAdvance works closely with entrepreneurs to build strong companies in the mid-Atlantic region which are focused on improving human health. BioAdvance is a $50 million early stage life sciences fund, working with entrepreneurs in the mid-Atlantic region to build strong companies that have the potential to improve human health. Since making its first investments in 2003, BioAdvance has committed $35.7 million in funding to 80 organizations developing over 75 products in the diagnostics, therapeutic, medtech, research tools and digital health sectors. BioAdvance portfolio companies have leveraged $2.65 billion in subsequent capital, including proceeds from twelve acquisitions. Eleven products have received FDA approval.