New Memphis Biotech Foundation Will Develop Research Park On Former Baptist Medical Center Campus

UT-Baptist Research Park Will Promote Memphis as a National Biotech Research

Center Baptist's Facilities and Land Gift Largest in UT History,

Among Largest in Higher Ed



Apr 25, 2001, 01:00 ET from Baptist Memorial Health Care

    MEMPHIS, Tenn., April 25 /PRNewswire/ -- The University of Tennessee, the
 newly formed Memphis Biotech Foundation, and Baptist Memorial Health Care
 Corporation have reached a series of preliminary agreements on a major gift of
 land and facilities and the establishment of a new biotechnology research park
 on the Memphis Medical Center campus location of Baptist Memorial Health Care.
     The Memphis Biotech Foundation, the University of Tennessee Health Science
 Center (UTHSC) and Baptist will become partners in the UT-Baptist Research
 Park, a project that will extend Baptist's traditional health care mission in
 the Medical Center.  In November 2000 Baptist moved the majority of its
 patients, employees and services from its Medical Center hospital facility to
 its other facilities in the Memphis metro market.
     The Biotech Foundation's plans call for a new campus integrating research,
 teaching and biomedical development.  The proximity of the Research Park to
 UTHSC will create unique collaborative opportunities for UTHSC and its
 academic and research activities.
     "Our vision is to establish the Memphis region as an internationally
 recognized center for the development and commercialization of biomedical
 technology," said J.R. "Pitt" Hyde III, founder of the Memphis Biotech
 Foundation.
     The Memphis Biotech Foundation is being developed based on similar models
 established at The Whitehead Institute (in partnership with the Massachusetts
 Institute of Technology), the University of Colorado-Boulder Research Park,
 and the Giovanni Armenise- Harvard Foundation.
     The foundation's launch follows a yearlong effort by Memphis 2005, the
 City of Memphis, Shelby County Government, the Memphis Area Chamber of
 Commerce, the Community Foundation, the Regional Governor's Alliance for
 Excellence and the Memphis Region Biomedical Initiative task force to corral
 the community's biotechnology resources and to accelerate the industry's
 development in Memphis.  The UT-Baptist Research Park will include a business
 incubation program to develop new businesses in biotechnology and biomedicine
 and foster the creation of new jobs.
     The gift by Baptist is valued conservatively at $40 million and is the
 largest in history to the University of Tennessee system.  It is among the
 largest gifts in the history of higher education.
     According to the Letters of Intent signed today by UT, Baptist and the new
 Foundation:
 
     * The Memphis Biotech Foundation, started and chaired by Pitt Hyde to
       further biotechnology research at the University of Tennessee, will
       assume ownership of the former Baptist Memorial Hospital building, land,
       parking garage and power plant located at 899 Madison Ave., effective
       Jan. 1, 2002, at no cost to the Foundation.
     * The University of Tennessee (Health Science Center) will assume
       ownership of the medical office buildings and parking garage located at
       910, 920, and 930 Madison Ave. and the building at 20 S. Dudley over the
       course of a 30-year period at no cost to the University.
     * The University of Tennessee (Health Science Center) and Baptist Memorial
       Health Care Corporation will become joint partners in the new UT-Baptist
       Research Park, which will encompass all of the former Baptist Memorial
       Hospital-Medical Center campus building, land, garage and facilities.
 
