The University of Pittsburgh is in negotiations to launch a new life sciences incubator in the heart of Oakland.
In partnership with Wexford Science and Technology’s Connect Labs, the University of Pittsburgh (Pitt) plans to spend $20 million over the next two years to renovate 3343 Forbes Ave., a three-story, 26,000-square-foot building next to the Residence Inn, into a space with wet labs, offices and scientific equipment. Wexford would then manage the facility and run incubator programming, according to a university spokesperson.
The university will be seeking startups with limited capital, focused on life sciences like drug development, healthcare IT or medical devices.
“This is similar to the coworking spaces that you see through Avenu and InnovatePGH where you just go and rent a desk,” a Pitt spokesperson told Technical.ly.
The university will be seeking startups with limited capital, focused on life sciences like drug development, healthcare IT or medical devices. Pitt spinouts and Pittsburgh startups will not be given priority access to the space, according to the spokesperson.
Connect Labs will manage the application process, and a Pitt-Wexford joint committee will determine final tenants, the spokesperson said.
Since the cost of lab space and equipment can be steep for early-stage biotech and medtech startups with small teams and limited funding, Wexford is known for developing these coworking-style spaces across the country.
“For early-stage life sciences startups, the cost of specialized equipment and access to quality lab space can be the difference between a promising idea moving forward and never getting off the ground,” Rob Rutenbar, senior vice chancellor for research, said in the project’s announcement. “This new incubator will remove that barrier for some companies and give them more of a reason to build their future here in Pittsburgh.”
This type of project isn’t new for Pitt. The city is a growing life sciences hub but still lacks developed real estate space for small companies to plant roots here, the spokesperson said.
Pitt previously invested in BioForge, a $250 million biomanufacturing facility at Hazelwood Green. Now both Pitt spinouts and out-of-state companies have committed to operating there to develop new, less expensive biomanufacturing techniques.
The partnership with Wexford aims to fill a lab-sized gap in regional real estate, according to the Pitt spokesperson.
“Over the last five years, we’ve spun out almost 70 new companies, with the vast majority being life sciences, and if they need a place to go to plant their roots, right now that doesn’t exist,” the spokesperson said, adding, “It’s also an interesting opportunity to bring other small companies to the region who want to be in our ecosystem.”
