CPST Transitions to Private Business
LEXINGTON, Ky. (Feb. 22, 2007) – University of Kentucky officials announced today that the Center for Pharmaceutical Science & Technology (CPST) will become a private business and maintain close ties to the College of Pharmacy’s education and research mission.
The idea, according to Len Heller, UK’s Vice President for Commercialization & Economic Development, is to create a more flexible and competitive business named Coldstream Laboratories.
“There is no question that we have a cutting-edge advanced pharmaceutical manufacturing center that will fill an important niche for the industry,” Heller said. “In order to take advantage of this new business opportunity, we are already looking at incorporation, competitive compensation, and access to capital for future expansion and growth.”
Kenneth Roberts, Dean of the UK College of Pharmacy, said, “The faculty and staff of the College of Pharmacy have worked diligently to bring Coldstream Laboratories ‘on line.’ We recognize the benefit of establishing a private entity while maintaining a close relationship with the university. This business model offers many opportunities for growth and development while simultaneously positioning the new company as a significant catalyst for economic growth in the Bluegrass.”
Nearly 30 professionals will transition from UK staff to employees of Coldstream Laboratories.
Joseph Wyse, Ph.D., a UK alum who has been working as the CPST managing director and has 17 years of experience in the pharmaceutical industry, will assume the position of President. Coldstream Laboratories will be a subsidiary of Kentucky Technology Inc., the University of Kentucky’s for-profit company that invests in and operates businesses and real estate such as Coldstream Research Campus, and develops and markets UK’s research discoveries.
“This transition will allow us to move at the speed of business and create greater economic opportunities for Kentucky in the long run,” said Heller.