When serial entrepreneur John Flavin and University of Chicago professor Tom Gajewski decided in 2019 to co-found Pyxis Oncology, a company that focuses on developing new antibody-based immunotherapies, they knew they needed access to lab space and be surrounded by a group of like-minded scientists, researchers, business consultants and investors.
They also knew they couldn’t find that in Chicago.
Flavin, who had previously founded and sold two other life science companies, wanted to find a place where all that existed in one space — so they opened the company in Boston.
Flavin helped Pyxis Oncology have a successful initial public offering, allowing him to make an exit from the day-to-day operations (he still serves as chair). But the process made him realize there was an untapped market for potential life science startups all over the country.
Portal Innovations was born.
Portal, launched in Chicago in 2020, is best described as a life science venture development platform that helps to fund and foster startups connected to university communities. It has five locations across the country (Atlanta, Boston, Chicago, the University of Chicago and Houston, with a new incubator in Providence set to open in early 2026).
Portal’s next lab will open next spring in New Brunswick, serving as the anchor for the New Jersey Innovation Hub at the HELIX, the transformative innovation district being created by Chris Paladino and the New Brunswick Development Corp.
Flavin, the CEO of Portal, co-founded the company with his brother, Pat Flavin, who serves as president. He feels they are ahead of the changing curve in the life science ecosystem — especially in how the sector connects to higher education.
“Universities are evolving rapidly,” he said. “They’re recognizing that reliance on (National Institutes of Health) funding is too risky. They are recruiting people like Tom Gajewski, who are not only great at science, but also want to start a company around their idea.”
Flavin feels New Jersey is the right place to expand.
“What you’re seeing at Rutgers and Princeton are high-caliber people who don’t just want to be in a lab and write papers, they want to have impact,” he said. “Portal got off the ground with this thesis — not everybody in life sciences is in Boston or the Bay Area. There are investable people in emerging ecosystems everywhere.”
Flavin recently discussed all this and more with BINJE. Here’s more of the interview, edited slightly for space and clarity.
BINJE: It sounds as if early-stage companies often pitch you, so we’re going to turn the tables: Give us your elevator pitch. What can people in New Jersey expect from Portal Innovations?
John Flavin: The platform is designed to support early-stage biotechnology and life science companies that are emerging from universities. Prior to Portal, I spent my entire career as an entrepreneur. I’ve started several biotechnology companies. I’ve taken three of them public. And all of them started inside a lab at a university and continued through a journey of clinical development and then an IPO.
Having done that several times, I conceived the Portal Innovations platform, which is combining fully equipped lab space with early-stage capital and the know-how and network of business executives that are required to scale a company.
The really important point is that the places where we are creating these ecosystems have really promising science, but they often lack the infrastructure to help companies grow.
We’re going to be delivering to the HELIX a place that’s uniquely outfitted with state-of-the-art labs that are fully equipped, so when we identify companies that have promising science — whether it be in cancer or Parkinson’s or arthritis — they have a place to go and they have a team to support them.
BINJE: The HELIX will be in the heart of New Brunswick and, upon completion, will include a medical school and offices for some of the top health care systems and companies that already are in the state. How does all of this play into your vision?
JF: Aside from having a spectacular setting in a spectacular building, we love the fact that it is in an urban environment, adjacent to where other scientists and professionals live, work and play. We have found that you don’t want to have these labs in remote regions; you want them in the thick of the action. As we say, scientists are people, too.
And we’re excited to be in New Jersey, which obviously is a storied location for pharma. We think we’re bringing a renaissance around the startup and the innovation mindset to a place that is more mature with regard to commercial pharma companies. We’re going to help really supercharge things at the early stage, helping the universities start to spin things out and create some world-class companies.
Our role is to help connect the dots of the ecosystem that already is present in New Brunswick and in New Jersey.
BINJE: Nokia Bell Labs is not necessarily known for bio or life science — but it is known for innovation. How will its presence at the HELIX impact Portal?
JF: You’re right, Nokia Bell Labs is not known for life sciences, but they are known for innovation. And they are known for breakthroughs. Think about what they’re working on now: quantum. It is going to touch life sciences in many ways. Quantum computing in the future, but quantum sensing in the even more near future.
The future of biotech is going to be a little blurrier than just the straight-down-the-middle path it has been. It is going to combine different kinds of technology. We think there’s going to be a lot of unique business models that get started at HELIX that you’ve never seen before, so we’re excited to see how Nokia Bell Labs can help those companies grow and scale.
BINJE: Let’s get to the most basic question: What type of company are you looking for?
JF: The majority of the companies that we’re looking for will come out of a university. It’s a Ph.D. or a professor who has spent several years developing an area of research that has led to a patent that the university has. That’s where new companies often begin, with a Ph.D. or postdoc wanting to continue to pursue their idea, and there’s enough intellectual property to form a company.
When that happens, they need to raise capital. So, we usually come in as either a pre-seed or seed investment to help move the technology out of the university. Our sweet spot is the first 18 to 24 months of these ventures. So, going from pre-seed through Series A on the financing side, and starting in the petri dish, if it’s a drug, or a prototype, if it’s a medical device, through pre-clinical development.
“The future of biotech is going to be a little blurrier than just the straight-down-the-middle path it has been. It is going to combine different kinds of technology. We think there’s going to be a lot of unique business models that get started at HELIX that you’ve never seen before …”
— John Flavin, founder & CEO, Portal Innovations
BINJE: How big will these companies be?
JF: It’s not the size of company so much as there has to be a patent behind it. So, it could be a company with two people up to one with 15 to 20. And remember, the idea is that, as these companies progress, they can move into another part of the building for the next part of their journey.
BINJE: You mentioned seed money and financial backing. How does that work? How much is Portal involved?
JF: We are typically part of a seed round, but the seed is going to be bigger than our check. The entrepreneur ultimately has to do the work, but we’re helping to accelerate the process because of the network and connections that we have.
Of course, the company will get more than just our money. Our investment will include the other currencies we offer, which is going to be that fully equipped lab space and access to a talent platform called Ex³ (portalinnovations.com/ex3) which can provide fractional talent.
These companies will have a bright scientist or a brilliant professor, but they might need some business development support or a fractional CEO or (chief financial officer).
All of this really follows my journey. I want to make this turnkey for entrepreneurs going from the university to the IPO.
BINJE: Let’s talk today. I know you already are working on identifying companies. How is that going? Will there be companies on board at launch next spring?
JF: When you think about opening a space like this, there’s a whole set of activities we’re engaged in, starting with the design of the lab.
But, in addition to that, our team is spending time on a regular cadence in and around New Brunswick to network and identify companies. We’ll soon begin doing some programming, hosting events, to start to create a presence. By the time the doors open, I want it to feel like Portal’s been here for 10 years. We want to be woven into the fabric of the local ecosystem.
BINJE: How has your interaction been so far?
JF: Fantastic. Being able to work with Chris Paladino and his team at DEVCO is a really big part of why we’re going to be successful. So much of this comes down to people. And we just have really good chemistry across the teams. We’re bringing our unique design to the labs that we believe will create an environment that will make scientists, founders, entrepreneurs and venture capitalists want to be here. It’s set up for success.
For information about Portal Innovations, go to portalinnovations.com,
or call 888-773-2220.
Interested in having your startup join the New Jersey Innovation Hub at the HELIX in New Brunswick? Reach out to the HELIX at helixnj.com.
