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news.PROPEL, a center of the iBIO Institute, was awarded a grant of $200,000 by the Searle Funds at The Chicago Community Trust in support of its programs to assist the development of small, seed-stage life sciences companies in Illinois.
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iBIO Institute orchestrates business leadership in the service of educational programs and job-creating technology startups.
PROPEL helps to guide the development of formation-stage and early-stage life sciences companies through a series of programs.
It provides entrepreneurs with access to specialized resources and expertise and since its inception over 60 companies, with more than 190 jobs, have leveraged nearly $36m in capital.
iBIO Institute president and CEO David Miller said jurisdictions hoping to build a vibrant start-up community require a catalytic organization such as PROPEL which is a critical piece of the ecosystem of support for entrepreneurs.
PROPEL senior vice president Barbara Goodman said the company will use this generous grant to continually provide life sciences start-ups with valuable programs that help navigate formation- and early-stage company development.