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BIOGENETIC VENTURES ANNOUNCES PLANS TO ADVANCE REGION’S BIOTECHNOLOGY INDUSTRY May 22, 2000 Spokane, Wash. -- BioGenetic Ventures Inc., a newly formed Spokane-based company that invests in the development and commercialization of emerging scientific research, has announced a partnership with The Heart Institute of Spokane. Under the terms of a letter of intent signed by the two partners today, BioGenetic Ventures will invest $1 million to fund a joint initiative that will advance cardiovascular research focused on atherosclerosis, or hardening of the arteries. "This partnership is one of several we are pursuing to move promising new research and technologies forward," said Peter Allison, CEO of BioGenetic Ventures. "We have the experience, resources and infrastructure of relationships to make things happen effectively and efficiently." The Heart Institute is a not-for-profit organization which opened in 1991 to provide patient care, medical research and professional and public education. BioGenetic Ventures’ investment more than doubles the The Institute’s current basic research budget. Nationally recognized researcher Dr. Kathy Tuttle spearheads the Institute’s research team to combat vascular complications in diabetes. "This partnership validates the exceptional research talent and capabilities we have here," said Mike Nowling, CEO of The Heart Institute. "It not only leverages the essential donor dollars we receive to support research, it gives us access to a team of experts who can help us commercialize new products and share in the financial reward." According to Allison, BioGenetic Ventures is working aggressively to create partnerships with leading experts in the research, training, product development and commercialization. In April, the firm announced an alliance with Advanced Reproduction Technologies (ART), a Spokane biotech research company that has been working to commercialize its fertility treatment technologies for six years. ART has signed a licensing pact with BioGenetic Ventures to develop commercial applications for the innovations it has been developing. BioGenetic Ventures was founded by Peter Allison, a Spokane native with a career history in venture capital and the high-tech, biotech and real estate industries, currently employs six people. Allison said he has recently hired eight more professionals to add to his team, bumping the number of employees up to fourteen. Allison expects the company to grow to 30 by year end. "We look for these partnerships and investments to have a significant impact on the economic development of the region," said Mark Turner, president of the Spokane Area Economic Development Council. "Funding of research and development leads to new products, new companies and new jobs. In the biotechnology field especially, these new jobs tend to be quality, high paying positions." The Company | Advisory Board | Recent News | Links | Contact Us | Home |
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