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Bucks for Biotech

The North Carolina Biotechnology Center (Research Triangle Park, NC), has announced that it will grant $2.5 million over four years to establish the Center of Innovation, a program for fostering the growth of the state's advanced medical technologies sector. The Biotechnology Center, a nonprofit state-supported institution, says that the new innovation center will be a team of people rather than a physical place. Its goal will be to reach out to hospitals, help inventors to gain access to sources of funding and business advice, and collaborate with economic development groups.

The center will complement North Carolina's burgeoning medical technologies industry. According to J. Greg Davis, president and CEO of Tryton Medical (Durham, NC) and head of planning for the innovation center, "Our state's strengths in biotechnology, information technology, regenerative medicine, medical devices, and other technological disciplines provides us with an ideal opportunity to promote future economic growth based on the convergence of existing medical technologies with these complementary innovation assets."

Still on the prowl for a president to run the innovation center, The North Carolina Biotechnology Center says that it will seek matching grants for the program. Eventually, it hopes that the project will be funded through private donations, conference sponsorships, and other revenue sources.

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