In the biotech sector, Harvard immunologist and serial entrepreneur Timothy Springer has made a substantial $210 million investment into the Institute for Protein Innovation (IPI). Springer, the co-founder of IPI, is a well-known figure in the Boston biotech scene and was the founding investor in Moderna Inc. His net worth, largely attributed to Moderna’s success, is about $2.2 billion, according to Forbes.
The IPI, a nonprofit established in 2017, is focused on advancing proteins in medicine, a field that Springer believes has been largely ignored by both public and private investors. The institute’s explicit goal is to create a library of antibodies that can be licensed out to academic researchers and private companies. This move is expected to put the IPI on the map and generate revenue streams to make the organization self-sustaining.
After a slow start and setbacks due to the Covid-19 pandemic, the IPI is ready for a “restart” this year with fresh investment. The organization now has a significant runway of at least a decade, possibly up to 20 years or more, according to Springer. The IPI has hired its first CEO, Ken Fasman, who has a number of tasks ahead. These include making the institute’s first full set of antibodies available to the biomedical research community and building an academic workforce focused on protein science and technology. The institute is also working on an education program to disseminate its ideas.
In terms of disease focus, the IPI is starting to place more emphasis on neuroscience, neurodegenerative diseases, stem cell biology, and regenerative medicine. The institute is also looking to establish formal partnerships with other research institutions and private companies in the future.