Two Memphis Foundations Invest $3.6 Million to Grow City's Biotech Industry

The Plough Foundation and the Assisi Foundation of Memphis, Inc. have pledged $3.6 million over three years to the InMotion Musculoskeletal Institute for laboratory space and to support research, the Memphis Business Journal reports.

For the renovation of existing space in the Memphis Bioworks Foundation, which will house the institute's two research laboratories, the Assisi Foundation has awarded $500,000 through 2007. In addition, the Memphis-based Plough Foundation has awarded InMotion $3.1 million over three years for capital costs and for three primary research positions — two clinical scientists with a joint appointment to the University of Tennessee Department of Orthopaedic Surgery-Campbell Clinic and a director of biomechanics with a joint appointment to the University of Memphis Department of Biomedical Engineering who will provide engineering support to the researchers.

The goal of the institute is for its clinical scientists to design products that go quickly to market and provide local jobs in manufacturing, marketing, and distribution. "Our vision is...to make Memphis the hub of innovation, research, and entrepreneurship in the musculoskeletal field," said InMotion executive director Dick Tarr.

Scott Shepard. "InMotion Given $3.6 Million From Local Foundations." Memphis Business Journal 05/24/2006. "InMotion Musculoskeletal Institute Receives Grants From Assisi Foundation of Memphis Inc., Plough Foundation" University of Tennessee Department of Orthopaedic Surgery — Campbell Clinic Press Release 05/24/2006.