     The Letters of Intent will be reviewed by the UT Board of Trustees at
 their meeting in Martin, Tennessee on Thursday, April 26, 2001.
     "This is an exciting development for the University of Tennessee, for the
 medical community and our entire region," said UTHSC Chancellor William Rice.
 "The proximity of our campuses will create unique and special collaboration
 between UTHSC and the Research Park.  This project will elevate UT among the
 special institutions involved in academics and research."
     The UTHSC campus borders the 6.5 acre Baptist Memorial Hospital campus in
 downtown Memphis.
     The partnership promises to significantly boost the medical industry's
 already strong influence on the local and regional economy.  A recent study
 conducted for the Memphis Area Chamber of Commerce places UTHSC's impact on
 the local economy at $1.7 billion annually.  The University of Tennessee and
 Baptist are two of Shelby County's largest employers.
     "After careful consideration of many options and proposals for our Medical
 Center property, we've determined this is the best viable option that also
 meets our mission of healing and teaching," said Stephen C. Reynolds,
 president and CEO of Baptist Memorial Health Care Corp.  "This gift continues
 our long-standing support and partnership with the University of Tennessee and
 benefits Memphis' medical center and the regional medical community."
     St. Jude Children's Research Hospital, the University of Memphis and other
 research interests have been participants in shaping the new Foundation's
 concept and will benefit from synergies and collaborative opportunities with
 UT-Baptist Research Park.
     The agreement has been approved by the Board of the Baptist Memorial
 Health Care Corp.  Details for the gift and plans for the UT-Baptist Research
 Park will be shared with the University of Tennessee Board of Trustees at its
 meeting Thursday, April 26 at Martin.
 
     About the University of Tennessee Health Science Center
     The UT Health Science Center is accredited by the Southern Association of
 Colleges and Schools to award baccalaureate, master and doctoral degrees and
 currently offers seven undergraduate and 10 graduate/professional degrees
 within the Colleges of Allied Health Sciences, Dentistry, Graduate Health
 Sciences, Medicine, Nursing, Pharmacy, and the School of Biomedical
 Engineering.  The campus has 43 endowed professorships of which 19 are Chairs
 of Excellence.  The campus is home to seven Centers of Excellence.  Founded in
 1911, The University of Tennessee Health Science Center now includes the
 graduate School of Medicine in Knoxville as well as graduate medical education
 programs in Knoxville, Chattanooga and Nashville; Family Medicine Centers in
 Knoxville, Jackson and Memphis; public and continuing education program across
 the state; and the UT Bowld Hospital in Memphis.  The UT Health Science Center
 is the ninth largest employer in Memphis with approximately 4,000 faculty and
 staff employees.  The UT Medical Group, the private practice arm of the Health
 Science Center faculty, is the Mid-South's largest multi-specialty physician
 group practice.  For more information visit www.utmem.edu.
 
     About The Memphis Biotech Foundation
     The Memphis Biotech Foundation is a not-for-profit organization created to
 further biotechnology research, development and commercialization.  Founded
 and chaired by Memphis entrepreneur J.R. 'Pitt' Hyde, the Foundation is
 governed by a board of directors that includes William Rice, Chancellor,
 UTCHS; Steve Reynolds, president and CEO, Baptist Memorial Health Care
 Corporation; Johnnie Amonette, University of Tennessee Board of Trustees; Dean
 Jernigan, founder and CEO, Storage USA; Frederick Smith, founder and CEO,
 Federal Express Corporation; Kenneth Robinson, Assistant Dean, College of
 Medicine, University of Tennessee and pastor and chief executive of St. Andrew
 AME Church in Memphis.
 
     About Baptist Memorial Health Care Corporation
     One of the largest not-for-profit health systems in the United States,
 Baptist Memorial Health Care Corporation is an integrated health care delivery
 system offering a full continuum of care to communities throughout Tennessee,
 Mississippi and Arkansas.  With the intention of caring for people close to
 their homes, the Baptist network consists of 17 hospitals; more than
 2,500 affiliated physicians; home, hospice and psychiatric care throughout the
 tri-state Mid-South area; minor medical centers and clinics; a chain of
 surgery, rehabilitation and other outpatient centers; and an education system
 highlighted by the Baptist College of Health Sciences.  Baptist employs
 approximately 13,000 people and, in 1999, admitted approximately
 100,000 patients.  It is one of the top-rated integrated health care delivery
 systems in the country, according to the American Hospital Association, and
 the only Memphis-based provider that spans three states.  For more information
 visit www.baptistonline.org.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X14712831
 
