US Commerce Secretary to Present $6.4 Million Check For University-Run Biotech Incubator at ACET in Alameda

A $6.44 million construction award to build a biotechnology business incubator on the site of the former Alameda Naval Air Station will be presented by U.S. Commerce Secretary Donald Evans at the complex for Advancing California’s Emerging Technologies (ACET) on Aug. 27 at 12:15 p.m.

The Alameda-based organization is an incubator for high-technology biotechnology, environmental, and energy start-up companies. A project of California State University, Hayward, ACET is directed by business professor Sam Doctors.

Since opening its doors in May 1998, ACET has graduated seven companies, which have created between 900 and 1000 jobs and raised approximately $150 million in venture capital. The new, larger ACET facility is expected to graduate 12 to 15 companies per year, which Doctors estimates will add 6,000 jobs to the Bay Area economy and attract nearly $1 billion in investment by the fifth year of operation at the new site.

With the new federal construction funds, ACET will build a state-of-the art laboratory, office, and research complex of up to 40,000 square feet. The funds are available through the Commerce Department’s Economic Development Administration. Groundbreaking for the new building is expected in December 2002, with completion in 2004.

“It will be the largest and most up-to-date facility of its kind west of the Mississippi,” said Doctors, who will be on hand at Tuesday’s ceremony to formally accept the government funding. “ACET will be able to accommodate about 40 start-up companies in fully equipped, flexible laboratory space, plus offices. We will also provide office space for companies from overseas that want to partner with American enterprises.”

Doctors said ACET member companies also will have access to videoconferencing facilities and other shared amenities.

Invited speakers for Tuesday’s event include U.S. Senator Dianne Feinstein, U.S. Senator Barbara Boxer, Congresswoman Barbara Lee, State Senator Don Perata, Assemblymember Wilma Chan, Deputy Secretary of California’s Trade, Technology and Commerce Agency Nelson Chan, Alameda Mayor Ralph Appezzato, Bay Area Council President Sunne Wright McPeak, California State University Chancellor Charles Reed, and California State University, Hayward President Norma Rees. Alan Mitchell, president of ACET’s board of directors, will moderate.

NOTE: Reporters and editors wishing to attend should go through the Alameda Point gate, turn right at Ferry Point, right onto Pan Am Avenue, and left onto West Midway Avenue. ACET is at the corner of Midway and Saratoga avenues. Call ACET Associate Director Leonora Sea for additional information at (510) 749-6865.

Contact:Leonora Sea, ACET Associate Director, (510) 749-6865
Or Kim Huggett, CSUH Public Affairs, (510) 885-2032