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The biotechnology and innovation landscape in Virginia is set for significant growth, thanks to a recent award from the state’s GO Virginia economic development program and a strategic partnership between CvilleBioHub and the University of Virginia (UVA).This award will inject a crucial business component into Virginia’s existing biotech ecosystem, bolstering the success of high-potential, early-stage life sciences companies. GO Virginia has allocated a $14.3 million funding package to three biotech organizations across Virginia as part of the multiregional initiative “Project VITAL: Virginia Innovations and Technology Advancements in Life Sciences.”

CvilleBioHub, a regional, industry-led organization, received $4.3 million of this award and will collaborate with UVA to establish the region’s first laboratory accelerator at North Fork, a UVA Discovery Park. The  Commonwealth BioAccelerator will attract, build, and prepare promising life sciences companies for the commercialization of innovations in therapeutics, medical devices, tools, and digital health aids to address unmet needs in large markets.

Nikki Hastings, Co-founder and Executive Director of CvilleBioHub, stated, “GO Virginia’s investment in CvilleBioHub will enable a significant expansion of the biotech industry in the Charlottesville region. Our organization is dedicated to bringing biotechnology research goals to life, and this partnership is a game-changer for promoting the growth of the biotech industry in Charlottesville and the Commonwealth. We are so excited to initiate and lead this project following years of strengthening the regional ecosystem.”

The University will supplement the $4.3 million award with a $750,000, three-year lease for a state-of-the-art, 6,500-square-foot wet lab and office space, along with an additional $300,000 from Albemarle County Economic Development, $100,000 from UVA’s recently established entrepreneurship initiative, UVA Innovates, and $75,000 from the City of Charlottesville to support the accelerator’s programming. The total project funding exceeds $7.5 million with additional support from private donors and local economic development entities in Albemarle County and the City of Charlottesville.

Paul Manning of the Manning Family Foundation, who recently supported the creation of the UVA Manning Institute of Biotechnology, shared his enthusiasm for the project: “The establishment of the Commonwealth BioAccelerator is a pivotal development for the region’s biotech industry. This initiative will create a dynamic environment for life sciences companies to thrive, accelerating innovation and commercialization. We are proud to support this transformative project that will drive economic growth and improve lives through cutting-edge research and treatments.”

The accelerator is expected to be a vital addition to the local entrepreneurial ecosystem, serving as a catalyst for advancing technologies and solutions from UVA’s labs into the market. Mike Lenox, Tayloe Murphy Professor of Business Administration at the Darden School of Business and Special Adviser to the Provost on Entrepreneurship, remarked, “The Commonwealth BioAccelerator will be a critical addition to our entrepreneurial ecosystem, driving forward technologies emerging from UVA’s research laboratories and the Manning Institute of Biotechnology.”

Project VITAL, which includes the Commonwealth BioAccelerator and other projects across the state will build on a $90 million state investment in research institutions announced in late 2023. The accelerator lab is expected to launch next month, marking a significant milestone in public-private partnerships and the advancement of biotech innovation in the region.

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