 

SOURCE Baptist Memorial Health Care
    MEMPHIS, Tenn., April 25 /PRNewswire/ -- The University of Tennessee, the
 newly formed Memphis Biotech Foundation, and Baptist Memorial Health Care
 Corporation have reached a series of preliminary agreements on a major gift of
 land and facilities and the establishment of a new biotechnology research park
 on the Memphis Medical Center campus location of Baptist Memorial Health Care.
     The Memphis Biotech Foundation, the University of Tennessee Health Science
 Center (UTHSC) and Baptist will become partners in the UT-Baptist Research
 Park, a project that will extend Baptist's traditional health care mission in
 the Medical Center.  In November 2000 Baptist moved the majority of its
 patients, employees and services from its Medical Center hospital facility to
 its other facilities in the Memphis metro market.
     The Biotech Foundation's plans call for a new campus integrating research,
 teaching and biomedical development.  The proximity of the Research Park to
 UTHSC will create unique collaborative opportunities for UTHSC and its
 academic and research activities.
     "Our vision is to establish the Memphis region as an internationally
 recognized center for the development and commercialization of biomedical
 technology," said J.R. "Pitt" Hyde III, founder of the Memphis Biotech
 Foundation.
     The Memphis Biotech Foundation is being developed based on similar models
 established at The Whitehead Institute (in partnership with the Massachusetts
 Institute of Technology), the University of Colorado-Boulder Research Park,
 and the Giovanni Armenise- Harvard Foundation.
     The foundation's launch follows a yearlong effort by Memphis 2005, the
 City of Memphis, Shelby County Government, the Memphis Area Chamber of
 Commerce, the Community Foundation, the Regional Governor's Alliance for
 Excellence and the Memphis Region Biomedical Initiative task force to corral
 the community's biotechnology resources and to accelerate the industry's
 development in Memphis.  The UT-Baptist Research Park will include a business
 incubation program to develop new businesses in biotechnology and biomedicine
 and foster the creation of new jobs.
     The gift by Baptist is valued conservatively at $40 million and is the
 largest in history to the University of Tennessee system.  It is among the
 largest gifts in the history of higher education.
     According to the Letters of Intent signed today by UT, Baptist and the new
 Foundation:
 
     * The Memphis Biotech Foundation, started and chaired by Pitt Hyde to
       further biotechnology research at the University of Tennessee, will
       assume ownership of the former Baptist Memorial Hospital building, land,
       parking garage and power plant located at 899 Madison Ave., effective
       Jan. 1, 2002, at no cost to the Foundation.
     * The University of Tennessee (Health Science Center) will assume
       ownership of the medical office buildings and parking garage located at
       910, 920, and 930 Madison Ave. and the building at 20 S. Dudley over the
       course of a 30-year period at no cost to the University.
     * The University of Tennessee (Health Science Center) and Baptist Memorial
       Health Care Corporation will become joint partners in the new UT-Baptist
       Research Park, which will encompass all of the former Baptist Memorial
       Hospital-Medical Center campus building, land, garage and facilities.
 
