Two months ago, I met with a prominent UAB endowed professor and had the privilege to hear the story of his biotechnology research and its potential to have a significant impact on the treatment of a major life threatening disease. The issue on the table was the need to raise capital to fund the next stage of a start-up company that would be a part of conducting the critical “phase III” testing of his IP—and hopefully move to commercializing the IP. His company up to this point has been funded by friends and family.
As part of the commitment by the School of Business to expand our scholarship in the many fields of healthcare that connect to the research disciplines of the school, Drs. Molly Wasko, Eric Jack, and Karen Kennedy are joining me in this exciting project. Our goals are in three parts: facilitate raising the next level of seed capital, assist in designing a next-stage business plan, and directly participate in plan implementation (including the ultimate raising of significant investment capital). With regard to capital needs, the school (with university assistance) is in the process of conducting due diligence which may lead us to make a direct investment in this company---an investment that is admittedly high risk even if all due diligence is positive (given the historical probabilities of success associated with most phase III IP). However, we are making a commitment to true involvement by the school in the intense and high risk process of commercializing healthcare IP. Such involvement is one part of the strategic plan of the school, as we work to facilitate translation of IP to the marketplace and to help exceptional scholars create great companies here in Birmingham and in Alabama. I look forward to providing periodic updates, as we move forward on this exciting project.
