 NCBIO This Month
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President Obama toured biotechnology training facilities at Forsyth Technical Community College in Winston-Salem in early December. The event was used to highlight the importance of innovation to future economic growth. During the visit, Obama met with students in Forsyth Tech’s biotechnology program.
Obama noted that “As a national leader in bioscience and innovation, North Carolina is now the country’s third largest employer in biotechnology.” He praised North Carolina’s track record of investing the life science sector. “Invest[ments] in new buildings and laboratories and research facilities that make your work possible – these are the kinds of investments we need to keep making in communities across America,” Obama said. “[These are the] investments that will grow our economy and help us stay competitive in the 21st century.”
President Barack Obama speaks to professors and students at
Forsyth Technical Community College.
Obama endorsed extension of the nation’s research and development tax credit and proposed a goal of investing three percent of Gross Domestic Product into research and development. The President also said he will ask Congress to allow American businesses to continue immediate tax write-offs for investments in new facilities and equipment.
Forsyth Tech Biotechnology training center is part of the NC Community College’s BioNetwork, which along with the NC State University BTEC facility and the NC Central University BRITE initiative are part of the State’s internationally recognized NCBioImpact training program.
The IPO market is starting to come back according to Rick Randall, CEO of Trans1, who has taken four different companies through IPOs. Randall was the keynote speaker at MedTech 2010, hosted by ibiliti – the state’s advanced medical technologies center.
Randall noted both benefits and risks that IPOs provide. Among the benefits, access to large amounts of capital and equity, help with recruiting and increased company exposure. However, risks include non-performance penalties and management distraction.
Dollars & Deals panelists:
Mike Constantino, Scott Barry, James Rosen & Milton Hsu
IPOs as a financing vehicle were discussed during a panel on “Dollars & Deals: The State of the Medtech Industry.” James Rosen, of Intersouth Partners said that IPOs were a good option to help companies get to commercialization and profitability. Scott Barry, of Essex Woodlands Health Ventures, stated, “An IPO is a financing event. Public investors do not want to invest in those companies that are doing two or three more fundraising events.”
Other topics discussed included reimbursement trends and regulatory changes under way at the US Food and Drug Administration. Dr. Don Bradley, CMO of Blue Cross Blue Shield noted that there is more scrutiny by payors to make sure that medical devices are providing benefits to patients, noting that efficiency and health outcomes are now key concerns. Phil Phillips, a former FDA regulator of medical devices, said that people often have unrealistic expectations of FDA. He stated that many seasoned people are leaving the agency and that regulatory priorities are in flux.
In addition to panel sessions, the conference had breakout sessions on diabetes, oncology and orthopedics. More than 250 people participated in the event held in Durham.
Sustaining innovation, delivering value and outcomes and fueling growth are the three basic challenges facing the medical technology industry according to the Ernst & Young report Pulse of the industry: Medical technology report 2010. Michael Constantino, with the Triangle E&Y office, outlined those findings and others from the recently released report at MedTech 2010.
“The shifting emphasis to health outcomes is one challenge facing all of the life sciences,” Constantino stated. The report indicates that there are three trends driving this challenge; comparative effectiveness research, increased scrutiny and pressure from hospitals, and a higher marketing approval bar from regulators – specifically the FDA.
Constantino noted that product diversification in the industry will have an important role in personalized medicine. The report highlights the importance of innovation to the industry and some of the characteristics of its innovation model.
In November, North Carolina life science companies received notification of more than $36 million in grants and tax credits as part of the Therapeutic Discovery Project Tax Credit (TDPTC) Program adopted as part of the 2010 health reform legislation. Now the Biotechnology Industry Organization (BIO) and NCBIO are seeking information, data and testimonials that can be used to advocate for an improved and extended credit in future years.
NCBIO members are asked to participate in a survey underway by BIO to evaluate your company’s personal experience with the program and to lend insights to extending and expanding the TDPTC program in the future. The survey asks a series of questions about each project your company submitted an application for, not to exceed 4 total projects. You will need to have your company’s TDPTC application(s) on hand (IRS Form 8942) to help you complete the survey more quickly. The survey will take 10-15 minutes.
Click here to sign-up for the survey. Upon verifying your contact information, you will be provided a link to the survey website.
 The North Carolina Biotechnology Center has established a new high-level advisory panel to develop strategies for expanding North Carolina’s biotechnology-related agricultural economy. The 21-member group met for the first time on the third of December.
The new Advisory Council is designed to connect farmers and crop specialists, corporate executives, researchers, economic development experts and policy professionals. Its focuses includes spurring biotechnology-related innovation in agribusiness, agriculture-related entrepreneurship, and agriculture science and education; shaping public policy to provide better support for agricultural biotechnology; and supporting the commercialization of new biotechnologies in animals and crops.
The Council is co-chaired by Billy Ray Hall, President of the North Carolina Rural Economic Development Center, and Harold Martin, Chancellor of North Carolina Agricultural and Technical State University. NCBIO President Sam Taylor is a member of the Council.
