Fund for Arkansas' Future Invests $300,000 with Balm Innovations
8/25/2006 12:00:00 AM
“This investment in Balm Innovations is evidence of the teamwork among UAMS BioVentures, the UALR College of Business and the emerging venture capital industry in Arkansas," said Jerry Damerow, director of the BioVentures program at the University of Arkansas for Medical Sciences at Little Rock.
Balm Innovations markets Omnibalm, a skin cream developed by Dr. Bill Gurley, professor of pharmaceutical sciences at the UAMS College of Pharmacy, more than 15 years ago.
Lydia Carson, president and CEO of Balm Innovations, and several fellow MBA students worked with BioVentures to create a business plan for Omnibalm and to enter it in the 2004 Governor’s Award for Entrepreneurial Development business plan competition.
The product, which is used to soothe a variety of skin conditions, is now sold in 30 USA Drug stores and Super D locations throughout the state.
Carson said the company will use the grant to "accelerate Omnibalm’s growth, to penetrate new markets" and introduce a new Omnibalm fragrance in September.
The Fund for Arkansas’ Future is an investment group focused on investing in Arkansas-based companies during early growth stages.
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