BioLabs LA at The Lundquist Institute Celebrates 1 Year of Innovation with 20 In-House Startup Companies
State-of-the-art lab and office space is home to biotech companies that have raised more than $31 million
LOS ANGELES, June 17, 2020 /PRNewswire/ -- BioLabs LA at The Lundquist Institute, an 18,000 square foot flexible and state-of-the-art co-working lab and office space, just celebrated its first year of operation as home to 20 companies and 59 resident scientists. Located on the third floor of an 80,000 sqft research facility filled with more than $1.5 million worth of shared equipment at The Lundquist Institute, members also have access to the amenities and resources of the entire institute, located on the Harbor-UCLA Medical Center campus near Torrance. Take a virtual tour to see what the space can offer life science entrepreneurs.
In its first year of operation, BioLabs LA at The Lundquist Institute surpassed all initial expectations, both in terms of companies in residence and innovations being produced at the facility. Almost half of the member companies started in the Los Angeles area, a burgeoning bioscience hub, but others have come from as far Asia and Australia. One company has even relocated from the Bay Area to The Lundquist Institute—showing the southern part of the state's increasing attractiveness as a place for startups.
These companies are doing research across a wide range of areas, including drug, medical device and diagnostics development. Their businesses have also benefited since moving into BioLabs LA at The Lundquist, with milestones including a reverse merger to achieve a public listing, funding initiatives that have raised more than $31 million for member companies, and new collaborations forged by the extensive network provided by both BioLabs and The Lundquist Institute.
Science and the Future
BioLabs LA is part of the broader BioLabs and Lab Central network, comprising 10 labs across the United States with more than 300 member companies. About 10% of these member companies have shifted their focus to meet the pressing demand of combating the COVID-19 pandemic. BioLabs is proud to enable these companies with needed support and resources to ensure they are successful in their attempts to solve this global pandemic.
After the first year of being fully operational, the team at BioLabs LA continues to help its members generate data-driven research that positively impacts the world. In the upcoming years, BioLabs' vision is to be the beacon for innovation that fosters additional life sciences diversity in Los Angeles and guarantees a home for entrepreneurs in the nation's newest biotech hub at The Lundquist Institute, the anchor of the region's burgeoning bioscience economy.
"We are beyond pleased with the success of the incubator and our partnership with BioLabs," said Keith B. Hoffman, PhD, the Senior Vice President for Business Development and Technology Transfer and at The Lundquist Institute. "The quality of the startups already in our space is remarkable and a testament to the shared vision we had along with Supervisor Mark Ridley-Thomas, the entire Los Angeles County Board of Supervisors, philanthropists Richard and Melanie Lundquist, and the Economic Development Administration. I want to sincerely thank them all for their essential financial support that allowed us to launch the premier bioscience co-working space in Los Angeles. We have no intention of resting on these impressive gains over our first year. In fact, along with BioLabs and the rapidly expanding bioscience community in the region, we are excited to expand our joint efforts to make Los Angeles one of the premiere bioscience destinations in the world."
"The Lundquist Institute is a center of innovation for the country's next great biotech hub here in Los Angeles," said David Meyer, PhD, President and CEO of The Lundquist Institute. "I am proud to have welcomed so many great entrepreneurs to our campus in just one year."
"As we work to make Los Angeles County the center of bioscience innovation at all levels, The Lundquist Institute has been one of our region's most important assets," said Supervisor Mark Ridley-Thomas, Los Angeles County Supervisor. "The life sciences offer the rare opportunity to save lives and transform our local economy. We're all in with the entrepreneurs who are Long LA."
About The Lundquist Institute: "Research with reach."™
The Lundquist Institute, formerly the Los Angeles Biomedical Research Institute (LA BioMed), is an engine of innovation with a global reach and a 68-year reputation of improving and saving lives. With its new medical research building, its state-of-the-art incubator, "BioLabs LA at The Lundquist," existing laboratory and support infrastructure, and a 15-acre biotechnology park in the planning stages, the Lundquist Institute is poised to serve as a hub for the Los Angeles area's burgeoning biotech scene. The research institute has over 100 principal investigators (PhDs, MDs, and MD/PhDs) working on more than 600 research studies, including therapies for numerous orphan diseases, and is responsible for innovations including the first FDA-approved treatment for sickle cell disease in 20 years. Find out more at https://lundquist.org
About BioLabs
BioLabs is a membership-based network of shared lab facilities located in the nation's key biotech innovation clusters, designed exclusively for high-potential, early-stage life science companies. It offers co-working environments that pair premium, fully equipped and supported lab and space with unparalleled access to capital and industry partners. Find out more at https://www.biolabs.io/
The Lundquist Institute Contact
Keith B. Hoffman, PhD
Senior Vice President
Business Development & Technology Transfer
(310) 974-9301
[email protected]
BioLabs LA Contact
Gary Olsem
Site Director
(310) 618-6999
[email protected]
SOURCE BioLabs at The Lundquist Institute
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