BioMotiv Names New Chief Executive Officer
CLEVELAND, Aug. 21, 2012 /PRNewswire/ -- BioMotiv, LLC, today announced the appointment of Baiju R. Shah as its new chief executive officer, and as a member of its Board of Managers, effective September 1, 2012. Currently, Mr. Shah is president and chief executive officer of BioEnterprise, a business acceleration initiative and partnership among leading Cleveland-area hospitals and health systems.
"We are excited that Baiju Shah will be leading BioMotiv, a key part of the Harrington Project for Discovery and Development," said Achilles A. Demetriou , MD, PhD, BioMotiv board chairman and chief operating officer of University Hospitals (UH). "With his knowledge of the life science industry, healthcare, business development and the importance of medical innovation, he is the perfect person to lead and grow this unique organization."
BioMotiv has designed a next generation business model that facilitates efficient and profitable development of multiple, early-stage drug candidate programs with the objective of out-licensing significantly enhanced assets to biopharmaceutical companies or venture firms.
"A new business model is just what the biotech industry needs," said Mr. Shah. "In my new role at BioMotiv, we will be developing just such a model, one closely aligned with physician-scientists who are eager to participate in the discovery and development process to bring novel therapies to patient care."
BioMotiv is a part of The Harrington Project for Discovery and Development, a first-of-its-kind $250 million initiative announced by UH in February. BioMotiv is continuing its plans to raise $100 million in total initial capital as it builds a portfolio of breakthrough discoveries in-licensed from academic medical centers, research institutions, and other sources.
Prior to his decade of work with BioEnterprise, Mr. Shah, a Cleveland native, played a leading role in the Growth and Business Building practice at McKinsey & Company. In the community, he is chair of Global Cleveland and also serves on the boards of Great Lakes Science Center, Saint Luke's Foundation and United Way of Greater Cleveland. Mr. Shah received his J.D. from Harvard Law School and his B.A. from Yale.
"Baiju is a seasoned executive who is highly regarded for his broad range of expertise, and he will be a tremendous asset to this growing company. As we begin to raise capital and develop as a company, we are excited for Baiju to bring his extensive experience supporting the growth of bioscience companies to the leadership at BioMotiv," added Demetriou.
About The Harrington Project for Discovery and Development
The Harrington Project for Discovery and Development (The Harrington Project), announced in late February, is a first-of-its-kind initiative and is powered by a $50 million gift – the largest donation in UH history – from the Harrington family, recognized entrepreneurs and philanthropists in Cleveland. It includes the UH Harrington Discovery Institute and BioMotiv. Aligning the entities for the first time with an academic medical center as an engine for innovations, The Harrington Project provides a comprehensive model to advance discoveries into development and to create novel therapies for patient care.
For more information about The Harrington Project and the UH Harrington Discovery Institute, go to: UHHarringtonDiscoveryInstitute.org.
For more information about BioMotiv, go to: www.BioMotiv.com.
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