State Treasurer Janet Cowell will speak to the NCBIO Emerging Companies Forum on March 3, at 8:30 a.m. The meeting will be held at NCBIO, 100 Capitola Drive, Suite 106 in Durham. Treasurer Cowell will present an update on the new Innovation Fund established by her office. The innovation-oriented investment is a subset of the State’s Private Equity Investment Program (PEIP).
The Treasurer is also expected to discuss trends in North Carolina’s economy and capital markets, particularly as these may affect technology-based start-up businesses. This is the second year that Treasurer Cowell has talked with the Emerging Companies Forum about investment and economic issues. She addressed the group last year, shortly after taking office.
The meeting is being co-sponsored by Womble Carlyle. Please RSVP to Jennifer Fong or call 919-281-8960 by March 1 if you would like to attend or want information on sponsoring NCBIO events.
Members of the State House and Senate Finance Committees are continuing to meet to consider modifications to North Carolina’s tax structure. On January 14, the Committees concluded a comprehensive review of the State’s sales tax system. Staff to the Committees recommended consideration of expanding the state’s sales tax to include more services. North Carolina has historically applied sales tax primarily to the sale of goods.
NCBIO has been monitoring the Finance Committee’s meetings, with special attention to proposals with a disproportionate potential to affect life science companies. One matter of interest, sales taxation maintenance and repair services, remains under consideration. However, the Committee’s staff has recommended that legislators avoid imposing new sales taxes on business-to-business services.
The Joint Committees meet again on February 4th to begin review of the State’s income tax system. NCBIO will continue to monitor the Committees’ work.
Governor Beverly Perdue will give welcoming remarks on the second day of CED’s Biotech 2010. Perdue has given special attention to the growth of North Carolina’s biotechnology industry since taking office a year ago. The Governor ‘s remarks will begin at 8:45 a.m. on Tuesday, February 23rd. Perdue will precede featured speaker Dr. Louis Lange, Ph.D., General Partner, Asset Management (former Chairman, CEO & CSO, CV Therapeutics, Inc. and former EVP, Gilead Sciences) and a featured CEO panel on “Leadership in Changing Times.”
Biotech 2010, scheduled for February 22-23, will also feature, for the first time, Partnering Meetings with Merck & Co, Eli Lilly, GlaxoSmithKline, Hoffman-La Roche and more. In addition the conference will be attended by representatives of more than 40 of the top venture capital firms in the United States.
The event is co-sponsored by NCBIO and the North Carolina Biotechnology Center. Now in its 19th year, this year’s conference will provide opportunities to learn about global health, personalized medicine, the current funding environment and more. Attendees will also hear from renowned life science CEOs on new opportunities and gain insight from industry innovators, thought leaders and policy makers.
Check out the full agenda for the event and get registration information. All NCBIO members save money by receiving CED preferred pricing for registration
Governor Beverly Perdue’s new North Carolina Innovation Council held its first meeting January 14, 2010. Speaking at the inaugural session, Perdue told the Council that she wants to fundamentally change how the State addresses innovation – with special emphasis on moving ideas from labs to the marketplace through strengthened collaboration between the public and private sectors. Perdue asked the Council work initially on recommendations for the 2010 session of the General Assembly -- which begins in May, and to then focus on long-term strategies.
Dr. Rob Atkinson, founder and president of the Information Technology and Innovation Foundation, addressed also addressed the Council at its first meeting. Atkinson noted that North Carolina has been an economic development leader, but that its role in innovation is lagging behind other states. A co-author of The 2008 State New Economy Index: Benchmarking Transformation in the States, published by the Ewing Marion Kauffman Foundation, Atkinson said that North Carolina can no longer rely on the use of low wages to attract business, but must instead focus on higher skill levels, more investments in research and development, and more venture capital.
Atkinson reported that two thirds of innovations are the result of collaborative partnerships between the public and private sector, and said that states facilitating those partnerships can lead the way in innovation. He said that states also need to shift incentives from the traditional manufacturing economy -- where companies make decisions based on margins – to companies investing in research and development. Atkinson said North Carolina leaders must think strategically and focus on changes that cannot be made overnight.
