Biotech entrepreneurs at Duke University recently sold their startup, Element Genomics, to a global pharmaceutics company. UCB has acquired the firm for $30 million. All four founders - Charlie Gershbach, Greg Crawford, Tim Reddy and Kris Wood - are members of the Duke Center for Genomic and Computational Biology.
“Element Genomics researchers have a stellar reputation and their scientific expertise in genomics and epigenomics will complement UCB’s,” said Dhavalkumar Patel, UCB’s Chief Scientific Officer. “This will allow us to deepen our understanding of disease mechanisms with the aim of developing targeted therapies. We look forward to working with the Element Genomics team and welcome them within UCB.”
Element Genomics is a biotechnology company that focuses on genomics and diagnostics. It researches genomic and epigenomic regulatory regions with the aim to find new drug targets for common diseases.
The founders will continue operations at their co-working space in downtown Durham, North Carolina. The company currently employes eight Duke alumni. It also collaborates with several on-campus labs.
Biotech Entrepreneurship Is Risky, But Worthwhile
According to Forbes, biotech entrepreneurship is a high-stakes game. Contributor Lori Kozlowski writes: "Science and entrepreneurship are both acts of experimentation. Both involve taking risks to reach a positive end, changing course when needed, and attempting the never-been-done."
Biotech entrepreneurs ask for a lot of money upfront (often between $3 million and $5 million) without knowing the final outcome of their work. And they set their goals staggeringly high. Many biotech entrepreneurs work to eliminate rare diseases.
However, because the goals are worthwile, researchers often get the funding they ask for. That's why universities like Duke are exceptional opportunities for biotech sales.
Duke University Receives A Wealth Of Research Funding
So far in 2018, the NIH has awarded Duke University over $115 million in funding. Consider these other key funding statistics:
- 2016 Life Science R & D Expenditures: 4th Ranked: $888,830,000.
- The National Institutes of Health awarded Duke University $416,881,431 in life science research funding in 2016.
- Duke University has began construction on a third medical science research building. This 7 story, $103 million, building is expected to be completed in the fall of 2018.
- Duke University received over $571 million in private donations in 2016.
- The National Center for Advancing Translational Sciences, located at Duke University, has received $7.9 million in NIH funding in 2017 and over $40 million since 2013.
Meet Lab Supply Customers In Person
How do lab suppliers reach this market? They can't wait for customers to come to them. They need to meet customers where they are.
Biotechnology Calendar, Inc. events are popular with researchers at Duke University. Our speakers, exhibitors, free lunches and learning opportunities draw crowds of prospective buyers.
Instead of interrupting researchers' time in the lab, lab suppliers can speak with them when they're open to hearing about new solutions.
Join us at our 19th Annual BioResearch Product Faire™ Event at Duke University on May 24, 2018. We hope to see you there!
For more information call 530-272-6675 or click on the buttons below to reserve a space and increase your scientific sales in 2018.