Memphis Bioworks Foundation Launches Aggressive AgBio Focus

Foundation Partners with BioDimensions for New Initiative

MEMPHIS, Tennessee, May 12, 2008 - As a key component of the Memphis Fast Forward initiative, the Memphis Bioworks Foundation has announced the formation of a dedicated AgBio division and initiative. The AgBio focus expands the Foundation’s core biosciences mission into the rapidly expanding field commonly called greentech, cleantech or industrial biotechnology.

AgBio refers to the development of alternative energy and biobased products from living sources. The products that can be derived replace petroleum and other extracted minerals with renewable sources. Biobased products include biofuels such as ethanol and biodiesel; biobased plastics; and many other chemicals, including cleaning products, automotive components, and even thousands of consumer products ranging from high fashion clothing to industrial plastics.

“Creating a vision for AgBio leadership and excellence, and developing the business, education and research initiatives necessary to expand our presence in AgBio is a key part of the Foundation’s execution of the community-wide Fast Forward initiatives,” said Dr. Steven J. Bares, president and executive director of the Memphis Bioworks Foundation. “In the biomedical field, the Foundation has successfully created and implemented a similar strategic plan to align industry, academic research, infrastructure, funding and entrepreneurial enterprises for success. Our AgBio activities will build upon the competitive advantages already in place in Memphis and associated with the Mississippi Delta – inbound/outbound logistics and distribution expertise, superior agricultural land, a diverse crop base, quality raw material sources, research infrastructure, experienced farmers, manufacturing capacity and an abundant forestry base.”

To provide strategic leadership and oversee execution of the various AgBio initiatives, Memphis Bioworks Foundation has partnered with BioDimensions (www.biodimensions.net).

“BioDimensions brings a wealth of expertise in critical areas of AgBio that will jump start the Foundation in this critical area. BioDimensions and its principals offer experience and key contacts in areas such as new crops and crop science, agricultural biobased technology, federal and state program management, AgBio business planning, overall farm science and industrial biotechnology,” said Bares.

The BioDimensions team will be led by Randall Powell, Ph.D. Dr. Powell is an organic chemist with extensive experience in upper level management in Europe and the United States with Eastman Chemical Company. Most recently, he led the development of a biobased product initiative at Eastman’s Batesville, Arkansas, facility.

“The AgBio division seeks to apply industrial biotechnology to the region’s abundant crop and forest biomass resources, leveraging our superior distribution and logistics infrastructure and manufacturing capabilities. There is not an area of the country with a better combination of these capabilities than the Mississippi Delta, with its Memphis hub location,” said Powell. “With a focused initiative bringing all of the players together, we can establish a leadership position for the country and, perhaps, the world.

“AgBio is about much more that renewable fuels. It is about using renewable agricultural and forestry raw materials as the basis for new industrial processes that generate less waste, are sustainable, and provide ecofriendly alternatives to the use of petrochemical feedstocks,” added Powell.

Bioworks AgBio will focus on businesses, research, agricultural initiatives and entrepreneurial efforts. Critical in that will be the implementation of new technologies and development of new supply chains linking existing regional industries and new biobased product companies with farmers in the Mississippi Delta to enable the following:

New, sustainable, value-added opportunities for farmers;
Bio-diversity and application of novel plant properties in new technology platforms;
Growth of the regional biobased products processing industry.

A recent McKinsey & Co. study projected the world market for industrial biotechnology would reach $125 billion by 2010. Venture capital investment in cleantech for 2007 hit new highs as deals in North America and Europe totaled $5.18 billion. Several studies, including a recent major European Union report, have shown the biobased product industry creates jobs, saves energy and water during manufacturing, and provides healthy products for consumers.

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.