Members of the Innovation Council discussed a variety of strategies for spurring innovation in North Carolina. Topics discussed included several items that are priorities for NCBIO in the 2010 legislative session. These include renewal of the Qualified Business Venture (QBV) Tax Credit, full funding for the state’s existing SBIR (One North Carolina Fund) matching grants program, and adoption of a new Founders Credit which would exclude capital gains for stock in QBV companies from personal income taxation.
The Golden LEAF Biomanufacturing Training and Education Center (BTEC) at North Carolina State University will offer three professional development course tracks beginning in March. The tracks will include biomanufacturing and bioprocess development. The courses are designed to enhance skills and keep individuals updated on the latest developments in biopharmaceutical and biologics manufacturing. All courses earn Continuing Education Units (CEUs). Employees of NCBIO BMF firms can get 20% off on the cost of the courses.
The North Carolina Community College System’s BioNetwork has a new look. BioNetwork’s website has been redesigned and includes a new video on bioprocessing. The video includes an interview with NCBIO BMF Program Manager Bruce Kaylos. Two other videos also are available. In addition to semester courses in life sciences, the BioNetwork Centers across the State are offering a variety of short courses.
Pharmaceutical research at the Biomanufacturing Research Institute and Technology Enterprise (BRITE) regarding methods to minimize the damage from ischemic stroke in diabetic patients has been featured in the January/February 2010 issue of Impact Magazine. The magazine also features articles on students at BRITE who have switched careers to biotechnology.
GlaxoSmithKline has announced the establishment of the first ever Open Lab to act as an engine room of scientific innovation for neglected tropical diseases. Andrew Witty, Chief Executive of GlaxoSmithKline, outlined a series of new initiatives targeted at further transforming diseases that disproportionately affect the world’s poorest countries. His announcements build on commitments made in 2009 to work in partnership, expand access to medicines, and encourage new research into neglected tropical diseases.
In a speech given at the Council on Foreign Relations in New York, Mr. Witty said, “Since I took over at GSK, I have been focused on changing the business model for the company to improve performance. But equally important is the imperative to earn the trust of society, not just by meeting expectations, but by exceeding them. We want to be a company that is truly a partner in addressing the healthcare challenges in the poorest countries, no matter how difficult they are. A restless company is never satisfied with what it has achieved, but always looking for ways of doing more.”
In the ‘Open Lab’ scientists will be encouraged to tap into the expertise, knowledge and infrastructure of the company, while pursuing their own projects as part of an integrated drug discovery team. GSK will establish a not-for-profit foundation with an initial seed investment of $8 million to help fund the research and facilitate better sharing of knowledge and ideas.
The North Carolina Pavilion for the BIO Conference (Chicago, May 3-6) is getting a whole new look this year. The North Carolina Biotechnology Center, in partnership with the Department of Commerce and NCBIO, is planning an impressive showcase of the State's life-science community.
More than 60 companies are now participating in the Pavilion. Bronze sponsorships — which include a listing at the Pavilion and inclusion in a promotional video loop — are still available. For more information contact Kendyle Woodard at the Biotechnology Center at Kendyle_Woodard@ncbiotech.org or 919-549-8873.
Please have your organization’s media/marketing coordinator send news about your company to Brenda Summers - bsummers@ncbioscience.org
The Research Triangle operations of Biogen Idec have won the Facility of the Year Award for Operational Excellence sponsored by ISPE, INTERPHEX and Pharmaceutical Processing magazine. The global Facility of the Year Awards program recognizes state-of-the-art pharmaceutical manufacturing projects that utilize new and innovative technologies to enhance the delivery of a quality product, as well as reduce the cost of producing high-quality medicines.
The award was presented for a "Technology Map" project designed to upgrade the infrastructure of the company’s bulk biologics production facilities and reduce challenges associated with downstream processing bottlenecks. The program involved analyzing the assets in its facilities, evaluating new technologies, preparing for newly developed processes, incorporating sustainability methods, and balancing current commercial operations with future strategic capabilities to support the company’s growing product pipeline.
