New Executive in Residence at Innova

MEMPHIS, Tennessee, February 4, 2008 - Dr. Preston H. Dorsett, has joined Innova, the recently launched entrepreneurial business accelerator, as an Executive in Residence.

Dr. Dorsett will be responsible for helping evaluate companies seeking Innova’s assistance, providing guidance to accelerate companies’ progress along the road to commercialization, and ultimately in providing business advice for companies when they eventually go public or get bought by a larger company.

Innova is a subsidiary of Memphis Bioworks Foundation. As an Executive in Resident for Innova, Dr. Dorset will also work closely with Memphis Bioworks. His experience makes Dorsett a natural fit for both Innova and Memphis Bioworks. Dr. Dorsett is an example of someone with a wealth of bioscience career experience who is looking to start a second career after retirement.

“Through Preston, Innova is harnessing a talented second career professional,” said Dr. Steven J. Bares, president and executive director of the Memphis Bioworks Foundation. “Although retired, Preston discovered he was not ready to give up working. He chose to be involved in Memphis Bioworks because his own career experience allows him to give back to the community by helping develop Memphis as a center for successful bioscience start-ups.”

As an Associate Professor of Microbiology at the University of Tennessee Health Science Center, Dr. Dorsett developed a method to attach virus proteins to latex, which in turn is used as a component of viral diagnostic test kits. The technology was licensed to Becton Dickinson after BD had assisted The University of Tennessee Research Corporation in acquiring patent approval. When Becton Dickinson could not produce the technology themselves, Dr. Dorsett, with the help of his wife Karen, decided to start a company which could produce the critical reagent. This was the start of Viral Antigens, Inc. in 1982. Under Dr. Dorsett’s leadership, as president and CEO, Viral Antigens, Inc. became one of the country’s leading manufacturers of custom and specialty viral reagents for human infectious diseases. In 2000, Viral Antigens, Inc. was purchased by Meridian Bioscience and eventually was renamed Meridian Life Sciences. Dr. Dorsett remained with the company until his retirement in 2007.

“Preston’s own personal experience in starting his own company and guiding it through patents, commercialization and ultimately liquidation, makes him a wonderful addition to both Innova and Memphis Bioworks,” said Ken Woody, president, Innova. “It can be confusing and overwhelming to take a piece of intellectual property from the lab through patenting and commercialization. Many start-ups struggle to make meaningful industry contacts and the process can take a very long time. With Preston’s guidance, executives can speed up the commercialization process, gain valuable contacts with industry players and accelerate the growth and success of their companies.”

Innova invests in young, rapidly growing companies that have the potential to grow into significant economic contributors. Innova is developing a portfolio of companies in a single venture fund. Innova’s goal is to nurture the growth of high technology and entrepreneurial efforts in the Mid South that will result in significant job creation, economic growth and competitiveness.

The Memphis Bioworks Foundation, a not-for-profit organization, was formed in 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 Memphis 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.