     The Letters of Intent will be reviewed by the UT Board of Trustees at
 their meeting in Martin, Tennessee on Thursday, April 26, 2001.
     "This is an exciting development for the University of Tennessee, for the
 medical community and our entire region," said UTHSC Chancellor William Rice.
 "The proximity of our campuses will create unique and special collaboration
 between UTHSC and the Research Park.  This project will elevate UT among the
 special institutions involved in academics and research."
     The UTHSC campus borders the 6.5 acre Baptist Memorial Hospital campus in
 downtown Memphis.
     The partnership promises to significantly boost the medical industry's
 already strong influence on the local and regional economy.  A recent study
 conducted for the Memphis Area Chamber of Commerce places UTHSC's impact on
 the local economy at $1.7 billion annually.  The University of Tennessee and
 Baptist are two of Shelby County's largest employers.
     "After careful consideration of many options and proposals for our Medical
 Center property, we've determined this is the best viable option that also
 meets our mission of healing and teaching," said Stephen C. Reynolds,
 president and CEO of Baptist Memorial Health Care Corp.  "This gift continues
 our long-standing support and partnership with the University of Tennessee and
 benefits Memphis' medical center and the regional medical community."
     St. Jude Children's Research Hospital, the University of Memphis and other
 research interests have been participants in shaping the new Foundation's
 concept and will benefit from synergies and collaborative opportunities with
 UT-Baptist Research Park.
     The agreement has been approved by the Board of the Baptist Memorial
 Health Care Corp.  Details for the gift and plans for the UT-Baptist Research
 Park will be shared with the University of Tennessee Board of Trustees at its
 meeting Thursday, April 26 at Martin.
 
     About the University of Tennessee Health Science Center
     The UT Health Science Center is accredited by the Southern Association of
 Colleges and Schools to award baccalaureate, master and doctoral degrees and
 currently offers seven undergraduate and 10 graduate/professional degrees
 within the Colleges of Allied Health Sciences, Dentistry, Graduate Health
 Sciences, Medicine, Nursing, Pharmacy, and the School of Biomedical
 Engineering.  The campus has 43 endowed professorships of which 19 are Chairs
 of Excellence.  The campus is home to seven Centers of Excellence.  Founded in
 1911, The University of Tennessee Health Science Center now includes the
 graduate School of Medicine in Knoxville as well as graduate medical education
 programs in Knoxville, Chattanooga and Nashville; Family Medicine Centers in
 Knoxville, Jackson and Memphis; public and continuing education program across
 the state; and the UT Bowld Hospital in Memphis.  The UT Health Science Center
 is the ninth largest employer in Memphis with approximately 4,000 faculty and
 staff employees.  The UT Medical Group, the private practice arm of the Health
 Science Center faculty, is the Mid-South's largest multi-specialty physician
 group practice.  For more information visit www.utmem.edu.
 
     About The Memphis Biotech Foundation
     The Memphis Biotech Foundation is a not-for-profit organization created to
 further biotechnology research, development and commercialization.  Founded
 and chaired by Memphis entrepreneur J.R. 'Pitt' Hyde, the Foundation is
 governed by a board of directors that includes William Rice, Chancellor,
 UTCHS; Steve Reynolds, president and CEO, Baptist Memorial Health Care
 Corporation; Johnnie Amonette, University of Tennessee Board of Trustees; Dean
 Jernigan, founder and CEO, Storage USA; Frederick Smith, founder and CEO,
 Federal Express Corporation; Kenneth Robinson, Assistant Dean, College of
 Medicine, University of Tennessee and pastor and chief executive of St. Andrew
 AME Church in Memphis.
 
     About Baptist Memorial Health Care Corporation
     One of the largest not-for-profit health systems in the United States,
 Baptist Memorial Health Care Corporation is an integrated health care delivery
 system offering a full continuum of care to communities throughout Tennessee,
 Mississippi and Arkansas.  With the intention of caring for people close to
 their homes, the Baptist network consists of 17 hospitals; more than
 2,500 affiliated physicians; home, hospice and psychiatric care throughout the
 tri-state Mid-South area; minor medical centers and clinics; a chain of
 surgery, rehabilitation and other outpatient centers; and an education system
 highlighted by the Baptist College of Health Sciences.  Baptist employs
 approximately 13,000 people and, in 1999, admitted approximately
 100,000 patients.  It is one of the top-rated integrated health care delivery
 systems in the country, according to the American Hospital Association, and
 the only Memphis-based provider that spans three states.  For more information
 visit www.baptistonline.org.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X14712831
 
 SOURCE  Baptist Memorial Health Care