LabCentral 2022 Impact Report: Companies Raised $6.05 Billion in Funding Including 21% of All Early-Stage Funding Nationwide, Granted 56 Patents and Dosed 4,504 Participants in 37 Clinical Trials

Resident and alumni companies also created 1,284 new jobs in 2022 to bring the total to 5,892 new biotech jobs added to the economy by LabCentral companies since 2013

CAMBRIDGE, Mass., April 11, 2023 /PRNewswire/ -- LabCentral, the first-of-its-kind network of shared laboratory spaces designed as launchpads for high-potential biotech startups, today announced its annual Impact Report detailing the influence of its 81 resident and 166 alumni companies on the local and national life sciences and biotech industry. The impact was measured in terms of funding, patents, clinical trials, job creation as well as LabCentral's expanded facilities and programs from the past year. The 2022 Impact Report is available on LabCentral's website along with reports from previous years.

Key statistics from the LabCentral 2022 Impact Report include:

• Funding – LabCentral companies have raised a total of $22.95 billion in funding since 2013. In 2022 alone, LabCentral resident and alumni companies secured $6.05 billion in total funding and acquisition proceeds from all sources. Underscoring the quality of their scientific research, LabCentral companies secured 35% of all early-stage (seed and Series A) bio-pharma financing for the state of Massachusetts and represent 21% of all early-stage financing nationwide.
• Patents – Highlighting the success of accelerating new research into intellectual property, LabCentral resident and alumni companies were granted 56 patents in 2022 – a full 35% of the total number of patents (160) residents have been granted since 2013.
• Clinical Research – Resident and alumni companies have started 116 clinical trials since 2013, including 37 last year researching unique indications with various technologies. As part of those trials over the past 10 years, 11,421 participants have been dosed.
• Economic Development – Since its opening in 2013, LabCentral has supported 247 early-stage companies that have added 5,892 new jobs to the economy. In 2022, the companies added 1,284 new jobs.

Additionally, LabCentral significantly expanded its lab capacity in 2022 and started to see impactful results from its LabCentral Ignite initiative that is designed to expand and diversify the biotech and life sciences industry:

• LabCentral 238 & The Blavatnik Harvard Life Lab Longwood – To continue meeting the growing demand of biotech startups through different phases of their growth, LabCentral added 60,000 square feet of operational lab space with the opening of the second half of LabCentral 238 as well as the The Blavatnik Harvard Life Lab Longwood – expanding capacity for companies needing scale-up biomanufacturing as well as early-stage bench science opportunities.
• LabCentral Ignite – The bold initiative to expand diversity, equity and inclusion in biotech and life sciences expanded its platform, partners and programming and began to show real impact in the market. The inaugural winners of LabCentral Ignite Golden Tickets both closed significant rounds of funding in 2022, including a $10 million Series A for Nanopath and a $6 million seed round for Harmony Baby Nutrition. In addition, the Career Forge training program graduated two cohorts with more than 50% of them already in jobs earning an average salary of $75,000.  

"By any measure – funding, patents, clinical trials, economic growth and more – LabCentral stands alone as a unique network of lab facilities and scientific community in the heart of Kendall Square with a singular mission to accelerate life sciences innovation in the service of human health," said Johannes Fruehauf, co-founder and president of LabCentral. "Against a backdrop of broader macro-economic challenges last year, the value and benefit of being part of our vibrant community is evident in the data – whether it is four of the 10 largest Series A fundings coming from LabCentral companies, more than a third of the patents granted to LabCentral companies coming just last year or that the number of participants dosed in clinical trials increasing 65% in 2022. It's clear that impactful science is being funded and accelerated through LabCentral."

About LabCentral
LabCentral is a network of laboratory spaces and scientific communities, purposed designed to jumpstart the launch of promising early-stage life-sciences companies and accelerate scientific innovation in service of human health. 

Operating over 225,000 square-feet in Cambridge and on the Harvard University Campus, LabCentral is a convener of biotech stakeholders, connecting early and mid-stage companies with established institutions and organizations in the industry. LabCentral provides first-class operational support, curated events and programming, and access to a diverse network of sponsors to as many as 125 startups comprising approximately 1000 scientists and entrepreneurs. 

More information is available at www.labcentral.org.

SOURCE LabCentral