IN THE KNOW – March, 2023
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As the 2023 legislative session enters its final, climatic days, the state’s bioscience community, spearheaded by the New Mexico Bioscience Authority and NMBio, as well as BIO, the New Mexico Angels and others in the investment community, is advocating for passage SB 382, which will create the Bioscience Co-Investment Fund. We’re seeking $50 million to help kick start the growth of the state’s bioscience sector. Every state that has a successful bioscience industry triggered that success by creating an investment fund to support their bioscience startups.
What does SB 382 do? It authorizes the NM Bioscience Authority (NMBSA) to partner with qualified private equity firms (e.g., Angel Investors or Venture Capital) to co-invest in bioscience businesses that are based in or are relocating to New Mexico. The amount of the NMBSA’s investment must be matched by the private equity partner 2-to-1 so If the NMBSA invests $100,000, the private equity partner must invest $200,000. The NMBSA receives equity (such as shares of stock) equal to the value of its investment. Then when the Bioscience business becomes successful and its shares are bought by a new owner, the NMBSA receives cash for its equity. NMBSA puts the proceeds back into the Bioscience Development Fund to co-invest in another New Mexico bioscience business. SB 382 also places parameters on the co-investment program. The details of the co-investment program will be informed by a pilot project already completed by the NMBSA and the New Mexico Angels. It will be articulated and adopted through the standard agency rulemaking process.
We need your help to share this information and urge your House and Senate representatives to support this bill. A list of the representatives is available here, https://www.nmlegis.gov/members/Legislator_List?T=R.
Please plan on attending our next Lunch & Learn event on Tuesday, March 21 at the Lobo Rainforest Building in Albuquerque. Our keynote speaker is Donald A. Godwin, PhD, Dean and Professor of Pharmaceutical Sciences at the UNM College of Pharmacy will detail how faculty researchers are committed to improving the health of New Mexicans, especially the state’s most vulnerable populations, and tackling the world’s most challenging and pressing public health issues. Its faculty are engaged in diverse areas of research, from studies on an array of substance use disorders to cardiovascular disease, cancer, infectious disease, and pharmaceutical dosing formulation studies. Its scientists are problem solvers and hold over 55 active U.S. patents. Faculty inventions have led to multiple start-up companies that seek to provide clinicians worldwide with better diagnostic and monitoring technology for pneumonia, cystic fibrosis, and treatment of tuberculosis. You register here – REGISTER. For this event, we can only accommodate 40 in-person attendees. You can also register to attend virtually.
Before closing, the board of directors and I wish to send our congratulations to Alex Greenberg, who is joining CA-based CerraCap Ventures as a managing director for the firm’s NM operations. Alex previously served as director of science and technology for the NM Economic Development Department and was a strong supporter of the biosciences.
Healthy regards,
Greg Byrnes
Executive Director
NMBio
610-731-3671 (M)
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NM Business Accelerator Seeking Innovators – Applications Now Open Through April 17!
Know an innovator in space systems or biotechnology? The New Mexico Lab Embedded Entrepreneur Program (LEEP) is looking for startups to join their 2024 cohort! The program matches innovators with industry-specific mentors, investors, and the unique expertise of Los Alamos National Laboratory, plus a generous living stipend of $85,000-$120,000 per year. Learn about LEEP, what type of applicant they are seeking, and if your technology might be a fit at nmleep.com. Register for the LEEP Info Webinar on March 21, or email info@nmleep.com to schedule a phone call with program staff.
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FDA: Funding Opportunities to Support Pediatric Medical Device Development
The U.S. Food and Drug Administration (FDA) announced a new funding opportunity for the Pediatric Device Consortia grants program open through Wednesday, March 29, 2023, 11:59 p.m. (ET). This grant program advances the development of medical devices for children. These nonprofit consortia provide a platform of experienced regulatory, business planning and device development services, such as intellectual property advising, prototyping, engineering, laboratory and animal testing and grant writing. In addition to key advising services, the consortia also provide critical funding to innovators for these projects. FDA intends to support these awards for five years. See the request for applications for funding details and how to apply today. If you have any questions, please contact Catherine Park –Catherine.Park@fda.hhs.gov. |
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The FDA is seeking public comment from stakeholders on how the FDA should deploy user fee funding for engaging with external organizations, other than the National Evaluation System for Health Technology (NEST), to support premarket Real-World Evidence.
