Federal grant to assist Innosphere, partners in creation of biotechnology incubator

FORT COLLINS — Innosphere Ventures was among a regional group of biotechnology trade organizations and universities to receive $2 million in federal funding to help launch a life-sciences incubator program.

The money, which is expected to fund an incubator program for three years, comes in the form of a Build to Scale Venture Challenge grant from the U.S. Economic Development Administration’s Office of Innovation and Entrepreneurship.

The University of Colorado and Colorado State University are both part of the program.

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“We are immensely thankful for the EDA’s belief in our mission,” Innosphere Ventures CEO Mike Freeman said in a prepared statement. “This grant enables us to drive innovation, strengthen the life sciences ecosystem, and create lasting economic impact not just locally but for the entire United States.”