Jackson Stephens

Jackson T. (Steve) Stephens (born July 24, 1952) is an American businessman and the founder, chairman, and CEO of Exoxemis, Inc.,[1] a biomedical research company. Stephens’ other interests include government, politics and music. He is the former chairman of the Club for Growth[2] and the current chairman of The Club for Growth Foundation.[3] Stephens also co-founded the Arkansas Policy Foundation.[4] Stephens has recorded in Nashville studios and released several albums (one nominated for a Grammy Award)[5] on which he wrote most of the music and lyrics while playing all the keyboards.

For the baseball player, see Jackson Stephens (baseball).

Biomedical Research: Exoxemis, Inc.

In 1987, Stephens began a quest that turned into a lifelong passion to explore and understand the role of oxygen in biological systems for use in diagnostics and therapeutics. To help direct that effort, Stephens hired Robert C. Allen, Ph.D., M.D.[6] One of the great chemists of the modern era, Dr. Allen had discovered cellular chemiluminescence. Allen’s understanding of the quantum mechanics of the neutrophil, white blood cells, and the human immune system was the key to his invention of a chemiluminescence diagnostic system that provides comprehensive, point-of-care analysis of a patient’s illness-disease profile. In developing this diagnostic system, Dr. Allen also discovered the role that myeloperoxidase plays in the human immune system and its natural ability to selectively bind and kill pathogens. Dr. Allen previously worked as a pathologist for Basil Pruitt[7], surgeon, known as one of the founding fathers of modern trauma and burn medicine.

Stephens founded Exoxemis in 1987 and since that time has collaborated with Dr. Allen on the development and commercialization of Zempia®[8], the company’s trade name for the first-ever, topical antiseptic that works safely in blood. Stephens and Dr. Allen have co-authored a number of peer-reviewed journal articles on the microbicidal activity of myeloperoxidase (MPO), the active pharmaceutical ingredient in Zempia®. In 2010, the American Society for Microbiology (ASM) published a seminal paper in The Journal of Infection and Immunity[9] titled “Myeloperoxidase Selectively Binds and Selectively Kills Microbes.”[10] An initial patent (priority date February 1991) was issued on the Zempia® technology in 1999. This initial patent was the foundation and enabled subsequent method and composition patents to be filed worldwide.

Government and Politics

Club for Growth

Stephens joined the board in 2003 along with Richard (Dick) Gilder, Thomas L. (Dusty) Rhodes, Art Laffer, and Stephen Moore. Stephens was chairman of the Club from 2010 to 2019.

Principal accomplishments of the Club during Stephens’ board membership and chairmanship include:

  • Expansion of Club’s endorsements and funding from U.S. House primaries to include U.S. Senate races.
  • Court victory against the Federal Election Commission (FEC)[11], which allowed for the creation of the first-ever super PAC.
  • Formulation of an eight-point conservative platform revolving around limited government, lower taxes, and economic reform.
  • Development of “scorecard” system for rating candidates regarding conservative policy.
  • Increase from $4 million to over $50 million, per two-year cycle, in funding for Club-endorsed candidates—making the Club the largest political fundraiser outside of any political party.
  • Streamlining of Club’s management and overhead operations: 92 percent of donations go directly to support Club-endorsed candidates.
  • Development of “political mechanics” to methodically target and successfully elect Club-backed candidates. During Stephens’ last year as chair, Club-endorsed candidates won 16 of 18 targeted seats.

By 2019, Club-endorsed candidates formed the backbone of the conservative caucus in the Senate to include: Senator Ted Cruz (Texas), Senator Tim Scott (South Carolina), Senator Pat Toomey (Pennsylvania), Senator Marco Rubio (Florida), Senator Rand Paul (Kentucky), Senator Ron Johnson (Wisconsin politician), Senator Mike Lee (American politician) (Utah), Senator Tom Cotton (Arkansas), Senator Ben Sasse (Nebraska), Senator Dan Sullivan (U.S. senator) (Alaska), Senator Marsha Blackburn (Tennessee), and Senator Josh Hawley (Missouri).

