CvilleBioHub, an organization that connects Central Virginia life sciences companies, has been awarded $83,000 in state funding from GO Virginia.
The organization will use the additional funding to hire a full-time employee in an effort to turn the existing, informal network of 50 Charlottesville-area companies into something more sustainable that, it’s hoped, will attract more biotech startups, CvilleBioHub co-founder Nicole Hastings told The Daily Progress in May.
The new employee will be focused on collecting data about the industry’s local economic impact.
In May, GO Virginia identified four regional projects that it believes have potential to create high-paying local jobs and boost exports of Virginia-made projects. This past week, CvilleBioHub received state approval for funding, the last step in the process. (Another project, which would add an adult beverage manufacturing certificate at Piedmont Virginia Community College, was approved in June.)
Charlottesville has the “highest concentration” of biotech companies in Virginia, according to CvilleBioHub’s site. The University of Virginia and Charlottesville’s proximity to Washington make it an ideal location for biotech startups.
CvilleBioHub’s 50 member companies employee more than 1,800 people and generated $17 million in revenue in 2016, according to the organization. They see the Charlottesville area as having potential for rapid growth in the life science and biotech industries.