BizBIOSCIENCE
Mara G. Aspinall
Fletcher McCusker
Joann MacMaster
Boosting Biotech A Look at Three Regional Investors By Rodney Campbell It takes people and products to fund success in the biotech market. Just as important is the funding that makes those dreams a reality. Before a COVID-caused dip in investments last year, venture capitalists poured a combined $36 billion into biotech companies nationwide in 2018 and 2019, according to BioPharma Dive, a newsletter and website that covers news and trends shaping biotech and pharma. Through the University of Arizona and a skilled workforce, Southern Arizona is drawing its share of that money. “New ideas in the bioscience arena take significant investment to help bring them from the ‘bench to the bedside,’ as they say,” said Sun Corridor Inc. President and CEO Joe Snell. “Venture capital is key to this. We have made great strides in recent years with venture capital firms like UAVenture Capital, BlueStone Venture Partners and others. There is a lot of attention in this area, and we are making progress.” Here’s a look at three individuals and organizations making significant investments in Tucson-area biotech. 58 BizTucson
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Fall 2021
Mara Aspinall Managing Director and Co-Founder, BlueStone Venture Partners
Aspinall has significant biotech experience, having served as president and CEO of Ventana Medical Systems and named the Arizona Biosciences Leader of the Year by the Arizona Biotechnology Association in 2016. She recently was appointed to the board of directors for Critical Path Institute, an independent, nonprofit dedicated to bringing together experts from regulatory agencies, industry and academia to collaborate and improve the medical product development process. “My time leading Ventana inspired me to do more to move the industry forward,” Aspinall said. “I love being part of companies that break tradition, take risks and create leading products. That is what the strongest entrepreneurs do.” She’s also the co-founder of the Arizona State University School of Biomedical Diagnostics, an accomplishment she calls the most meaningful of her career. “Working with the next generation of
healthcare leaders is what drives me,” Aspinall said. “We should not have needed a pandemic to prove that diagnostics are critical to effective patient care, but it is heartening to see so many executives go back to school to learn about the power of diagnostics.” Creating more opportunities for women is also among Aspinall’s goals; she was named to Women Inc. Magazine’s Most Influential Corporate Directors List in 2019. That applies to the world of venture capital, which skews heavily male. Aspinall said 94% of venture capitalists are men, a figure she calls “unacceptable.” “There is more money going into risk capital than ever before, but the composition of the industry has not changed in 10 years,” she said. “It’s also sad to see that the number of investments in women-led firms dropped to a new low in 2020. We need to make conscious efforts to change this situation. Diversity isn’t about being politically correct; it is profitable. New viewpoints and new networks fuel success.” continued on page 60 >>> www.BizTucson.com
