Pappas Capital Announces the Passing of…

 
March 8, 2011

The Seattle-based nonprofit, the world’s largest philanthropy with $36.4 billion in assets, made its first direct equity investment in a for-profit biotech company last week when it pumped $10 million into Research Triangle Park, NC-based Liquidia Technologies. While the foundation has made grants to companies for years, and has linked its support to specific programs with clear global health goals, this is the first time the foundation has structured a deal to take equity ownership, and have board-level oversight of a startup’s work, much like a venture capital firm.