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N.C. Biotech Center Launches Larger Loans
Date:7/9/2008

Support doubled to take product ideas to market

RESEARCH TRIANGLE PARK, N.C., July 9 /PRNewswire-USNewswire/ -- Start-up biotech companies may qualify for up to $1 million in loans under a program unveiled this week by the North Carolina Biotechnology Center.

The loans are part of an expanded program funded by the Biotechnology Center for companies in North Carolina. The funds give early-stage companies a boost before they become competitive for angel or venture-capital investment. Separate loans support company inception, certain types of research and corporate growth.

The overall dollar amounts are more than two times larger than in years past.

"Building a viable biotechnology company requires years of struggle and millions of dollars," said John Richert, vice president of the Business and Technology Development Program, "and the costs keep rising."

"So we've not only increased the caps on these offerings, but we've also made some revisions to fill funding gaps and stay ahead of the changing dynamics of the marketplace."

The revisions became effective July 1 and were a product of conversations with members of the venture-capital community, university technology-transfer offices and with entrepreneurs to learn how the Biotechnology Center could improve its support of companies at different stages of development.

Getting Started

The first change was to eliminate two programs that awarded either $25,000 or $50,000 to fund corporate spin-outs or university start-ups. Those two programs are now replaced with the Company Inception Loan of $50,000.

The business-inception package also includes a $50,000 Technology Enhancement Grant for technology-transfer offices at North Carolina universities.

"That's to help them make technologies they may have on their shelves more licensable," said Richert.

Supporting Research

In the research-loan offerings, the Biotechnology Center's Small Busi
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SOURCE North Carolina Biotechnology Center
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