CAMBRIDGE, Mass., April 30, 2019 /PRNewswire/ -- LabCentral, the premier laboratory facility for next-generation powerhouse biotech start-ups, today released its annual Impact Report detailing the influence of its resident companies, alumni, and operations on the local and national life sciences and biotech industry in terms of funding, mergers and acquisitions, job creation and economic development, and clinical activity as well as broader community engagement. The 2018 Impact Report is available to view and download from LabCentral's website, along with reports from previous years.
Based in Kendall Square and within walking distance of thirteen of the top 20 biopharmaceutical companies in the world, LabCentral is a private, non-profit organization that provides wet lab space, operational support and community programming. Together, these help promising life sciences and biotech start-ups focus on developing new innovations and growing their companies in a collaborative and creative space featuring a unique culture.
The 2018 Impact Report underscores the broad impact LabCentral is having in the industry after five years of operations. Key statistics from this year's report include:
- Economic Development – Since its founding, LabCentral has supported 109 companies. Since 2013, resident and alumni companies have created 1,922 new jobs in Massachusetts. In 2018 alone, 725 new jobs were added, an increase of more than 60% over the previous year. In addition, 77% of alumni companies are now located within 2.5 square miles from LabCentral.
- Funding – Over the past five years, more than $4.1 billion has been invested in LabCentral resident and alumni companies with $2 billion of that raised in 2018. For the second year in a row, LabCentral resident and alumni companies closed 10% of all national Series A biopharma funding.
- IPOs and M&A – In 2018, four LabCentral resident companies went public and raised $540 million, which represents 6% of the total life sciences IPOs nationally. Since its founding, LabCentral has had five companies complete IPOs and three exit through merger or acquisition.
- Community Engagement – Since 2013, LabCentral has seen 25,000 visitors, and hosted 710 programs ranging in topics from biotech to business development along with sponsor events, social and networking opportunities and community engagement, including featuring local artists through its Gallery 1832 initiative and supporting the Community Art Center, CASPAR, KSA, Kendall Community Group, Harvard Homeless Shelter and other groups.
"What started as an idea five years ago has grown and flourished into a life sciences innovation engine and hub of entrepreneurship and community in the heart of Kendall Square," said Johannes Fruehauf, co-founder and president, LabCentral. "As detailed in this year's Impact Report, our model of fostering the growth of early-stage companies works and is not just a platform for accelerating new scientific discoveries or growing companies, but also creating a space to engage, collaborate and help develop the entire Cambridge community."
LabCentral was funded in part by two $5 million grants from the Massachusetts Life Sciences Center, with support from its real-estate partner, MIT. Founding sponsors include Triumvirate Environmental, Johnson & Johnson Innovation, Roche and Eppendorf. LabCentral 610 is supported by Pfizer and is located alongside their Center for Therapeutic Innovation, with the intention of fostering collaboration between resident companies and Pfizer's own research and development network.
Additionally, LabCentral is the operating partner for the Pagliuca Harvard Life Lab. LabCentral also provides dedicated wet lab space to MIT's The Engine to give their companies access to the community of scientists, space, and instrumentation necessary to further their technology.
A private, non-profit institution, LabCentral was founded in 2013 as a launchpad for high-potential life sciences and biotech start-ups. Operating a total of 100,000 square-feet in the heart of Kendall Square in Cambridge, Mass., LabCentral offers fully permitted laboratory and office space for as many as 70 start-ups comprising approximately 500 scientists and entrepreneurs. More information is available at www.labcentral.org.
Three Rings Inc. (for LabCentral)