In the second part of an exclusive in-depth Q&A with Doug Edgeton, the new CEO of the North Carolina Biotechnology Center, the veteran life science executive talks about his goals, his background, and the Center’s commitment to development of the sector across the state.

  • What’s the mission as you take the reins, and how will you measure your progress in achieving that mission?

The Biotech Center will continue to push the envelope with new ideas and programs that drive investment for small companies, attract and grow larger companies, and ultimately create jobs for the state. Continued innovation is the nature of the life science industry, and the competition from other states and regions around the world demands it.

We will also see development of new sectors, including agricultural biotechnology and biodefense. These new applications of biotechnology will be critical to solving the problems that the world is facing as it moves through the 21st century.

  • The Biotech Center’s record of assisting in growth of the state’s biotech/life science industry seems to be clear – but not downtown. How can you get the message through to the Governor and the General Assembly that investments in biotech deliver a good ROI?

Our partnership with the legislature is evidenced by the additional funding in the budget this fiscal year. They see that the life sciences create jobs with an average salary that is now above $80,000. We will continue to tell the story to anyone who will listen, and that includes legislators.

  • Given your own background at the Piedmont Park, what’s your view of the RTP cluster itself and the challenges it faces from changes in drug development to consolidation? Do you see the new strategic plan from the RTP Foundation be a boost?

Large pharmaceutical companies are now routinely buying their research pipelines from either small companies or universities. At PTRP, we put the two in close proximity. This more closely aligned industry needs with university research. Then we added common elements – open spaces, coffee shops, restaurants and finally housing. We began to see an ecosystem develop that takes ideas all the way to the market.

RTP is looking at this same live-work-play approach. It’s possible that this approach will create a vibrant incubator of new ideas that also attracts interest from larger company partners. As we go about this task, there is tremendous potential for North Carolina, both for long-term investment and jobs.

  • The Biotech Center recently doubled the size of loans to be made available to startups, citing the lack of private-sector capital. Is growing the venture capital/investment pool one of your goals?

Yes, we have seen the space between early-stage and venture investment grow further apart. That may be the result of the recession but the market has also matured. Simultaneously, it has become increasing challenging to get a product to market.

Our loans are designed to bridge those gaps, at points at which almost no one else will fund a small company. Larger award amounts move companies farther down the development path. Our process removes some of the risk, making companies more attractive to larger investors. Advanced Liquid Logic and Heat Biologics are two recent examples of how critical these investments are to ultimate success.

  • Since you have worked in life science and healthcare outside of the Triangle, what’s your message to those who want to see the state’s biotech/life science success spread out to other communities? Do you remain committed to the Biotech Center’s regional offices.

North Carolina is fortunate to have life science strengths distributed across our state. Each of the five regional offices serves a common mission to grow life science jobs statewide. They do this by catering to niche opportunities, created by the strong research at our public and private universities. In addition, we have a wide range of business and community leaders engaged in building a strong life science network across the state. Our regional executive directors are the key catalyst for those communities.

The first part of the interview can be read online.