Updated: November 9, 2013 11:08PM
WEST LAFAYETTE (AP) — Purdue University is looking to take advantage of big drug companies cutting back on research and development spending by creating a not-for-profit whose sole task will be to move the university’s 36 drug molecules through various stages of testing in laboratories and into early trials in human patients.
The Indianapolis Business Journal reports Purdue could launch the entity by the end of this month.
Purdue President Mitch Daniels, a former Eli Lilly executive, back the Purdue Drug Discovery Initiative in September. Started under Daniels’ predecessor, the initiative includes building a $28 million facility to centralize centers at Purdue that already conduct drug research. It also includes more than $32 million to purchase new drug discovery equipment and to recruit nine drug researchers to Purdue’s West Lafayette campus.