The corporate purpose and the general nature of the business of the authority shall be:

(1) The provision of biomedical and biotechnical research centers, facilities, and programs based in Augusta, Georgia, in cooperation with the board of regents;

(2) The commercialization of biomedical and biotechnical research results;

(3) The promotion of closer ties between academic institutions of the state and the biomedical industry so as to capitalize on present and future state intellectual resources;

(4) The generation of sustained research funding in the form of revenues from licensed and commercialized intellectual property with excess revenues reinvested in biomedical research infrastructure and programs;

(5) The promotion of continuing investment in the intellectual capacity of the Medical College of Georgia by cooperating with the board of regents in the retention and recruitment of clinical faculty; and

(6) The advancement of local and state economic growth.

Nothing in this chapter shall be construed to conflict with the powers and authority of the board of regents over its institutions.