Investor to lead N.C. Biotechnology Center
Published: Thu, Oct. 30, 2008 12:30AM
Modified Thu, Oct. 30, 2008 02:01AM
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closeRESEARCH TRIANGLE PARK -- The N.C. Biotechnology Center has elected venture-capital investor Arthur M. Pappas as its new chairman.
Pappas, 61, founded Pappas Ventures in 1994. The RTP venture capital firm manages more than $250 million, with investments in 40 companies. He previously worked at drug makers such as Glaxo and Abbott.
At the biotech center, Pappas replaces Sue W. Cole, a principal of Granville Capital of Greensboro. He will work closely with CEO E. Norris Tolson, the former state secretary of revenue, who took the helm of the state-funded nonprofit last year.
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"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 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 center also elected other board members: Vice Chairwoman Patricia Morton, a partner with Franklin Street Partners, a private investment management firm in Chapel Hill; treasurer John Atkins, president and CEO of O'Brien/Atkins Associates in Durham; and secretary Jack Cecil, president of Biltmore Farms in Asheville.
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