As an additional precaution, the chair will report at least each quarter to the dean on the progress of sponsored research activity and the utilization of University resources. Approval by the Health Affairs Committee and the Board of Visitors. The School of Medicine is negotiating a sponsored research contract with Upstate Biotechnology, Inc., a New York biotechnology start-up company created in the eighties. The Scientific Advisory Board includes two University of Virginia faculty members. The research contract would help fund research for the development of immunological reagents directed at the chemical modifications of histone proteins.
Fiscal impact is negligible, at worst.
The University Patent Foundation receives annual royalty income for products developed at the University of Virginia and licensed to Upstate Biotechnology. Therefore, major breakthroughs could result in significant revenue gain for the University. It is recommended that the Board of Visitors approve the Conflict of Interest and enter into the proposed contract for developing gene therapy for slow growing brain tumors and prostate cancer. The School of Medicine is negotiating sponsored research contracts and a material transfer agreement with DirectGene, Inc., a Delaware biotechnology company created in 1999 to pursue the development of gene therapies for cancer and other diseases. Technology developed at the University of Virginia has been licensed to DirectGene by the University of Virginia Patent Foundation, which has a 1.2 percent equity interest in the company.