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University of Tennessee Research Foundation Engages Memphis Bioworks™ Foundation To Assist in Taking New Discoveries to Market
Strategic initiative will identify licensing opportunities and promote the commercialization of technologies developed at UTHSC
MEMPHIS, Tennessee, January 4, 2007– The Memphis Bioworks Foundation™ has entered an agreement with the University of Tennessee Research Foundation (UTRF) to assist in identifying licensing and commercialization opportunities for new technologies developed by researchers at the University of Tennessee Health Science Center (UTHSC) and throughout the state-wide UT system.
UTRF is a non-profit foundation serving the University of Tennessee. It is headquartered in Knoxville, Tennessee, with offices on the main UTHSC campus in Memphis, and is responsible for the commercialization of intellectual property generated within the University of Tennessee system.
"We are committed to ensuring that UT technology makes a significant impact on the economy of the State and we look forward to working with the Memphis Bioworks Foundation to further this mission at UTHSC," said Dr. Fred Tompkins, President of UTRF.
Under the agreement, Memphis Bioworks Foundation will help foster the commercialization of technologies developed by UTHSC by cooperatively identifying technologies with commercial potential, formulating commercialization strategies, and identifying business partners and management teams to license and market the technologies.
In addition, the Foundation will provide consultation and assistance to the management teams that license the UT technologies. The areas of consultation will include developing a comprehensive and realistic business execution plan, implementing an appropriate capital strategy, providing training programs, and providing management teams with networking opportunities.
"This agreement is an expansion of the working relationship that has existed for more than five years between the University of Tennessee and the Memphis Bioworks Foundation," said Dr. Steven J. Bares, Executive Director and President of the Memphis Bioworks Foundation. "Helping UTHSC bring newly discovered technologies to market, establishing new companies focused on the biosciences, and identifying new, innovative companies will further strengthen Memphis' reputation as a world-renowned center for the biosciences."
While the primary focus of this agreement will be on technologies generated in UTHSC research laboratories, Dr. Bares said the agreement also allows the Foundation to assist in the commercialization of appropriate bio-science technologies developed elsewhere within the University of Tennessee system.
"UT generates valuable technology across the State and we see opportunities to connect this intellectual property to Memphis companies," stated Dr. Bares.
New start-up companies that are formed to license UT technologies will be offered appropriate incubator space at competitive rates at the UT-Baptist Research Park, which will provide convenient access to researchers at UTHSC.
"The depth of talent, innovation and scientific discovery has always been a source of pride within the University of Tennessee Health Science Center, and we appreciate the ongoing support of the UTRF organization" said William F. Owen, Jr., MD, chancellor of UTHSC. "This is an excellent opportunity for us to express the university's dedication to economic development in Tennessee. The arrangement with Memphis Bioworks offers a path to successfully benefit UT, Shelby County and the people whose lives will be improved by our scientific and health discoveries."
The 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 through education, research, job training, and commercialization. Baptist Memorial Health Care donated its property in the Medical Center to the Foundation for the site of the UT-Baptist Research Park, which serves as the focal point of the city's biomedical economic development.
As the flagship statewide academic health system, the University of Tennessee Health Science Center is focused on a four-tier mission of education, research, patient care and community service, all in support of a single goal: to improve the health of Tennesseans.
For more information, visit the Web sites of the two Foundations at www.memphisbioworks.org and www.utrf.tennessee.edu.
