Two notable state organizations have partnered on an initiative to attract biotech firms into Alabama and also help expand the already-existing start-up companies in the Yellowhammer State.
Innovate Alabama has awarded Southern Research close to $3 million in tax credits courtesy of the Innovate Alabama Tax Credit Program, the two organizations announced Tuesday.
As a result of the new funding, the Therapeutics Development Fund will be added to Station 41, Southern Research’s recently launched biotechnology commercialization hub. The fund is projected to create 139 biotech jobs, support almost 700 other jobs, and create $9 million in economic impact.
“The Therapeutics Development Fund will play a critical role in our effort to make Alabama a destination for innovators developing cutting-edge medicines,” said Josh Carpenter, CEO of Southern Research. “We are excited to leverage our 80 years of experience and expertise to support startups who want to advance their programs in Birmingham’s rich biotechnology ecosystem.”
The TDF will aid five to seven early-stage biotech firms that are already in the state or are willing to move to Alabama. Southern Research will help them to connect with resources to stay in Alabama, including wet lab space and other services.
Southern Research is accepting applications for the TDF from startup companies involved in drug discovery. Companies accepted into the program will receive investment via technical and entrepreneurial assistance, including support from Southern Research’s expert scientific team to advance new medicines.
The application and more information about the program can be found at go.southernresearch.org/tdf.
Austen Shipley is a staff writer for Yellowhammer News.