Southern Research was recently awarded nearly $3 million in tax credits by Innovate Alabama as part of a new program.
This will allow Southern Research to launch a new initiative to attract biotech firms to Alabama and support existing startup companies already in the state.
The Therapeutics Development Fund will become the latest addition to Station 41, Southern Research’s recently created biotechnology commercialization hub. The Therapeutics Development Fund is expected to create 139 biotech jobs, support almost 700 other jobs and create $9 million in economic impact, according to the proposal submitted to Innovate Alabama.
Southern Research is currently 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 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.
The TDF will support five to seven early-stage biotech firms that are already in the state or are willing to move to Alabama. Southern Research will work to connect them with the resources they need to stay in Alabama, including wet lab space and other services to support their growth.
The Innovate Alabama Tax Credit was included in Gov. Kay Ivey’s signature economic development legislation, “The Game Plan,” which included an enhanced arsenal of economic development incentives to support innovation.
