A diverse group of small biomedical companies have created a consortium to help them raise money, expand their markets and collaborate on products.
Biomedical Entrepreneur Associates, a Washington-based management corporation with a staff of two, will run the consortium, which is designed to help bring companies with varied agendas together, said Edmund Jaskiewicz, chairman of the group.
The consortium of 11 companies from the United States and Canada was formed, Mr. Jaskiewicz explained, after small companies with interesting products found it difficult to get even $300,000 to $500,000 in financing.
"We got the idea of grouping these companies together to get $15 million to $20 million to invest in these companies," he said.
The consortium has found no financing yet but is looking for private investors, Mr. Jaskiewicz said.
Several of the 11 companies have begun cooperative efforts.
Bioquant, a Michigan company with a saliva diagnostic test, has teamed up with Aurora Technologies, a Toronto company with an international marketing network. Aurora is helping Bioquant market its product in Europe.
In another effort, Hammerman Associates Inc. of Columbia, is applying a tele-monitoring security system developed by a Philadelphia company to protect computer systems from malfunctioning.