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EngenuitySC Urges Passage of the South Carolina Life Sciences Act

Will Benefit Research Universities and Biotech and Pharmaceutical Industries in the Columbia Region

Columbia, SC - January 7, 2004 - EngenuitySC announced today its support for the South Carolina Life Sciences Act (S. 560) and asks the South Carolina Senate to make an early passage of the bill a priority. The House of Representatives passed a similar bill last year. The Senate bill languished at the end of the session and must be acted on this year if the measure is to become law.

"EngenuitySC strongly supports passage of the South Carolina Life Sciences Act because of the significant benefits it will yield for the long-term economic development of the Columbia region," said Columbia Mayor Bob Coble, Chairman of EngenuitySC.

Benefits of Passing South Carolina Life Sciences Act:

• The bill will increase by one half of one percent the State's debt limit, which would go to the State's major research universities including the University of South Carolina to fund research related to economic development.
• It will free higher education institutions from cumbersome regulations that prevent research universities from working more closely with the private sector.
• Under the measure, life sciences businesses such as biotech and pharmaceutical companies would be eligible to receive incentive funding enabling the growth of this emerging cluster in the Columbia region.
• The bill will expand opportunities for venture capital investment in research-oriented companies in South Carolina.

"We want to do all we can to pass this legislation because it will greatly enhance our ability to link university generated research to private sector business activity, which will lead to more high-wage, knowledge-oriented jobs being created in Lexington County, Richland County and the City of Columbia," said John Lumpkin, President and CEO of Edens & Avant Real Estate Services and a member of the Board of EngenuitySC.

About EngenuitySC

EngenuitySC, formerly the Columbia Regional Technology Council, is a non-profit economic development leadership council, created in 2003, with a mission to guide and coordinate actions that will spur the creation and growth of companies that participate in the knowledge economy in Columbia and Richland and Lexington Counties. Its primary goals are building ties between the University of South Carolina's research activities and the local business community, developing sources of venture capital for local entrepreneurs, and taking actions to create a business environment that supports entrepreneurial ventures. EngenuitySC is comprised of government officials from the City of Columbia, Lexington County and Richland County, as well as Presidents of area institutions of higher education and leaders in the regional business community.

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