Syridex Bio scores $5 million from New Jersey to back local health businesses

ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, May 24 — A former life sciences lawyer, Squire Servance founded Princeton-based Syridex last year to invest in access to quality healthcare for underserved populations, starting in his home state of New Jersey.

The Black-led impact venture firm is looking to raise $150 million to back early-stage companies developing drugs and therapies for diseases that disproportionately affect people of color and women. Ethnic minorities in the US face higher rates of hospitalization and death from diabetes, heart disease, cancer and asthma.

Servance told New Private Markets that Syridex won’t invest in portfolio companies, but will acquire their products “for an upfront fee, and then cover the cost of development, which can be up to $30 million.”

Community-based health impact

Funding from New Jersey Economic Development Authority, or NJEDA, aims to support business owners in the state, “while driving scientific breakthroughs and economic activity for more equitable and inclusive opportunities for New Jerseyans,” said NJEDA’s Tim Sullivan.

NJEDA made the allocation via its $60 million Life Sciences and Healthcare Fund, funded through the American Rescue Plan’s State Small Business Credit Initiative, or SSBCI.