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FEATURE STORY

Utah Makes Big Impact at BIO 2006

EDCUTAH, the Governor's Office of Economic Development (GOED) and a panel of nine Utah biotech organizations showcased Utah's vibrant and burgeoning life sciences industry earlier this month at the world's largest conference of the biotechnology industry: BIO 2006.

"From genes to genealogy, Utah has it all," said the Pavilion banner, playing off of one well-known Utah characteristic to promote the state's lesser-known reputation for genetic research and the Utah Human Genome Database.

Held in Chicago April 9-12, the conference provided Utah's delegation with opportunities to network, arrange investor financing and licensing agreements, make contacts, and present data to the conference's gathering of executives, scientists, and decision-makers.



Ned Weinshenker, director of Utah's life sciences economic cluster for GOED, says the annual BIO conference is a major event: "This is where deals are done and decisions are made. If you are not represented you are out of the running, out of the mindset."

While Utah and genealogy are practically synonymous, Weinshenker says relatively few people know that at least 50 percent of all the genes identified in the world have been identified in Utah (hence the theme for Utah's pavilion).

"Utah is a leader in genetic research, but people don't know the extent of that leadership," he says. "If you don't go out and advertise yourself the key players in the industry don't know who you are."

For Kimberly Rogers, vice president of business development at Prolexys Pharmaceuticals, the BIO conference is indispensable: "It's a lot like speed dating," she says. Rogers conducted 20 meetings during the four-day event, negotiating licensing agreements and networking with large pharmaceutical companies. Rogers says she attends the BIO conference every year and was happy to be part of this year's larger Utah delegation. "There is a ton of competition. Shows like this put us on the map," she says.

Utah suffers from a lot of preconceived stereotypes, and Rogers says the state's participation in conferences like BIO 2006 help to quell such notions. "There has been a gradual improvement over time," she says. "It's been slow, but the more economic development activities Utah participates in, the better-it's just critical."

At BIO 2006 nearly all 50 states were represented and 62 foreign countries, with 19,479 people attending. "I have never seen the booth space so territorialized-countries, states, cities all had booths," says Weinshenker. "A lot of states have realized the life sciences industry is unique in terms of profits and salaries-pharmaceutical salaries are among the highest."

Because the average biotech worker in the United States makes $73,000 a year, Weinshenker says the payoff has spurred states like Florida, Kansas, and Arizona to spend $500 million to create life science campuses, in an effort to attract new businesses to their respective states.

Utah has also recognized the payoff in the life sciences industry, being home to more than 250 biotech companies. Gov. Jon Huntsman Jr., has targeted the life sciences industry as one of seven clusters on which the state will focus its economic development efforts. Through participation in events like BIO 2006, GOED and EDCUTAH hope to draw attention to Utah's successful life sciences industry. For example:

• Utah offers a world-class effort in arterial and vascular access devices, producing 70 percent of all devices used worldwide.
• Utah researchers developed the first human artificial heart.
• Utah is also very active in the biotech and drug delivery sectors.
• The Utah Human Genome Database, coupled with the state's genealogy records, is the world's most comprehensive of its type, leading to the discovery of more human genes than anywhere else that will, in time, translate into major technology in the emerging field of personalized medicine.

GOED, together with the USTAR initiative, are leading an aggressive science and technology effort. Both the Governor's economic plan and USTAR's focus on life science are areas of vital importance, says Kim Lofgreen, EDCUTAH's vice president of marketing and communications. "With USTAR, Utah is investing in the development of world-class basic research and paving the way to a sustainable technology-based economy."

Lofgreen says Utah's economic cluster initiative was designed around proven economic principles where collaboration among organizations offers sustainable advantages to local economies. "Utah is capitalizing on its core strengths and facilitating the development of clustered business environments, including a life science cluster." For more information on GOED's clusters initiative, click here.

Organizations in the Utah Pavilion at BIO 2006 included:

• The Clinical Genetics Institute at Intermountain Healthcare
• Daw Tech
• The Huntsman Cancer Institute at University of Utah
• LineaGen Research Corporation
• Prolexys Pharmaceuticals
• Sorenson Genomics
• University of Utah Technology Commercialization Office
• Utah State University
• Utah Science, Technology, and Research (USTAR) Initiative
• Utah Life Sciences Association
• Governor's Office of Economic Development (GOED)
• The Economic Development Corporation of Utah (EDCUTAH)

Utah Pavilion sponsors included: Ballard Spahr; Andrews & Ingersoll, LLP; Huntsman Cancer Institute; IHC; Oracle Corporation; Utah Life Science Association; Utah State University; University of Utah; vSpring Capitol; Zions Bank; GOED; and EDCUTAH.

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Economic Development Board
Approves Incentives for Biopharmaceutical, Digital Media
and Student Investment Programs

The Governor's Office of Economic Development (GOED) Board  on Friday approved a $2.1 million incentive for the Salt Lake City facility of Cephalon, a leading international biopharmaceutical company.

Specializing in innovative drug delivery methods, Cephalon develops, manufactures and markets drugs for neurological and sleep disorders, cancer and pain. The Economic Development Tax Increment Financing (EDTIF) proposal will bring $24.5 million in new state tax revenues. Cephalon will create 365 new jobs with benefits over five years, paying 222 percent of the county median salary. The expanded operation includes a 195,000 square feet manufacturing facility and a capital investment of $100 million. Focusing investment in the life sciences area, the Cephalon incentive further underscores the targeted industry or economic cluster model of the Office of Economic Development.

Within the targeted industry of software development, the Board approved an incentive which has the potential to significantly grow the digital media field in Utah. The Center for Applied Media was awarded a $550,000 Industrial Assistance Fund Economic Opportunity incentive. It is a nonprofit organization providing education, business networking and commercial incubation for the digital media industry. The Center hopes to reestablish Utah as a "hotbed" in the digital media field.

Board member Mel Lavitt recognized that the "potential for this organization is that it could become a Sundance-like institute for digital media, bringing worldwide recognition and investment to Utah." Through its work, the Center for Applied Media, located in Summit County, will further economic development goals by providing opportunities for students to commercialize applied media concepts, bring executives from around the world to the Center's events and ultimately attract digital media companies to establish in or move to Utah.

(Read more...press release)

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GOED Hosts Technology@breakfast Meeting

The economy is heating up and the recruiting climate is beginning to shift. Finding and recruiting necessary talent is getting more difficult, not easier. Network with industry and hear from a panel of experts about the competition and challenges Utah faces in the future fight for talent. Moderated by Pat Vaughn, Director of the Talent Access Programs (TAP) of the Governor's Office of Economic Development.

Date: April 28, 2006
Time: 7:30 - 9:00 am
Location: Wells Fargo Event Center, 23rd Floor
299 South Main Street , Salt Lake City

Cost: Free - RSVP requested, please register here and click on the Technology @ Breakfast icon.

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