BioMotiv LLC began operations in June as the for-profit business end of an initiative by Ohio's University Hospitals that seeks to help physician scientists translate their discoveries and attract industry partners. BioMotiv is aiming to raise $100 million and hopes to unveil at least one investment by year end.

The initiative is called the Harrington Project for Discovery and Development. At the front end is the University Hospitals' Harrington Discovery Institute, which was launched in February with a $50 million gift from the Harrington family, which operates a medical supply business. The non-profit HDI is seeking to raise another $100 million.