The Translational Accelerator has opened its doors to all biotech companies in Arizona--or any life sciences company thinking about moving there. And it has $20 million in venture funds to welcome the industry with, according to the Business Journal of Phoenix. Richard Love, a former senior executive with the Translational Genomics Research Institute, helped organize the fund, bringing some of the top names in the state's biotech business together to help spur the industry along. Their niche will be investments of $500,000 to $2 million for early-stage ventures.
Arizona officials heralded the move, saying it represents the growing role that biotech will play in the state.
"We are already seeing great results from the additional funding we gave to the research and development institutions at the universities," says Arizona Gov. Janet Napolitano. "We are also seeing more and more biomedical companies relocate or expand to Arizona because of the business climate and the workforce we are turning our of our universities."
- read the article in the Phoenix Business Journal
Related Articles:
Arizona expands biotech hub plans. Report
Sanofi breaks ground on Arizona R&D center. Report
Sanofi plans Arizona expansion. Report