Wake Forest University climbed to 14th place in the nation among U.S. universities in licensing revenues in fiscal year 2002, up from 19th place in 2001, according to figures just compiled by the Association of University Technology Managers (AUTM.)
Licensing revenues at Wake Forest for fiscal year 2002 totaled $17.8 million, compared to $9.39 million in 2001, according to Spencer Lemons, director of the Office of Technology Asset Management, which serves all campuses of Wake Forest University. He explained that these revenues came from commercializing technologies developed at Wake Forest, primarily from patents.
Lemons said that the national rankings for fiscal 2003, which ended in June, are not yet available, but said the total licensing revenue at Wake Forest grew again, to $19.32 million.
"We all owe a great deal to the innovative scientists and clinicians of our faculty,” said Richard Dean, M.D., president of Wake Forest University Health Sciences. “We are very grateful to have such individuals on our faculty and provide such creative and applicable science."
Nearly all the licensing revenue is generated on the Bowman Gray Campus of Wake Forest.
Part of this revenue reverts to the inventing faculty members, part goes to their departments and part goes to the university. The money is used to fund further research, hire additional faculty and staff, and purchase new research equipment.
“Our licensing program continues to provide additional funding for our research and teaching programs, which is sorely needed,” said Lemons.
Some licenses are sold to existing biomedical companies but others form the foundation for new start-up companies.
"Our licensing program creates more than just income,” Lemons said. “It creates new products, new companies and new jobs, both within our community and outside our community."
Lemons, a former AUTM vice president, said that AUTM is the only group gathering licensing figures from across the United States.
In the Southeast, Wake Forest ranks 4th, behind Florida State University, the University of Florida and Emory University.
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Media Contacts: Robert Conn (rconn@wfubmc.edu), Karen Richardson (krchrdsn@wfubmc.edu) or Shannon Koontz (shkoontz@wfubmc.edu) at 336-716-4587.