For Immediate Release
November 3, 2011
Treasurer Cowell Introduces Accelerator at Sebio Forum
$35 million allocation from NC Innovation Fund to support life sciences firms in state
DURHAM, N.C. – State Treasurer Janet Cowell introduced the Accelerator, a component of the Department of State Treasurer’s NC Innovation Fund, at the Southeast BIO Investor Forum today. This allocation of up to $35 million is designed to generate returns for the pension fund while supporting early-stage life sciences firms in North Carolina.
“The Accelerator is designed not only to provide capital, but also to create partnerships and leverage additional resources to support some of the most enterprising thinkers and businesses in the state,” Cowell said.
The fund promotes collaboration among North Carolina universities, research institutions and private enterprises on the development of biopharmaceutical therapeutics, diagnostics and medical devices.
To date, the Accelerator has committed to one venture capital firm, Hatteras Venture Partners. As a result of the investment, the firm created Hatteras Discovery, which aims to advance innovative health care companies by filling the funding gap between idea and implementation.
The NC Innovation Fund is in the process of committing to an additional fund for the Accelerator with more commitments expected through the end of the year.
The $232 million NC Innovation Fund was created to help North Carolina-based businesses expand their operations and create new jobs. Since its launch in March 2010, the fund has committed $97.5 million to companies in a wide range of industries, including manufacturing, software, and financial services. The fund currently supports nearly 3,000 jobs in the state. For more information, visit www.ncinnovationfund.com.