Iroko Pharmaceuticals, a pharmaceutical company focused on the development and commercialisation of innovative therapeutic products, has funded the creation of a new science scholarship programme at the University of Pennsylvania (Penn). The newly created Iroko Pharmaceuticals Young Scientist Scholarship: Planting Possibilities programme is a $200,000 education initiative is designed to encourage the study of the sciences among enrolled University of Pennsylvania students coming from local Philadelphia public high schools.

“Innovation as a means of addressing unmet medical need is what defines Iroko as a company, and thus it is important for us to foster a new generation of young scientists, both men and women, by investing in programs that will enable appreciation and advancement of the sciences,” said John Vavricka, president and CEO of Iroko Pharmaceuticals. “We are pleased to partner with a renowned institution like University of Pennsylvania to support these bright, future scientists who may hold the key to stimulating meaningful change and progress in people’s lives.”

Under the four-year initiative, starting in the fall of 2013, two $25,000 scholarships will be awarded each year to one male and one female student. To be considered for the scholarship, students must be currently enrolled in one of several science programs at Penn including biology, chemistry, physics, biochemistry, biophysics, bioengineering, chemical and biomolecular engineering, nursing or a pre-medical course of study. Incoming freshman interested in life sciences who graduated from the Philadelphia public high school system are also eligible. As part of receiving the award, students will be encouraged to pursue mentoring and community service opportunities at the high school they attended during the award year.

“We are pleased to partner with Iroko on this important initiative that will prepare even more young people to excel in the fields of science and medicine and to think creatively and independently,” said Amy Gutmann, president of the University of Pennsylvania. “We are grateful to Iroko for their generous investment in a programme that will not only help students from Philadelphia public high schools, but also encourages them to give back to their local communities as part of their academic experience."

Since its founding, Iroko has supported education through donations to local schools, including St. Martin’s De Porres School in Philadelphia which serves students in grades K-8. As part of this commitment, Iroko is donating laptops to St. Martin’s De Porres for use in educational instruction.

“As a company that was born of a vision to challenge the norm, we have flourished in Philadelphia’s talent-rich life sciences community, building a robust pipeline of novel pain management candidates in five short years,” said Osagie Imasogie, Iroko chairman and senior managing partner of Phoenix IP Ventures. “Our new partnership with Penn is part of our ongoing commitment to invest in local education, helping to support and build future community leaders.”

Phoenix IP Ventures is a fully-integrated Private Equity and Venture Capital Fund which specialises in life sciences, principally in the pharmaceutical sector, the Firm acquires intellectual property protected assets that meet its criteria for value maximization.