With the funding environment in turmoil, North Carolina biotechs are appealing to Governor-elect Bev Perdue to support the industry with millions of dollars in additional funds. Some execs are looking for a $200 million fund that, with the help of private investors and public money, would support companies in need of cash. Supporters of the state's industry say providing that money could not only protect its biotech sector, but also attract companies from other states that are in dire need of cash. "These companies are a platform for job creation right now," John Campbell, CEO of Campbell Alliance Group, told Forbes. "If we get in there with smart programs, we can move companies to North Carolina. Our return on investment is going to be far better if we look over the next 10 years. But we've got to act now."
But the soon-to-be Governor isn't making any promises. North Carolina is facing a budget deficit of as much as $1.6 billion dollars, and in a meeting with North Carolina's biotechs earlier this week Perdue said the government doesn't have the kind of funds they're looking for. At the same time, however, Perdue promised the state will do what it can to support the industry, which is responsible for creating many high-quality jobs. "We don't get through it by shutting down any of our hope for the future," Perdue said. "This is basic investment in building jobs and creating a work force for the future. And I'm going to be a part of making that happen."
- read the Forbes article