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07/16/07

North Carolina Biotechnology Center's programs to get financial backing


Hughes, Pittman & Gupton, LLP, (HPG) a leading name in certified public accounting, is all set to back North Carolina Biotechnology Center's new business-support programs: BATON and TEAM. HPG provides CPA auditing, tax, and management advisory services. Commenting on the new development, Tim Gupton, HPG partner and executive committee member, said, "HPG is consistently looking forward to providing accounting and financial assistance to firms in their initial stages to aid these centers with their development of innovative discoveries." The North Carolina Biotechnology Center's programs are designed to aid public and private universities and research institutions. The TEAM (Technology Enhancement and Acceleration Model) looks after the loan requirements of selected firms, while legal and financial aspects are taken care of by the BATON (Business Acceleration and Technology Outlicensing Network).

Goodwin Biotechnology plans to set up shop in India
Florida's largest contract manufacturer of biotechnology drugs, Goodwin Biotechnology, is all set to commence operations in Goa, India. This expansion will increase the company's capacity fivefold in the next year, transforming it from a $1.5 million company into a $5 million company. Goodwin Biotechnology, a subsidiary of India's Wallace Pharmaceuticals, will also expand its physical space from 28,000 square feet to 32,000 square feet and increase its number of employees from 50 to 75. Speculating on the expansion, CEO Stephanie Finnegan said the company's long-term growth in India will be far greater than its growth in the U.S. Goodwin Biotech formulates monoclonal antibodies for small to midsized biotech companies.

Solara appoints Joshua Greenblatt senior VP
Solara, a CommonHealth business unit, has named Joshua Greenblatt as its senior vice president and enterprise lead. In his new role, Greenblatt will be responsible for managing Solara's West Coast-based biotechnology accounts. Acquiring new business from West Coast biotechnology manufacturers, increasing Solara's resource pool, and enhancing the unit's client offerings will form part of his portfolio. In addition, Greenblatt will aid biotechnology clients dealing with compensation issues relating to pharmaceutical products and evolving compensation strategies to ensure affordability and enhance brand performance across all segments. Solara delivers planned marketing services designed to enhance patients' access to pharmaceutical brands competing in managed markets.

Abraxis BioScience to become two independent entities
Abraxis BioScience will separate its hospital-based business, Abraxis Pharmaceutical Products (APP), from its proprietary product business, Abraxis Oncology and Abraxis Research, which will retain the name Abraxis BioScience. The deal will result in the formation of two independent companies, enabling each company to concentrate on its core competencies and consequently achieve long-term initiatives. In addition, it will help both companies focus on their diverse operational and capital requirements.

Parker Hannifin to purchase Mitos Technologies, Inc.
Parker Hannifin Corp., a leading name in motion and control technologies, has acquired Mitos Technologies, Inc. Mitos produces fluid-handling products and systems, keeping in mind the high purity requirements of the biotech industry. Robert W. Bond, president of Parker Hannifin's fluid connectors group, said that demand in the biotech market is relatively stable in comparison with demand in other markets. He also said there is significant similarity between Mitos and other Parker acquisitions, including Rectus Ag, Dominick Hunter, and Texloc & Page. All of these acquisitions will help Parker Hannifin offer more comprehensive fluid solutions to biotech customers.
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