June 23, 2009 : The Center of Innovation in Nanobiotechnology (COIN) at the North Carolina Biotechnology Center has landed $2.5M in funding over the next four years to help statewide universities commercialize their nanobiotech research.

The award builds on a $100K planning grant given a year ago, which was used to hire an executive director (biotech/life-sciences veteran Brooks Adams, appointed in January) and develop a business plan — and make the group eligible for the new funding, which will be paid based on milestones (e.g. more funding goals and corporate spinoffs), and make COIN an independent self-sustaining entity

“Nanobiotechnology is an exciting new discipline that has the potential to change everything from medicine to biofuels. This Center of Innovation will help commercialize more of the nanobiotech breakthroughs that are already being made in North Carolina laboratories,” said Mary Beth Thomas, senior director of the Centers of Innovation program at the Biotechnology Center, in a statement.

Involved in the planning effort were North Carolina Agricultural and Technical State University, the University of North Carolina at Greensboro and Wake Forest University, as well as the Joint School for Nanoscience and Nanoengineering and
academic and industry partners statewide. The Piedmont Triad Partnership, a nonprofit economic development corporation, administered the grant and provided office space during the planning phase. With the new funding, the core group has been expanded to include Duke, NC State, UNC-Chapel Hill, and UNC-Charlotte.

The COIN is one of four Centers of Innovation created by the Biotechnology Center to help commercialize technologies “of particular economic promise,” including marine biotechnology, drug discovery, and advanced medical technologies, coordinating research toward commercial opportunities and sector development. A separate $2.5M phase II funding was awarded back in March, earmarked for advanced medical technologies.