North Carolina Biotechnology Center Provides $1.79 Million in Grants and Loans

Why It Matters:

These funds will aid in the advancement of life science research and development, as well as help companies attract additional funding from other sources. The grants and loans play a crucial role in fostering innovation and economic growth in North Carolina's biotechnology sector.

The Details:

• Five bioscience companies received loans totaling $1.5 million to advance their research and product development.

• Ideal Medical Technologies received a $500,000 loan to develop an artificial pancreas device for ICU patients.

• Innatrix, Drive Therapeutics, Translational Imaging Innovations, and BioMedInnovations each received $250,000 for various projects.

• 21 bioscience companies previously supported by the Biotech Center raised $29.2 million in follow-on funding.

• Cell Microsystems raised $6.5 million for its cell-sorting technology.

• EpiCypher and RedBud Labs received research grants from the NIH, totaling over $4.4 million and nearly $3 million, respectively.

• Three universities received research grants totaling $240,000 for projects related to swine waste treatment, Alzheimer's disease testing, and treatment for kidney stones.

• Thirteen grants totaling $49,325 were awarded to sponsor regional events and national meetings in the life sciences.

Conclusion:

The North Carolina Biotechnology Center's grants and loans provide vital support and funding to bioscience companies, universities, and non-profit organizations, fostering innovation and economic growth in the state.