NIH grant matched with another $3.1 million to commercialize research
LOUISVILLE, Ky. (April 22, 2015) — The University of Louisville announced today that a grant from the National Institutes of Health will combine with matching funds from the university to create a new $6.1 million initiative to commercialize discoveries made by UofL researchers.
UofL is one of just three institutions in the U.S. selected as a Research Evaluation and Commercialization Hub (REACH) by the NIH. The REACH award consists of $3 million over three years matched by an additional $3.1 million from UofL.
The REACH grant will create UofL’s “ExCITE Hub” — reflecting its function to “Expedite Commercialization, Innovation, Translation and Entrepreneurship” to increase the success rate and speed at which biomedical research is translated into products that bring a positive impact on health.
The ExCITE Hub has three major aims:
- Identify the most promising technologies from UofL researchers and provide funding for product definition studies
- Promote the commercialization of selected products
- Expand education, experiential and networking opportunities for stakeholders such as researchers, other faculty, students and others within the university
The other recipients of the grants are the University of Minnesota, Minneapolis and the Long Island (N.Y.) Bioscience Hub, a consortium of Stony Brook University, Cold Spring Harbor Laboratory and Brookhaven National Laboratory.