Club milestones

Upon joining the board, Stephens helped expand the Club’s focus from Republican House primaries into U.S. Senate races. In the 2004 Senate race, Pat Toomey challenged Senator Arlen Specter (Pennsylvania) who was supported by President George W. Bush and his cabinet and a cadre of professional politicians including Bush’s senior adviser and deputy chief of staff, Karl Rove. Stephens was Toomey’s principal supporter. Although Toomey lost the primary by less than 2 percent, the campaign effectively launched the Club into the center of key Senate races and established the Club as a significant force in American politics. Toomey became the Club’s president, and in 2010 was elected senator (Pennsylvania).

In 2004, the Club also successfully targeted Senate Majority Leader Tom Daschle (South Dakota). Angered by this defeat, the Democratic leadership filed a complaint against the Club with the FEC, which then issued a consent decree signed by Lois Lerner when she was still the director of the Exempt Organizations Division of the Internal Revenue Service (IRS).[12] Stirred into action, the Club executive director, David Keating, with support from the board, filed suit against the FEC.[13] Keating’s SpeechNow.org v.FEC was a landmark case.[14]

Keating and the Club eventually won the court battle in 2010, and the Court reprimanded the FEC. This decision allowed for the creation of super PACS. Citizens United v. Federal Election Commission[15] was a similar case that allowed for unlimited expenditures but was not the enabling legislation for super PACS that SpeechNow.org spearheaded.

Club’s Conservative Platform

Stephens and the board helped formulate the eight-point conservative agenda for which the Club is known today:

  • Reducing income tax rates and repealing the death tax
  • Replacing the current tax code with a fair/flat tax
  • Calling for the full repeal of Obamacare (the Patient Protection and Affordable Care Act) and the end of abusive lawsuits through medical malpractice/tort reform
  • Reducing the size and scope of the federal government
  • Cutting government spending and passing a balanced budget amendment to the United States Constitution
  • Championing regulatory reform and deregulation
  • Expanding school choice
  • Calling for term limits

The Club for Growth Foundation

Free markets, pro-growth policies, and creating economic prosperity are core principles for The Club for Growth Foundation. Stephens was elected chairman of the Club’s Foundation in 2019. The Foundation has further expanded vote studies and public policy research to include state house and senate legislative races. Every year, the Club for Growth Foundation publishes a vote study on the U.S. Congress allowing citizens to see how congressional members vote on key economic issues (most notably tax increases and government spending).

Arkansas Policy Foundation (APF)

Stephens cofounded APF in 1995 to educate the public about the importance of tax policy and education reform. In 1996, Stephens helped recruit Madison Murphy who led the Murphy Commission (1996–1999).[16] This commission published a groundbreaking study detailing Arkansas state government. “More than 100 community leaders and volunteers developed recommendations to make Arkansas government smaller, more cost-effective and more accountable to taxpayers.”

Stephens chaired the Murphy Commission’s statewide education work group that published research, educated lawmakers, and led to legislation that established the open enrollment, charter school system. This new school system provided parents with an alternative to traditional public-school education. In 2001, Stephens helped establish the very first open-enrollment public charter school in Arkansas: Academics Plus Charter Schools, Inc.[17] Stephens later served on its board.

Music

Stephens began playing an electric piano with his boyhood friend Jimmy Roberts in 1964. The duo formed a band and after several name changes decided on Rayburn. They played clubs, opened for Three Dog Night[18], and acted as Chuck Berry’s backing band when he played in town. In 1974, Jimmy Roberts died of spinal cancer, and Stephens put his musical interests aside. In 2009, Jimmy Roberts’ older brother suggested a reunion of living band members. Since 2010, Rayburn has released two albums, one of which was nominated in three Grammy categories. Stephens expects to release his third album sometime in 2020.

Early Career

From 1973 to 1983, Stephens worked in all aspects of his family’s firm, Stephens Inc.,[19] in Little Rock. At that time, it was an investment/merchant bank, which took Walmart, J.B. Hunt,[20] and others public while making investments for its own account. During his 10 years at Stephens, the firm became the largest investment bank off Wall Street in terms of capital and remained so until 1985.

Education

Stephens received a bachelor's degree in business and economics from Hendrix College[21] in Conway, Arkansas.

Stephens’ founding of Exoxemis in 1987 guided him on a lifelong path of independent empirical studies, reading, and research in the fields of oxygen physics, cellular luminescence, biochemistry, and antiseptics.

