U of M uses royalties to improve researchby Tim Post, Minnesota Public Radio
St. Paul, Minn. — The University of Minnesota is investing millions of dollars in scholarships and research from money supplied by royalties from inventions developed by the school.
the university will use $12 million from technology commercialization to acquire equipment for laboratories and support the U's research infrastructure.
The funds will also be spent on academic scholarships and the arts.
"We've made awards to support scholarships in the performing arts and arts and humanities," said Tim Mulcahy, vice president for research. "This is a benefit to the true, whole university community and we're real proud of that."
Over the last 18 months, the university has invested $27 million from technology commercialization into its infrastructure.
An AIDS drug developed at the university has been the school's biggest source of royalties in recent years. It brought in $80 million in revenue last year, but school officials say those payments will drop sharply in coming years as the patent on the drug expires.