As uncertainty looms over NIH funding, biotech leaders are stepping up with alternative financing solutions. Chris Gibson, co-founder and CEO of Recursion, along with serial biotech entrepreneur David Bearss, has launched the Altitude Lab Pre-seed Venture Fund, aimed at supporting early-stage biotech startups that typically rely on Small Business Innovation Research (SBIR) grants.
The fund, managed by Altitude Lab, a Salt Lake City-based life sciences accelerator, plans to invest $100,000 to $250,000 in 10 to 15 biotech startups. Eligible companies include those that have previously qualified for SBIR grants.
Gibson, whose own company Recursion received $1.46 million in SBIR funding in 2014, emphasized the importance of early-stage capital:
“SBIR grants were crucial for Recursion’s initial growth. We want to provide a similar lifeline for the next generation of biotech startups.””
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Strengthening Utah’s Biotech Ecosystem
In addition to funding, selected startups will receive 12 months of office and lab space at Altitude Lab, further strengthening Salt Lake City’s growing biotech hub.
Gibson envisions the initiative as a catalyst for innovation, stating:
“We’re creating our own mini-Cambridge here in the streets of Salt Lake City.”
A Lifeline Amid Government Grant Delays
With the Trump administration’s recent directive to limit NIH funding under review, many startups face delays or cuts in government grants. Gibson and Bearss hope the new venture fund will bridge the gap, ensuring promising biotech companies can continue their research and development.
By launching this fund, Altitude Lab is not just investing in startups—it’s helping to preserve the future of biotech innovation in a shifting funding landscape.
