Shapiro administration launches $125M fund for biotech startups
PHILADELPHIA (KYW Newsradio) — Pennsylvania has created a new fund for startups that state officials hope will grow the life sciences industry and create new jobs.
Gov. Josh Shapiro came to Philadelphia on Tuesday to announce that there’s $125 million in the new state budget for nurturing new biotechnology, including the creation of a statewide clinical trial network, through a fund called Innovate PA 2.0.
“We now have more dollars than ever before for startups who are going to do the next lifesaving treatment that’s going to propel Pennsylvania forward and help do great things for people all across this great nation,” he said.
The governor said the fund would build growth the state is already seeing in life sciences, pointing to recent investments by Eli Lilly, Johnson & Johnson and GSK.
“There’s a ton of excitement and forward momentum in this space and Innovate PA 2.0 will build on that momentum
Trade group Life Sciences PA has nearly a thousand members. CEO Chris Molineaux said nearly 400 have 10 or fewer employees.
“That many startups, it’s cause for optimism for sure,” he remarked. “Entrepreneurism is alive and well in Pennsylvania, but it’s also an extremely fragile community.”
The Department of Community and Economic Development plans to post an online application in the coming months. The funding will be available next year, just in time for the BIO International Convention — the world’s largest biotech and life sciences event — which comes to Philadelphia next June.
