PA Biotech Center just announced a $50M investment fund and accelerator - Technical.ly Philly

Sciences

Jul. 25, 2019 7:12 am

PA Biotech Center just announced a $50M investment fund and accelerator

The Doylestown-based life sciences incubator announced it's also adding a new building to the campus for the accelerator, with expected completion in 2020.
Pennsylvania Biotech Center’s future expanded campus.

Pennsylvania Biotech Center's future expanded campus.

(Courtesy image)

The Pennsylvanian Biotech Center is launching a $50 million dollar investment fund and accelerator for early-stage companies, the nonprofit life sciences incubator announced Wednesday.

Hatch BioFund Management, LLC, the overarching organization for the new initiatives, will be headed by financial services firm Janney Montgomery Scott’s former managing director in healthcare investment banking, Vladimir Walko.

While the fund will primarily fund seed stage and Series A rounds for incubator companies the center is already familiar with, the Hatch BioAccelerator Program will focus on pre-incubator companies for the center to follow from early-stage investment to market. The accelerator will offer young companies seed capital, lab space, business creation services and guidance, and other resources.

“We really focus on collaboration,” PA Biotech Center COO Louis Kassa said. “We can work together, cross-pollinate and from that help [companies] with their success, expediting whatever science they’re trying to achieve.”

The center, which was voted one of the most successful life science centers in the U.S. last year by the International Business Innovation Association, created the fund as a way to generate more revenue for its research while helping local companies. The fund will be available to both current companies working in the center’s incubator, as well as four to five pre-incubation companies in the accelerator program.

Kassa said the new program is available for both the one- to two-person companies the center incubates as well as larger operations.

“One of our ingredients is that we don’t kick companies out, because senior companies help our ecosystem stay strong,” Kassa said.

The COO said the Biotech Center’s location is key to its success: Based in the heart of the “Pharma Belt” — between New Jersey and Philadelphia — the Doylestown campus offers close access to nine local universities and is within 100 miles of 70% of all pharmaceutical companies, according to Kassa. The nonprofit is also adding a new building to the campus for the accelerator, with expected completion in 2020.

Advertisement

“I think that we have a tremendous opportunity to be one of the biotech hubs of the country,” Kassa said. “I think Philadelphia definitely has the talent.”

-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

A cell and gene therapy development center is taking 680K square feet at KOP’s Discovery Labs

A new Philly nonprofit connects life science pros to poverty-fighting volunteer opportunities

Patient transportation startup Roundtrip gets a new partnership amid year of growth

SPONSORED

Philly

How the history of Linode HQ inspires its employees

Chesterbrook, PA

Deacom

Software Consulting Specialist

Apply Now

1217 Sansom Street, Philadelphia, PA 19107

Perpay

Performance Marketer

Apply Now

Chesterbrook, PA

Deacom

Software Implementation Consultant

Apply Now

With a $6.8M raise, Circonus has eyes on making Philly its HQ

This rising Philly-made startup is shutting down. Here’s why, in its founder’s words

Philadelphia prayed for a tech unicorn with a household name. Now what?

SPONSORED

Philly

When it comes to diversity, Vanguard puts its money where its mouth is

Philadelphia, PA

Vistar Media

Software Engineer

Apply Now

Philadelphia area

Chariot Solutions

Mobile Developers

Apply Now

1217 Sansom Street, Philadelphia, PA

Perpay

Director of Marketing

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!