By Mike Mather, mike.mather@virginia.edu
State leaders announced last week that they have allocated another $7.5 million to fund the Commonwealth BioAccelerator at the University of Virginia’s North Fork Discovery Park. The University will match the grant, for a total of $15 million.
This funding is on top of $4.3 million provided by the commonwealth earlier this year to CvilleBioHub, a regional industry-led organization formed to support cutting-edge biotechnology science, research and investment in the region. University and private funding added millions more to that initial investment.
Now, with the most recent $15 million funding announcement, CvilleBioHub and the University are at the regional forefront for developing life sciences breakthroughs.
Virginia Secretary of Commerce and Trade Juan Pablo Segura made the announcement during a visit to the North Fork Discovery Park.
“The work being done here at CvilleBioHub shows what’s possible when we invest in the intersection of science, academics and entrepreneurship,” Segura said. “This accelerator is not just about startups. It’s about positioning Virginia as a destination for world-class biotech innovation, job creation and long-term academic growth.”
The CvilleBioHub is designed to invigorate the regional biotech industry by providing infrastructure and resources for both established and fledgling life sciences companies.
“This is establishing the cornerstone for Virginia’s biotech future,” Nikki Hastings, M.S. in Commerce Program Biotechnology Track Director and CvilleBioHub Executive Director, said. “By aligning public funding, academic strength and commercial energy, we’re building a new model for how regional ecosystems can drive national innovation.”
