N.C. Biotech Center names Pappas chairman
Published: Wed, Oct. 29, 2008 12:32PM
Modified Wed, Oct. 29, 2008 01:01PM
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closeThe N.C. Biotechnology Center announced today it has elected venture-capital investor Arthur M. Pappas as its new chairman.
The center, based in Research Triangle Park, is a state-funded nonprofit created by the General Assembly in 1984 to support biotech research, business and education statewide.
Pappas founded Pappas Ventures in 1994. The RTP-based venture capital firm manages more than $250 million, with investments in 40 companies. He previously worked at drug makers such as Glaxo and Abbott.
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At the biotech center, Pappas replaces Sue W. Cole, a principal of Granville Capital of Greensboro. As chairman, he will work with CEO E. Norris Tolson, the former state secretary of revenue, who took the helm of the center last year.
“These tough economic times reinforce the importance of our mission to expand the role of biotechnology in creating high-paying jobs statewide to meet the challenges of the 21st century,” Pappas said in a prepared statement.
A graduate of Ohio State University, Pappas earned his MBA in finance at Xavier University. He is a decorated Vietnam veteran, having served as an officer in the U.S. Army 101st Airborne Division and the Special Forces.
The biotech center also announced other board members: vice chair Patricia Morton, a partner with Franklin Street Partners, a private investment firm in Chapel Hill; treasurer John Atkins, CEO of O’Brien/Atkins Associates in Durham; and secretary Jack Cecil, president of Biltmore Farms in Asheville.
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