Philanthropy

Stephens currently serves on the board of Hillsdale College in Michigan.[22] Hillsdale is considered to be the leading conservative college in the U.S. Hillsdale is privately funded and does not accept any federal funding.

Research Papers
  • Allen, Robert C., Mary L. Henery, John C. Allen, Roger J. Hawks, and Jackson T. Stephens Jr. “Myeloperoxidase and Eosinophil Peroxidase Inhibit Endotoxin Activity and Increase Mouse Survival in a Lipopolysaccharide Lethal Dose 90% Model,” Journal of Immunology Research 2019 (September 30, 2019): 10 pages. Article ID 4783018, https://doi.org/10.1155/2019/4783018 (accessed January 16, 2020).
  • Denys, G.A., P. Grover, P. O’Hanley, and J. T. Stephens Jr. “In vitro antibacterial activity of E-101 solution, a novel myeloperoxidase-mediated antimicrobial, against Gram positive and Gram-negative pathogens.” The Journal of Antimicrobial Chemotherapy 66, no. 2 (February 2011): 335–342. https://academic.oup.com/jac/article/66/2/335/718414 (accessed January 16, 2020).
  • Denys, G.A., N. C. Devoe, P. Gudis, M. May, R. C. Allen, and J. T. Stephens Jr. “Mechanism of Microbicidal Action of E-101 Solution, a Myeloperoxidase-Mediated Antimicrobial, and Its Oxidative Products.” Infection and Immunity 87, no. 7 (July 2019). doi: 10.1128/IAI.00261-19. https://www.ncbi.nlm.nih.gov/pubmed/31010816 (accessed January 16, 2020).
  • Allen, R.C. and J. T. Stephens Jr. “Reduced-oxidized difference spectral analysis and chemiluminescence-based Scatchard analysis demonstrate selective binding of myeloperoxidase to microbes.” Luminescence 26, no. 3 (2011): 208–213. (accessed January 16, 2020).
  • Allen, R.C. and J. T. Stephens Jr. “Phagocyte and extraphagocyte myeloperoxidase-mediated microbicidal action.” Science Against Microbial Pathogens: Communicating Current Research and Technological Advances, M.-V. A. Badajoz, Ed., Formatex Res. Ctr., 2011. (accessed January 16, 2020).
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References
  1. Exoxemis, Inc. (company website)
  2. The Club for Growth (official website)
  3. The Club for Growth Foundation (official website)
  4. http://www.arkansaspolicyfoundation.org/ Arkansas Policy Foundation (official website)]
  5. Grammy Awards (official website)
  6. Robert C. Allen, Ph.D., M.D., noted chemist
  7. Basil Pruitt, M.D., Surgeon
  8. [https://www.biospace.com/article/releases/groundbreaking-research-points-towards-exoxemis-zempia-as-a-proposed-new-weapon-in-medicine-s-armamentarium-to-fight-sepsis-/ Article on Zempia® in Biospace: “Groundbreaking Research Points Towards Exoxemis’ Zempia® As a Proposed New Weapon in Medicine’s Armamentarium to Fight Sepsis,” Oct. 2, 2019]
  9. The Journal of Infection and Immunity, produced by the American Society for Microbiology
  10. Article in the Journal of Infection and Immunity: “Myeloperoxidase Selectively Binds and Selectively Kills Microbes.”
  11. Federal Election Commission (official website)
  12. Internal Revenue Service (official website)
  13. “Meet the Man Who Invented the Super PAC.” TIME.com, May 13, 2015
  14. “FEC Record: Litigation, “SpeechNow.org v. FEC (Appeals court), May 3, 2010
  15. “Citizens United v. FEC: Facts and Falsehoods” by the Institute for Free Speech (IFS)
  16. [http://arkansaspolicyfoundation.org/murphy_comission.html “Murphy Commission” page at the Arkansas Policy Foundation website
  17. Academics Plus Charter Schools, Inc. (official website)
  18. Three Dog Night (official website)
  19. Stephens Inc. (official website)
  20. Hunt, transportation services
  21. Hendrix College in Conway, Arkansas (official website)
  22. Hillsdale College in Michigan
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