RESEARCH TRIANGLE PARK, N.C. June 15, 2009 - The North Carolina Biotechnology Center announced today that the Center of Innovation in Nanobiotechnology (COIN) will receive $2.5 million over four years. The funds will help develop the commercial potential of nanobiotech research from universities across the state.
"Nanobiotechnology is an exciting new discipline that has the potential to change everything from medicine to biofuels. This Center of Innovation will help commercialize more of the nanobiotech breakthroughs that are already being made in North Carolina laboratories," said Mary Beth Thomas, senior director of the Centers of Innovation program at the Biotechnology Center.
Nanotechnology involves structures between 1 and 100 nanometers - roughly 10,000 times thinner than a sheet of paper. At this scale, man-made objects interact with individual molecules, providing opportunities to manipulate the living world with unprecedented precision.
The four-year award to COIN builds on a $100,000 planning grant given by the Biotechnology Center last year. That money was used to hire an executive director and develop a business plan, making the Nanobiotech Center eligible for the current round of funding. With the new award, the COIN will establish itself as an independent, self-sustaining entity. The $2.5 million will be paid as business milestones are reached, including goals for funding and new-company creation.
Key partners in the planning effort have included North Carolina Agricultural and Technical State University, the University of North Carolina at Greensboro and Wake Forest University, as well as the Joint School for Nanoscience and Nanoengineering (N.C. A&T, UNCG), and academic and industry partners statewide. The Piedmont Triad Partnership, a nonprofit economic development corporation, has administered the grant and provided office space during the planning phase.
"It's been my pleasure to work with a talented, committed team on a project of this magnitude," said Don Kirkman, president and CEO of the Piedmont Triad Partnership. "Innovation is at the heart of vibrant economies, and we are excited about harnessing North Carolina's talent for innovation to create a framework for new companies, products and jobs."
Biotech veteran Brooks Adams was hired in January 2009 to be executive director of the planning effort and will assume the same role in the independent COIN.
"Our mission is to connect the dots in the world of nanobiotechnology, including academic and industry researchers, entrepreneurs, managers and investors," said Adams. "This Center will use nanobiotech to add value, meet market needs, solve problems and benefit humanity. The result will be economic growth and job creation across the state."
In accord with the COIN's statewide purview, the core group now includes Duke University, North Carolina State University, the University of North Carolina at Chapel Hill and UNC-Charlotte.
The COIN is one of four Centers of Innovation created by the Biotechnology Center to accelerate commercialization in areas of particular economic promise, including marine biotechnology, drug discovery and advanced medical technologies. In addition to their technology-development efforts, the Centers will coordinate research leading to commercial opportunities and sector development. The COI in Advanced Medical Technologies won its $2.5 million phase II funding in January 2009.
The Biotechnology Center is a private, non-profit corporation supported by the N.C. General Assembly. Its mission is to provide long-term economic and societal benefits to North Carolina by supporting biotechnology research, business, education and strategic policy statewide.