University of Texas professor James McGinity has defied the odds as an academic entrepreneur.
In 1996, he and a colleague, Bill Williams, went in hock for $1 million to start a company, PharmaForm LLC, in a small building off Yager Lane. By the time they sold the company in 2007, it had 85 employees and annual revenues of more than $10 million.
More important to UT is another McGinity venture — a drug patent that accounted for about $11 million of the $26 million in last year's revenue for the university's Office of Technology and Commercialization. The patented process makes it more difficult to abuse the drug OxyContin by breaking it up and snorting it.
However, the patent — and UT's revenue stream — expires in 2016.
To read the full, original article click on this link: Experts: State universities can do better at turning research into revenue