In launching the Council, the Center noted that agricultural biotechnology already has wide application in North Carolina, including uses in producing medicines, increasing yields and nutritional contents of foods, fighting animal and crop diseases and pests, producing renewable energy, and commercializing marginal land.
Keep up with daily changes and trends in the life science industry. BIO SmartBrief is a FREE daily e-mail newsletter that provides a quick, easy to read summary of the latest biotech news. Delivered every weekday morning, BIO SmartBrief helps its readers keep up with industry news and save time.
As the North Carolina affiliate of the Biotechnology Industry Organization (BIO), NCBIO is pleased to bring you this opportunity to subscribe for free. More than 42,000 biotech professionals from around the world read BIO SmartBrief. If you are not already subscribed, you may sign up for free by clicking here.
Deirdre P. Connelly, President, North America Pharmaceuticals, GlaxoSmithKline; David P. King, Chairman & CEO, LabCorp; Ralph Snyderman, M.D., Chancellor Emeritus and James B. Duke Professor of Medicine, Duke University and Chairman, Proventys, Inc.; and Lawrence Stern, Chairman and CEO, Talecris Biotherapeutics are just a few of the key industry leaders who’ll be speaking at Biotech Life Science 2011.
CED’s annual conference, which is co-hosted by the NC Biotechnology Center and NCBIO, brings together industry leaders to discuss topics and trends in the industry. NCBIO members receive an early registration discount prior to January 13th. Click here for an agenda.
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Showcase your company and support North Carolina’s life science industry at the 2011 BIO Convention in Washington, D.C. The North Carolina Biotechnology Center, in partnership with the North Carolina Department of Commerce and NCBIO, is planning an impressive showcase of the state’s life science community. The event is June 27-30 at the Walter E. Washington Convention Center. For more information regarding sponsorship of the North Carolina Pavilion, contact Kendyle Woodard or call (919) 549-8873.
Please have your organization’s media/marketing coordinator send news about your company to Brenda Summers - bsummers@ncbioscience.org
Debbie Reed, Chief Financial Officer for the Raleigh communications firm, Capstrat, has been selected as one of Business Leaders’ Top CFO’s in the Triangle for 2010. The honorees are recognized as leading financial executives, strong leaders within and outside of their companies and respected by their financial peers. Reed is a CPA with more than 25 years of experience. She has led Capstrat’s financial and administrative group since 2000. Before Capstrat, Reed was the director of financial reporting for Triangle Bancorp.
Novozymes has received the Biofuels Technology of the Year award. The award was announced at Biofuels 2010, 5th annual meeting, hosted by World refining Association on November 9-12 in Amsterdam. The award was handed out based on votes cast by conference delegates and speakers. Earlier this year Novozymes launched the first commercially viable enzymes for production of biofuel from agricultural residues enabling next-generation biofuel as an alternative to gasoline. In October, this sustainable biofuel was made available to consumers in Denmark by Statoil.
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 BIO Asks Congress to Include Bio-Based Materials and Renewable Chemicals in Tax Legislation
Using industrial biotechnology to manufacture plastics and chemicals from renewable resources can save much-needed American jobs, enhance U.S. economic competitiveness, and reduce reliance of foreign oil. The Biotechnology Industry Organization (BIO) joined 32 renewable chemicals producers and allied trade organizations in asking Congress to include a production tax credit for bio-based products in the “Domestic Manufacturing and Energy Jobs Act of 2010,” currently being considered by the House Ways and Means Committee, and the “Clean Energy Technology Leadership Act of 2010” (S. 3738), currently being considered by the Senate Finance Committee.
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, stated, “The United States has an opportunity to become the world leader in meeting growing market demand for renewable materials. Biotechnology developed by U.S. companies enables the production of plastics, chemicals, and fuels from renewable resources. These innovations could revitalize U.S. manufacturing and generate tens of thousands of jobs over the next few years. Half the value of a barrel of oil comes from chemicals, and this technology can help replace the approximately 30 billion gallons of oil used annually in the U.S. for chemicals and plastics. Therefore, deploying this technology could also improve U.S. economic competitiveness, while significantly reducing reliance on imported oil.”
January 26, 2011. Forsyth Tech SciTech Lecture Series: “Regenerative Medicine: New Approaches to Healthcare” Dr. Anthony Atala, Wake Forest Institute for Regenerative Medicine. Hear scientists, researchers and industry thought leaders explore how science and technology are combining to change our world. All lectures are free and open to the public and will be held on Forsyth Tech’s Main Campus in Ardmore Auditorium at 4 p.m. Forsyth Tech Main Campus—2100 Silas Creek Parkway Winston-Salem NC 27103 FORSYTH TECH To reserve a seat at any event, contact Mona Cofer at 336.734.7205 or mcofer@forsythtech.edu.
February 21-22, 2011. Biotech Life Science 2011. Raleigh Civic Center. For more information.
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Emerging Companies Forum January 19th
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