Upon conclusion of the LSM Technology Map project in RTP, Biogen Idec completed the largest renovation of a licensed manufacturing facility in the company’s 30-year history. The upgraded facility provides a 300% increase in yield over its previous production output by incorporating new technologies and de-bottlenecking operations at an existing site at a fraction of the cost of building new facilities.
Capstrat has hired Adam Cohen as Creative Director. Cohen brings nearly 20 years of experience working for some of the nation’s top brands. Previously, Cohen worked for San Francisco creative shop Ketchum Advertising and was founder and executive creative director of Distill, one of the Southeast's most highly regarded creative firms. In addition, Jonathan Wisely has joined Capstrat as Senior Art Director, and the firm has hired Angela Connor as Social Media Manager. Connor was named one of Marketing’s “Top Social Media Strategists to Watch in 2010” by 451 Heat. She is author of 18 Rules of Community Engagement, a guide for building relationships and connecting with customers online.
The North Carolina Research Campus (NCRC) has signed a long-term lease with Monsanto Company. Monsanto will establish research facilities focused on the taste and nutritional composition of vegetables, and enhanced nutrition in food-focused row crops such as soybeans. “Monsanto’s presence on the NCRC constitutes yet another critical piece in ensuring the success of the campus,” David Murdock, founder of NCRC said. “I am proud to have a company with the outstanding reputation of Monsanto, a leader in the field of agricultural biotechnology, as our newest partner. I look forward to great collaboration and scientific breakthroughs between Monsanto and our other academic and industry partners on the campus.”
Liquidia Technologies, a privately held biopharmaceutical company developing particle‐based vaccines and therapeutics, has completed a $20 million round of Series C financing. Canaan Partners led the round, which also included Pappas Ventures and Morningside Venture Investments Limited as new investors. Previous investors, including New Enterprise Associates and Firelake Capital, also participated in the financing round. The funds will be used to accelerate Liquidia’s lead vaccine candidate through initial clinical evaluation and expand development of particle‐based solutions for siRNA delivery and inhaled therapeutics. "This additional funding provides further validation of Liquidia’s leadership in the development of particle‐based vaccines and therapeutics," said Neal Fowler, CEO of Liquidia Technologies.
Quintiles has launched a new positioning and brand identity, driven by the company’s growing ability to solve customers’ emerging clinical and commercial challenges. “The New Health is our description of the rapidly changing world of biopharma,” said Quintiles Chief Operating Officer John Ratliff. “We define the New Health in a number of ways, both as a journey and as a destination. The term encapsulates the risks and opportunities biopharma faces in today’s changing economic and healthcare settings.” Quintiles’ new positioning includes the introduction of a unified brand, a fresh new visual system, an updated logo and new company tag line.
Targacept, Inc., a clinical-stage biopharmaceutical company developing a new class of drugs known as NNR Therapeutics™, has announced that its collaboration and license agreement with AstraZeneca for the global development and commercialization of TC-5214 for major depressive disorder (MDD) has become effective as a result of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. Effectiveness of the agreement triggered an upfront payment of $200 million from AstraZeneca to Targacept. AstraZeneca and Targacept are preparing for the planned mid 2010 initiation of Phase 3 clinical development of TC-5214 as an adjunct to antidepressant therapy in adults with MDD who do not respond adequately to first-line antidepressant treatment, with the goal of filing a new drug application with the U.S. Food and Drug Administration in 2012. The companies also plan to conduct a Phase 2 study exploring TC-5214 as a monotherapy for MDD.
Targacept will offer open application for eight internships this summer, for the period of June 7 - August 13, 2010. These opportunities are open to graduate students, college students who are rising junior or seniors and, in some cases, to community college students. For more information, go here.
 Obama Proposes Small Business Capital Gains Exclusion
President Barack Obama’s proposed FY 2011 national budget includes an expansion of an existing federal tax exclusion for capital gains on qualifying stock of certain small businesses. The proposal is similar to NCBIO’s recommended state-level Founders Credit, which would exclude gains on stock of Qualified Business Ventures under North Carolina’s personal income tax statute. Governor Beverly Perdue included the proposed Founders Credit in her 2009 budget proposal, but the change was sidetracked by the legislature’s consideration of comprehensive tax reform.
