The inaugural AIM Award presents a chance for early stage biotech companies to receive seed funding from AbbVie Ventures and Portal Innovations and engage with AbbVie scientific and business executives as well as Portal’s vast biotech network. Seed funding will vary depending on company area of focus, stage, technology, and research plan, and will be subject to terms typical to seed rounds.

AIM focuses on early stage biotech companies with potential to generate transformational therapies in areas that align strategically with AbbVie’s therapeutic areas of interest: immunology, oncology, neuroscience, and eye care. Companies must have their principal place of business in the Chicagoland area or be willing to relocate.

Each AIM Award recipient gets the option to reside at Portal’s Chicago facility in Fulton Market for one year. This option includes an office workstation and an 8-foot bench in a fully equipped, state-of-the-art biotech wet lab. Residency is available in exchange for equity in the company valued at $42,000.

Portal may supply further funding alongside AbbVie Ventures in addition to the investment of lab and office space.