FOR IMMEDIATE RELEASE

June 7, 2001

FOR INFORMATION:

Christi Lanier-Robinson

(502) 584-7824, ext.101

Louisville Medical Center unveils plans for high tech incubator

LOUISVILLE--Today, the Louisville Medical Center Development Corporation unveiled a rendering for its new biomedical and information technology incubator and innovation center during a groundbreaking ceremony for the facility. The building will be located on the corner of Brook and Jefferson and will house up to 20 start-up life sciences and technology companies, many of which are being founded by UofL faculty members recruited through the Bucks for Brains program. Governor Paul E. Patton believes that the center represents another opportunity for the State to receive a return for its investment in higher education.

"Through Bucks for Brains and other investments in post-secondary education, Kentucky is now a state where some of the most innovative research in the nation is taking place," said Governor Paul E. Patton. "Now, with this incubator we've created the infrastructure needed to capture the economic development potential and high-paying jobs that will derive from the research taking place within the Medical Center."

Designed by Arrasmith, Judd and Rapp architectural firm, the 50,000 square foot three-story building will have a sleek metallic façade that is meant to appeal to many of its high-tech and biomedical entrepreneurs. The building will offer wet and dry lab space and modular equipment that can be easily adapted to fit the varied needs of tenants. At full capacity, the building will house up to 250 employees, that could generate up to $1.6 million in new taxes for the State. The estimated salary for employees within the facility is $50,000.

"The innovation center will be the cornerstone of our developing research park, and will enable us to actively market the community to life sciences and high tech start-ups, " said Mayor David L. Armstrong, chairman of LMCDC. "Along with eMain USA, that is located just down the road, this center will position Louisville as a regional leader for biomedical and high-tech companies."

The information technology component of the incubator is an expansion of UofL's highly successful Information Technology Resource Center, currently located on its Shelby Campus. While the program has been successful in incubating and spinning off a number

of IT companies, Dr. John W. Shumaker, president of UofL, believes that having a downtown location that is supportive and complementary to the City's eMain initiative is synergistic with the University's goals.

"The downtown program represents a convergence between information technology and life sciences companies and an unprecedented opportunity for the University to explore the boundaries between the two fields," said Shumaker. " Within this space, some of our brightest and best researchers seeking to commercialize their technology will have a chance to come together and develop products that could improve and save lives."

Funding for the construction was secured through a $5 million appropriation to LMCDC during the 2000 Legislative Session, and a $5 million grant that was awarded to the University and LMCDC this past spring by the Kentucky Innovation Commission. The Commission was established last year to support the Governor's efforts to build a knowledge-based economy throughout the Commonwealth. Construction on the building will begin in early August and is expected to be complete by April 2003.

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