CvilleBioHub’s first Industry Report on the scope of the biotechnology industry in the CvilleBioHub Region (CBR) highlights the growing economic and societal impact from jobs, capital and innovation. The report details the more than 65 companies emerging and growing within the region and shows activity and investment by sector, from medical devices and therapeutics to biomanufacturing and health tech.
“The CvilleBioHub Region is a thriving ecosystem with access to capital, infrastructure and a growing, highly skilled workforce,” said Nikki Hastings, executive director of CvilleBioHub. “This is a diverse industry with multiple sectors represented and we help drive the dollars in our regional economy with $1.2 billion in total economic activity.”
Key findings from the first-of-its kind report
Talent: The CBR employs 1,950 people with high-paying, career ladder jobs totaling $350 million in wages. For every biotech job in the region, 1.7 more jobs are created.
Impact: The CBR contributes to a total of 5,261 jobs and $1.2B in economic activity, which is above average compared to other industries in the region.
Capital: Companies have financed their efforts through more than $330M in support, which includes $276M in private, angel and venture capital investments and $54M of nondilutive grant awards.
Infrastructure and Facilities: The industry occupies 839,800 square feet of space at an average of $25 per square foot with a growing need for specialty wet lab space.
Mergers & Acquisitions: Nine major acquisitions or Initial Public Offerings (IPO) were announced between 2008-2019, offering a return on investment for early participating angels and validating the successful entrepreneurial talent in the CBR.
“This comprehensive industry report shows a building of and formalization of a community with all the components to develop a true BioHub,” said Bob Creeden, managing director of UVA LVG Seed Fund, a CvilleBioHub partner and active early stage investor in Charlottesville biotech companies. “The successes chronicled to date will help the region attract funding and the demonstrated growth will attract top leadership talent.”
The report also shows how the CBR is attractive from an economic development vantage point, with key partnerships in higher education, local government and industry, and results in high economic multipliers, according to Jim Cheng, GO Virginia Region 9 Council Chair.
“Biotechnology is a strength for our state and provides an opportunity to diversify industries in Virginia,” Cheng said. “This is the first time we have seen an initiative so directed and showcasing a critical mass of community and industry.”