Huntsman to lead research fund

UW president Emeritus Lee Huntsman will head the state's Life Sciences Discovery Fund Authority, but said the organization's work is still in its early stages.

Gov. Christine Gregoire named Huntsman to the post last Wednesday. The fund authority will control $350 million the state's tobacco lawsuit money, expecting to build a $1 billion fund to promote bioscience research and development.

"I can't think of anyone more qualified to shape this initiative and help Washington make wise investments in support of life science research," said Gregoire in a press release.

"It's important to realize that this is just a slice of the tobacco money," said Huntsman.

He said the fund's administrators will look at ways to invest the settlement dollars, with hopes of making local research more competitive.

"The research industry is vital to this state, and life sciences is a big part of it," said Huntsman.

Although the Legislature has created an organization to use the tobacco dollars, Huntsman said no significant grants will be awarded for at least the next two years.

"What it really says is that the state is going to put in $35 million for ten years, and the [Life Sciences Discovery Fund] Authority is going to invest that," said Huntsman.

Even with his new position, Huntsman said he will continue to work with the UW. He was appointed to the president post in 2002, after the resignation of Richard McCormick. Before being named acting provost in 1996, he served as director of the Center for Bioengineering. Huntsman first joined the UW faculty in 1968.