CvilleBioHub Awarded a GO Virginia Grant to Grow Regional Life Sciences Sector
Monday, December 16, 2019
CvilleBioHub has been awarded $548,000 grant over a two year period from GO Virginia. This award will support the project called, Biotech Innovation Cluster Growth, in leveraging over $740,000 in additional non-state funding for the project.
CvilleBioHub will lead the growth and expansion of the biotechnology innovation cluster within the region. This initiative will serve the needs of existing companies through programming, planning and design of wet lab space, workforce training and candidate matching opportunities. The GO Virginia funds will be used for personnel, programming, design plan, equipment, and internships. The County of Albemarle and the City of Charlottesville provided local match to qualify for this grant. Other partners providing significant support include: UVA Licensing & Ventures Group, Quantitative Foundation, UVA Economic Development and the many ventures and businesses associated with CvilleBioHub.
“This is the biggest opportunity for the region to build the biotechnology innovation cluster in a way that it hasn’t been done before -- from the ground up and in service to existing and emerging companies,” said Nikki Hastings, executive director of CvilleBioHub. “GO Virginia is enabling us to do this important work. We have set out the vision, and this is the mechanism for us to have a greater impact.
”The grant will enable the organization to support the creation of 70 new jobs, 15 internships, and 7 new companies, as well as, to develop a plan for addressing the gap in available wet lab space.
The Charlottesville and Albemarle region has the highest concentration of life science organization in Virginia and is home to more than 50 companies employing over 1,800 people. The local industry has attracted more than $118 million in investments, generating about $17 million in revenue in 2016 and over $4 million raised in competitive grant funding in the last five years.
“This project is advancing several opportunities identified in the Region 9 Growth Plan Update that will drive industry and economic growth. We expect more great things from CvilleBioHub as they work to expand the economic impact of the life sciences cluster in our region and connect it statewide,” says Jim Cheng, Chair of GO Virginia Region 9 Chair.