NCBiotech Awards $1.5M In Loans, Grants
The North Carolina Biotechnology Center awarded more than $1.5 million in the fourth quarter of its 2013-2014 fiscal year, while the Center’s loan recipients brought in more than $77 million in outside funding during the period.
NCBiotech approved 22 loans and grants in nine programs to institutions and organizations across the state during the quarter running from April through June, 2014. The total awarded was $1,533,080.
For the full year, NCBiotech awarded 78 loans and grants totaling $6,308,186.The awards program supports life science entrepreneurship, technology commercialization and growth, and lays the groundwork for major add-on funding.
On average, every dollar NCBiotech loans to young life science companies is met with $117 in additional funding to those firms from disease philanthropy and government grants, angel and venture investment and other financial support. Every grant dollar is met with an average $28 in additional funding.
Click here for more details on four companies receiving earlier NCBiotech loans that attracted $77 million in external funding during the quarter. The four include:
- Asklepios BioPharmaceutical (Chapel Hill)
- Benson Hill Biosystems (Research Triangle Park)
- KeraNetics (Winston-Salem)
- Zen-Bio (RTP)
In 2014, NCBiotech observed its 30th anniversary as a global leader in life science job creation. The Center has been distributing grants and loans since soon after it was established in 1984, helping North Carolina become the nation’s third-largest life science cluster. There are now more than 600 life science facilities across in the state, employing more than 60,000 people earning an average salary exceeding $78,000.
NCBiotech's life science award support for the quarter included: