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Pfizer-Backed VitaDAO Votes on Creating For-Profit Company to Fund Longevity Research
The DAOs native token, VITA, rose 3% on news the community was considering the proposal.
Updated May 9, 2023, 4:12 a.m. Published Apr 5, 2023, 3:46 p.m.
Members of Pfizer-backed VitaDAO are voting on whether to create a for-profit company to secure and distribute funding for longevity research, the collective tweeted on Wednesday.
The company, to be called VitaTech, would leverage public funding to license longevity technologies developed in U.S. universities and support their continued development. The funds would come from research foundations and government grants such as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR).
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“To make up for [VitaDAO’s funding] shortfall, we are currently discussing a proposal to establish a for-profit US-based company that will bridge the gap between research and commercialization,” the collective tweeted.
The company will operate as a subsidiary or affiliate of VitaDAO. It also aims to serve as a launchpad for startups, helping research grant holders commercialize their tech, according to the proposal.
The proposal will enter a 10-week execution phase between April 3 and June 12, 2023, if approved.
VitaDAO raised $4.1 million in a funding round led by Pfizer Ventures with participation from several other investors in January. Pfizer is the first pharmaceutical company to weigh in on decentralized autonomous organization proposals and participate in the VitaDAO project’s incubation and commercialization.
VITA inched up 3% in the past 24 hours, according to CoinDesk data.
Read More: VitaDAO Closes $4.1M Funding Round With Pfizer Ventures for Longevity Research
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