CAMBRIDGE, Mass., April 8, 2021 /PRNewswire/ --LabCentral, a network of premier laboratory and co-working facilities for high-potential biotech start-ups, today released its annualImpact Reportdetailing the influence of its resident and alumni companies on the local and national life sciences and biotech industry in terms of funding, job creation, economic development, IPOs and new programs from the past year. The 2020 Impact Reportis available to view and download from LabCentral's website, in addition to reports from previous years.
The 2020 Impact Report also details the technical and scientific pivots made by several LabCentral resident and alumni companies to address the COVID-19 pandemic, as well as LabCentral's role in the formation of the Cambridge Consortium for Rapid COVID-19 Tests (CCRCT).
Key statistics from the LabCentral 2020 Impact Report include:
- Economic Development Since its opening in 2013, LabCentral has supported 201 early-stage companies that have added 3,132 new jobs to the Massachusetts economy. In 2020, the companies added 737 new jobs, an increase of 56% over the previous year. In addition, 70% of LabCentral alumni companies are located within five miles of LabCentral's original space at 700 Main Street.
- Funding LabCentral companies have raised a total of $9.15 billion since 2013. In 2020 alone, LabCentral resident and alumni companies secured $3.68 billion in funding. For venture capital, LabCentral companies secured 33% of all early-stage (seed and Series A) bio-pharma financing for the state of Massachusetts and represent 12% of all the national early-stage financing.
- IPOs and M&A In 2020 there were 21 IPOs of Massachusetts based bio-pharma companies and seven of these companies or 33% of the total got their starts within the LabCentral network and they are collectively now valued at $8.3 billion.
- Patents Since 2013, LabCentral resident and alumni companies have been issued 113 patents based on their scientific research and technical innovations.
- STEM Education and Diversity, Equity, Inclusion and Belonging (DEIB) Outreach In 2020, LabCentral launched LabCentral Ignite with the purpose of broadening the talent base for the biotech industry by developing a platform for investors, corporations, and organizations to coalesce their efforts in supporting systemic change and hiring diverse talent. As part of the effort, LabCentral Ignite awarded $185,000 in grant monies to 10 local organizations to coordinate, support and connect STEM and workforce education non-profits with biotech start-ups, investors and sponsors for larger impact.
- COVID-19 Response The CCRCT was formed in the fall of 2020 to combine resources for the validation of fast, affordable diagnostic assays to provide SARS-CoV-2 screening for asymptomatic populations as part of a strategy for safely returning to work, school or other aspects of daily life. In addition to validating the efficacy of the Direct Antigen Rapid Test (DART) developed by E25Bio, the CCRCT allowed for LabCentral to continue to operate while at reduced capacity. The CCRCT administered a total of 6,442 COVID-19 tests to the LabCentral and BioLabs communities last year.