NC Biotech Awards $3.6 Million to Small Companies in the Fourth Quarter

8/23/17

The North Carolina Biotechnology Center awarded 47 loans and grants in the fourth quarter, totaling $3.6 million, according to a release from the private economic development agency.

The awards were distributed throughout North Carolina to support life science and technology research and to attract follow-on funding from other sources for the universities and small businesses.

The loans to bioscience companies were awarded in three forms designed to research new bioscience ventures, support startups and accelerate the commercialization of technologies.

Six bioscience companies received two loans each, totaling $1.6 million.

According to NC Biotech, 18 bioscience companies previously funded by the center raised $128 million in follow-on funding during the fourth quarter of 2016-2017.

The two biggest loans of $500,000 were awarded to Camras Vision and Locus Biosciences. These loans are purposed to match angel group or venture capital investments to expedite the development of marketable technologies.

NC Biotech also awarded 14 grants for technology, biotechnology and institutional advancement to four different North Carolina universities, totaling $1.4 million.

UNC-Chapel Hill and Duke University received the majority of the grants, totaling $416,365 and $561,682, respectively.

North Carolina State University received $171,321 in grants, and Wake Forest University received $275,000.

Other awards from NC Biotech included 10, $3,000 grants to sponsor internship programs in bioscience or business. Durham County and Wake County received four economic development awards totaling $350,000.

The Pitt County Development Commission also received an award of $36,100 to enhance workforce development in the pharmaceutical industry.

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