Update: Biotechnology in Birmingham

Posted on May 26, 2010

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Last week, we examined the difficulties UAB and the Birmingham area faced in attempting to translate strong scientific education and talent into blossoming biotechnology businesses and firms like those of North Carolina’s Research Triangle and Silicon Valley.

According to the Birmingham Business Journal, an outside infusion of capital from Bay Street Management of California may be the much-needed first step towards helping our city grow its biotechnology industry. “Bay Street Management is in the process of creating a publicly-traded investment fund that will supply start-up biotech companies with business development resources,” says the Journal.

Beginning with an investment of two million dollars, Bay Street hopes to provide the support, capital and advertising it sees as necessary to pushing Birmingham from education hub to biotechnology leader.

Kathy Nugent of the Biotechnology Association of Alabama sees this as “the city’s chance to showcase its biotech ‘diamonds in the rough.’”

Bryce Knight of Bay Street hopes that while the “portfolio will not be Alabama exclusive,” the company can serve as the much-need “biotech cheerleader” for Birmingham.

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