November 09, 2010
The Portland Development Commission (PDC) announces today’s opening of a new $1.5 million bioscience wet-lab at the Portland State University Business Accelerator (PSBA) at the corner of SW Corbett Avenue and SW Meade Street. The bio-lab will support startup companies in Oregon’s growing bioscience industry, and supports the city’s economic development strategy to drive innovation and entrepreneurial activity.
The new facility provides 2,700 square feet of specialized lab space for six promising bioscience companies that are developing new drugs, medical devices, and other biological and chemical innovations. Labs with equipment such as fume hoods and autoclave sterilizers are expensive and rare in Portland, a major obstacle for startup companies that need them for research.
PDC worked in partnership with PSU, Oregon Health & Science University (OHSU) and Oregon Bioscience Association to complete the new bio-labs. Five bioscience companies have agreed to lease the space: DesignMedix; Floragenex, Inc.; HydraDx, Inc.; Home Dialysis Plus; and Lux Bio Group.
The PSBA has served approximately 40 companies since it opened six years ago, and 84 percent of them are still operating. More than 20 client companies fill 40,000 square feet of lab and office space, including the 2,700 square feet of new bioscience wet-lab space. Most companies meet key milestones and graduate within three years of occupancy. Sixty percent of all Portland-area venture investment this year went to companies housed at the PSBA.