Memphis Bioworks Foundation Acquires Adjacent Vacant Building

MEMPHIS, Tennessee, February 15, 2005 - The Memphis Bioworks Foundation continues its Medical District revitalization program by acquiring a vacant building adjacent to the UT-Baptist Research Park. The vacant building & parking garage located on the corner of Pauline and Madison, which formerly housed a hotel and bank, has been vacant for some time.

"The transaction was done on terms amenable to both parties," said Dr. Steven J. Bares, President of the Memphis Bioworks Foundation. "The acquisition, and subsequent demolition of this building, is a logical next step in our development of the UT-Baptist Research Park and our vision of creating jobs in the medical district."

The completion of the UT-Baptist Research Park is estimated to take ten years and will be completed in six phases, ultimately yielding up to 1.2 M s.f. of laboratory and office space supporting the bioscience industry. The Foundation's plan leverages Memphis' unique assets to fulfill the nation's need for an urban biotech research park. When completed, the entire development will provide as much as $250 million in annual salaries for 5,000 new jobs and $2 billion in annual economic impact.

Memphis Bioworks Foundation, a not-for-profit organization, was formed in early 2001 to establish the Memphis region as an internationally recognized center for biomedical technology. The research park, which will include an incubation program to develop new businesses in biotechnology, will be the centerpiece of a larger biomedical research and development center.