Obama and Congress included a temporary partial exclusion of capital gains from small business stock in the American Recovery and Reinvestment Act (ARRA). The ARRA provision expanded Section 1202 of the Internal Revenue Code by increasing the exclusion from 50% to 75% in tax years 2009 and 2010. In his FY 2011 budget, Obama proposes to increase the Section 1202 exclusion to 100%. The Obama Administration’s estimates of the changes’ fiscal impact suggest that the Administration would make the extension permanent.
North Carolina typically tracks changes in federal calculations of taxable income. Therefore the ARRA changes and the full exclusion proposed by President Obama will likely be considered by the 2010 General Assembly at the same time the legislature evaluates the Founders Credit.
BIO Welcomes President Obama's Comments on Biofuels
The United States can lead the world in deploying advanced biotechnology for biofuels and create thousands of new jobs by implementing policies to support the emerging industry. The Biotechnology Industry Organization (BIO) applauded President Obama’s call in the State of the Union address to encourage American innovation and create clean energy jobs, by providing incentives for clean energy.
BIO President and CEO Jim Greenwood remarked, “Building biorefineries that utilize biotechnology to transform many types of renewable feedstocks into biofuels and biobased chemicals can create thousands of jobs in the next few years. These jobs would be created not just in the fuels and chemicals sector, but also in farming and rural areas, construction and engineering, and advanced research and development. The technology is ready, and the United States leads in the development of innovative biotechnology solutions. What has held the industry back in the current economy is the need for capital and investment.” A recent report by Bio Economic Research Associates (bio-era™), U.S. Economic Impact of Advanced Biofuels Production: Perspectives to 2030, finds that advanced biorefineries could create 29,000 new jobs and $5.5 billion in economic growth by 2012 and more than 800,000 new jobs throughout the economy by 2022.
Greenwood continued, “There are more than 50 new projects planned or ready to begin construction to produce both biofuels and chemicals. These are precisely the kinds of projects that can quickly create jobs while helping the country move to a more sustainable industrial future. The federal government and many states have made considerable investments in biofuels and biobased chemicals, because they are important to the economic and energy security of the country. There are many policies already on the books that if fully funded and implemented can help drive commercialization of advanced biofuels. A renewed national commitment to developing biofuels and biobased chemicals that can reduce our reliance on petroleum should be a priority for the administration and Congress in any energy or climate bill.”
February 10, 2010
NUTech 2010 Nagoya University Technology Showcase, Sheraton Imperial Hotel & Convention Center, RTP. Discover new opportunities in uncommercialized technologies from a leading research university in Japan. More than 20 life science, biotech and engineering technologies will be showcased. There is no charge for registration. Click for more information.
February 22-23, 2010.
CED's Biotech 2010: Fusing Science, Technology and Industry Leadership, Raleigh Convention Center, Raleigh. CED's annual Biotech Conference unites the Southeast life science community to celebrate one of the biotech industry's most dynamic regions. This two-day conference includes world-class speakers, a variety of panels on industry topics and trends, and networking opportunities with life science leaders. Join industry executives, including the region's most innovative biotech entrepreneurs, major pharmaceutical companies, research leaders, policy makers and nationally prominent investors at the Southeast's premier life science event. For more information, click here.
April 6-8, 2010.
Translational Regenerative Medicine Forum, Benton Convention Center, Winston-Salem, NC. This event advances the field of regenerative medicine and healthcare innovation through the sharing of scientific discoveries, best practices and business models. The meeting will also feature a venture forum showcasing international regenerative medicine companies and investors from corporate venture, venture philanthropy, private equity and venture capital firms. For more information go here.
April 20-22, 2010.
CED's Venture Conference: Where Great Minds Meet Smart Money, Pinehurst Resort, Pinehurst, NC. For the past 25 years, CED’s Venture conference has created business opportunities for hundreds of entrepreneurs and investors across North Carolina and the Southeast. As the nation’s longest running financing event, CED’s Venture showcases the region’s most promising companies to an audience of top tier investors and entrepreneurial leaders. For more information, click here.
April 21, 2010.
Duke Clinical Research Institute: Next Generation of Quality: Linking Clinical and Organizational Performance. Click to learn more.
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