The North Carolina Biotechnology Center has a new chief executive officer: Doug Edgeton.
He replaces Norris Tolson, who retired June 30.
Edgeton is very familiar with the Biotech Center already, having served previously as its senior vice president for financial planning and development. He has worked at the Center since October 2012 and is a veteran life science industry executive. He served as president of the Piedmont Triad Research Park before joining the Biotech Center.
The Biotech Center announced Edgeton’s promotion Wednesday afternoon. He assumes the job Sept. 2.
“Doug brings a new perspective and many ideas to catalyzing life science industry growth,” said John Atkins, chairman of the Board of Directors. “His experience demonstrates he knows how to foster an environment that drives small-company growth and job creation.”
Edgeton takes over the Biotech Center at a difficult time. The Center, which is state funded, saw its budget slashed 27 percent this year to $12.6 million from $17.2 million. That cut resulted in a reduction of the Center’s staff to 69 from 76 and less spending in several programs.
The Center provides loans, grants and other support for North Carolina’s growing biotechnology industry. Cited as the third- or fourth-largest life science industry “cluster” in the U.S., based on which study someone cites, the biotech and life science industry represents a value of $59 billion to the state economy as well as some 237,000 jobs through direct or associated employment, according to the Center.
Edgeton led a review of Biotech Center operations after the budget cuts were announced. Changes recommended by a committee led by retired GSK Chairman and CEO Robert Ingram led to an increase of $1 million in the Center’s budget. The General Assembly had requested the review.
New Job an “Honor”
Edgeton was hired following a six-month-long search, according to the Biotech Center.
“It is an honor to have been selected to lead efforts of the North Carolina Biotechnology Center,” Edgeton said in a statement.
“Over the past 20 years, my work has focused on developing the ecosystem that advances life science technologies to market. It is easy to see North Carolina is well-positioned to bring solutions to the challenges of healing, feeding and fueling the world. The Biotech Center facilitates these solutions, which have tremendous impact for North Carolina and beyond.
“I look forward to working with all of the companies and people that we serve.”
Board Vice Chairman Jack Cecil led the search committee.
“Doug’s broad background, knowledge of the Center and connections in the state’s life science and health community will be key as the Center continues to facilitate job creation and investment in this high-value sector,” said Cecil in the announcement. Cecil is president of Biltmore Farms.
Who Is Doug Edgeton?
Edgeton’s bio as published at the Biotech Center website:
“Doug Edgeton joined NCBiotech in October 2012 as the senior vice president for financial planning and development, bringing extensive experience in executive-level health care and business administration and community service.
“He oversees Biotech Center corporate administration, including financial activities and strategies to enhance the organization’s overall goals.
“A native of Huntsville, Ala., Edgeton received his B.S. degree from the University of Alabama in Tuscaloosa, and MPH and MBA degrees from the University of Alabama at Birmingham (UAB). He worked at UAB for 20 years, first at University Hospital in hospital administration and later in central administration. He spent the last six years of his tenure with UAB in the University School of Medicine, which included terms as assistant dean for resource management and associate dean for administration and finance.
“In October 2000 Edgeton moved to Winston-Salem as vice president for health affairs, finance and administration and COO of the Wake Forest University School of Medicine. In 2001 when the school became part of the newly created subsidiary corporation, Wake Forest University Health Sciences, he was appointed senior vice president for finance and administration and COO. With a reorganization of the medical center in 2007, Edgeton was promoted to executive vice president/COO. In addition, in August, 2007, he became president of Piedmont Triad Research Park, and in 2008, he was appointed executive vice president for medical center administration.
“Edgeton has maintained extensive involvement in professional, community and civic organizations, and currently serves on the Salem Academy and College Board of Visitors.”
