San Diego Biomedical Research Institute (San Diego BioMed)

What they do

San Diego Biomedical Research Institute (San Diego BioMed) and its president Joanna Davies, Ph.D., are dedicated to supporting biomedical research that focuses on predicting and preventing diseases such as cancer, diabetes, and HIV.

The nonprofit attracts scientific talent from around the world, creating high-skill, high-wage jobs in the San Diego area and providing investigators with access to space for both targeted research and collaboration with peers. With 24 full-time staff members, San Diego BioMed generates revenue primarily through research grants from organizations like the National Institute of Health (NIH) and foundations including the American Diabetes Association.

Why we invested

San Diego BioMed’s strategic plan includes enhancing its financial sustainability by increasing scale and targeting philanthropic support. They invested in a larger, state-of-the-art research space to attract top scientists, which temporarily increased overhead expenses and led to operating losses. Facing challenges in accessing conventional bank or commercial credit due to their nonprofit status, this working capital provides the necessary cash flow to support ongoing research and accommodate the onboarding of new scientists who can bring in additional grant revenue.

Updates

07/2024 — San Diego BioMed returned for a second investment, seeking working capital to fund cash flow for seven new NIH grants.