(Nashville, Tennessee) – June 10, 2002
Cumberland Emerging Technologies (CET), a partnership created to bring biomedical technologies and products to the marketplace, has signed a lease agreement to access up to 20,000 square feet of downtown space for development as a life sciences incubator. CET will use part of the facility for its main office, and will provide such services as laboratory space, equipment, management and technical assistance to future tenants. The location is adjacent to the Union Station Hotel and across the street from the Frist Center for the Visual Arts. The space is part of the Gateway to Nashville complex.
CET is a joint initiative formed in 2000 between Cumberland Pharmaceuticals Inc., Vanderbilt University and the Tennessee Technology Development Corporation (TTDC). The organization manages the development and commercialization process for select projects, and provides expertise on intellectual property, regulatory, manufacturing and marketing issues critical to successful new biomedical products.
“Our new life sciences laboratory facility will help attract and support companies that specialize in medical products and research advancements,” said A.J. Kazimi, CEO of Cumberland Pharmaceuticals. “The facility will also provide entrepreneurs with access to flexible lab space and other resources to investigate the commercial potential of their ideas.”
Tom Rogers, executive director of TTDC, says the project will help foster technological and economic development in Tennessee for the future. “This type of partnership helps position the state in the recruitment of biotech industries – a primary focus of Tennessee’s New Economy Strategy. It will also help us retain some of the research already in development at our universities, and translate those good ideas into new Tennessee companies.”
The incubator project complements efforts of both the Nashville Chamber of Commerce and the Mayor’s office to expand downtown development in Nashville, and is designed to alleviate the current shortage of laboratory space in the Metro area.
Vanderbilt University professors and spin-offs are expected to be among the first tenants in the new space. “It is very exciting to have new laboratory space so close to our main campus that can aid in the progress of commercializing new life sciences technologies,” said Chris McKinney, Director of the Office of Technology Transfer for Vanderbilt.
Cumberland Emerging Technologies Inc. (www.cet-fund.com) was established to bring biomedical technologies and products conceived at Vanderbilt and other regional laboratories to the marketplace, by providing the necessary infrastructure and facilitating business-oriented federal grants. Dr. James Green will coordinate on-site activity at the new facility in his role as CET Vice President and General Manager.