The FDA is providing a new web page to share information on:
- The FDA’s partnership with the National Evaluation System for Health Technology (NEST).
- Why the FDA is requesting public comment and how stakeholders can submit feedback.
This action is consistent with its commitment under the Medical Device User Fee Amendments V (MDUFA).
Comments are due by March 20, 2023. More »
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NIH Technology Transfer Webinar, May 23
The Council of State Bioscience Associations (CBSA) is coordinating an informational webinar for its members on opportunities to partner with the NIH Technology Transfer Center for technology development and commercialization and to license technologies developed by NIH researchers with:
Michael L. Salgaller, Ph.D., Supervisor, Technology Analysis and Marketing Unit (TAMU) Technology Transfer Center | National Cancer Institute | National Institutes of Health
The NM, MT, CO AZ and UT bioscience associations will participate in this special program on Tuesday, May 23 (time will be forthcoming).
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BIO has launched its new season of the I am BIO podcast, which tells powerful stories of biotech breakthroughs, the people they help, and the global problems they solve. The season launches with a topic that impacts 50 million people in the United States daily — chronic pain — and explores safe and effective treatments and how government policies could hinder new treatment developments. Additional episodes this season will cover:
- The convergence of artificial intelligence and biotechnology.
- Biotech innovation with CRISPR technology.
- Threats to FDA’s Accelerated Approval program.
In 2022, PR Daily named the I am BIO podcast a finalist for its Social Media & Digital Awards in the podcast category. Listen now on BIO’s website, Apple Podcasts, Google Podcasts, or Spotify.
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BIO Video: Are the biotech and pharma industries paying enough attention to the health needs of women?
Talking about women’s health has been a taboo subject for some time, contributing to a lack of innovation in the sector. Still today, many are uncomfortable discussing the topic. Consequently, only 2% of medical products in the pipeline are for women’s health and only 2% of all venture capital dollars go into developing these products. BIO produced this video and this podcast to help drive home the urgent need for more investment in this often overlooked medical field.
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New Mexico Is Hiring!
We invite you to attend the 6th Annual STEM Industries Career Fair on April 12th at Q – Station in Nob Hill, Albuquerque.. The event with showcase +20 NM-based companies actively hiring alongside +200 of your peers! We will provide food and beverages, ample networking time, and a free resume workshop table. Please bring a friend!
More information and registration can be found at https://stemboomerang.org/stem-career-fair-23/
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Join us in Boston to connect with partners and investors.
Early Bird Discounts End 3/16!
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BIO Impact Ag & Environment Conference September 19-20, Raleigh, NC
A world-class event that brings together biotech leaders from around the world to share expert insights on policy issues and new technologies that will create a more sustainable planet. Learn firsthand about food and farm innovation, bio-based manufacturing, and breakthroughs in clean energy. Plus, find new connections through abundant partnering meetings and
networking opportunities.
Focus: Agricultural, industrial, and environmental biotechnology
Attendees: 800+
Companies: 50+
Countries: 10+
Partnering Meetings: 1,900+
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Deliver your contents or products on time with UPS Healthcare’s new generation of tools fine-tuned to be fast, flexible, and predictive. The BIO-UPS program offers NMBio association members up to 74% off UPS Next Day Air® services, and up to 68% off UPS Worldwide International services. Improve turnaround times with UPS Healthcare today. |
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Click the link to learn about the 17 programs that are designed to help NMBio Members save money as you grow your business.
https://www.bio.org/save/new-mexico-biotechnology-biomedical-association-nmbio |
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Save with the BIO-ALT Program
ALT is a trusted global partner in premium refurbished lab equipment and asset management services. BIO members can expect significant cost-savings and additional program benefits that can help manage the costs of researching early ideas and developing them into promising treatments. Learn more about the BIO-ALT benefits today. |
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