NanomedicineCenter.com

Coca-Cola CEO gives $6 million for cancer research

John Brock, the CEO of Coca-Cola Enterprises, Inc., along with his family, donated $6 million to build 2 faculty chairs at two American universities (Emory and Georgia Tech) to support research in cancer nanotechnology.

Brock’s main inspiration for this act was his mother, who died in 2007 from lung and colon cancer, although she never smoked and really lived in a healthy way. After she died, John and the rest of his family started to talk to scientists about nanomedicine and were determined to help in order to improve the methods and techniques for early cancer detection.

“After she passed away, we started talking more about our interest in trying to help researchers get new leads in the early detection and treatment of cancer,” said Brock. “My mother was a caregiver in her community. She would be thrilled that some value can be created in the search for better ways to manage cancer.”

Source: bizjournals.com/atlanta/stories/2008/12/15/daily67.html

Biotech companies seek federal assistance

“Change the tax law, please. Biotech companies that aren’t ‘in good shape’ need your money.” That’s basically what the biotech industry leaders have said to the congress yesterday. If they approve it, biotech companies could receive hundred of millions (or even billions) of dollars, and the funds would be used for research.

The whole idea became reality because many biotech businesses (especially the smaller ones) are short on cash while trying to develop drugs. They are forced to let the workers go, close some of their facilities and much more. Some even asked for bankruptcy protection.

Allyson Y. Schwartz, a member of a committee which handles the tax matters said that she would try to push to include the proposal and she thinks that many of her coleagues would agree with her. “Innovation and technology are growth areas for American businesses and American workers and should be part of this package,” said Ms. Schwartz. Barack Obama’s spokeswoman didn’t want to comment on individual proposals.

The biggest biotechnology companies are still safe and sound, but the smaller ones are having problems. Developing a drug can be very time consuming and requires hundreds of millions of dollars. Since the investors became “shy”, many companies have started to drown.
In order to separate themselves from all others that are seeking federal assistance, biotech companies leaders’ main argument is that biotech has the possibility to turn the world around — thus boosting American economy.

Source: nytimes.com/2008/12/10/business/10biobail.html?_r=1

Biotech business in the UK might go bust

The global financial crisis has no mercy — it seems to be affecting every sector, biotech included. Last week a number of US companies lost their funding, and the same might happen to the biggest United Kingdom’s biotech companies. The main reason is because investors are backing up — mostly because the promised drugs were not delivered.

22 biotech leaders have signed a dossier, which says that the biotech sector is at “breaking point” and requires “fundamental” changes, was sent to the UK’s the Prime Minister, Gordon Brown. What the leaders proposed is creating 2 funds — one for the consolidation of smaller biotech businesses, and another one for the ones who have growing aspirations. Each fund would be around $730 million (50% public, 50% private).

The letter claims that that the companies’ managements have focused too much on the research, and very little on the actual commercialization of the products.

“There is just no cash available at any stage, from any source, for any type of biomedical company,” said Sir Christofer Evans, the founder of the investment house Excalibur, who led the leaders who sent the report.

Source: telegraph.co.uk/finance/newsbysector/pharmaceuticalsandchemicals/3551180/UK-biotech-bosses-call-for-Government-rescue.html