Here's a new spin on spin-outs. Rather than launching a company around an invention or IP portfolio, the Southwest Foundation for Biomedical Research (SFBR) has launched a company by converting its entire organic chemistry department into a for-profit drug development firm. The new company, Evestra Inc., will focus on women's health issues, and is composed of all the department's assets, personnel and scientific expertise, says SFBR President John Kerr. Initially, SFBR will be the majority shareholder of the new company, which will be based in San Antonio. However, Evestra is also working on raising its first round of financing primarily from San Antonio-area investors. The management team for Evestra will include the leadership of the organic chemistry department. "The spin-off of Evestra advances our mission to improve human health through innovative biomedical research, and it could ultimately be of tremendous financial importance to SFBR, its largest stockholder, as the value of its holdings increases," Kerr says. Go to: http://sanantonio.bizjournals.com/sanantonio/stories/2008/05/12/daily4.html?jst=b_ln_hl