February 10, 2010

Portland, Oregon – On February 10, 2010, the Portland Development Commission (PDC) authorized funding to support the construction of more than 2,000 square feet of new wet lab space at the Portland State University Business Accelerator (PSBA), located at 2828 SW Corbett Avenue. Construction will begin in March to create up to six new private lab spaces for companies and common lab space for use by additional companies, addressing the requirements particular to wet labs, including access to direct ventilation, water and specialized piped utilities. The space was made possible as the result of a partnership between the PDC, Oregon Health & Science University (OHSU) and Portland State University (PSU), with input from the Oregon Bioscience Association (OBA).

Based on OBA’s 2008 Segmentation and Cluster Analysis of biotechnology companies, a shortage of wet lab space in the Portland metro area is one factor that influences companies to establish themselves outside of Portland and Oregon. The new wet lab project will ease that shortage, create immediate jobs in construction and provide space for research and product development to both existing and new tenants of the PSBA, which currently houses seven companies in the bioscience sector.

“PDC, OHSU, and PSU share a commitment to economic growth in the Portland area, and we are excited to work with the Oregon Bioscience Association to maximize the impact the new wet lab resource can have for the Portland area and bioscience industry,” said Bruce Warner, PDC Executive Director.

The project is expected to have six small private labs built around a shared lab. Private labs range in size from 165 square feet to 400 square feet. The 1,000 square foot shared lab is expected to contain shared core equipment that is necessary for small young start-up companies. In turn, expenses that would otherwise be allocated to acquiring such resources can be directed to research and the development of products. Leases for the private labs are anticipated to run from $1,000 to $1,600 per month.

About the Portland State Business Accelerator
Founded more than five years ago, the Portland State Business Accelerator has served more than 42 technology startup companies. These companies seek to develop and use an affiliation with PSU to grow their businesses and are part of an entrepreneurial community that share ideas and resources. The PSBA connects companies with business development coaching and advisors from the business community and PSU. Working with as many as twenty businesses at a time, the PSBA has “graduated” 84 percent of its tenant companies, most of which have remained in the Portland area, contributing to the local economy. With a success rate of 84 percent with primarily small or startup companies, the PSBA ranks well above the average 20 percent success rate of non-incubated companies. Visit www.psba.pdx.edu for more information. For lab space availability, please contact Dana Bostrom at 503-725-8454.

About Oregon Health & Science University
Oregon Health & Science University is the state’s only health and research university and Oregon’s only academic health center. OHSU is Portland’s largest employer and the fourth largest in Oregon (excluding government). OHSU’s size contributes to its ability to provide many services and community support activities not found anywhere else in the state. It serves patients from every corner of the state, and is a conduit for learning for more than 3,400 students and trainees. OHSU is the source of more than 200 community outreach programs that bring health and education services to every county in Oregon.

About the Portland Development Commission
PDC’s mission is to connect people and resources to achieve Portland’s vision of a diverse, sustainable community with healthy neighborhoods, a vibrant central city, a strong regional economy, and quality jobs and housing for all. As the city’s economic development agency, PDC helps existing and new businesses navigate a wide variety of public and non-profit resources; assists businesses in evaluating Portland as a viable and effective location where a company can thrive; and connects business owners with financial and technical resources that can give companies a competitive edge. PDC is committed to regional economic growth and sustainability, with particular interest in green technology for projects and buildings.

About the Oregon Bioscience Association
The Oregon Bioscience Association and its 180 member companies work for Oregon’s biotechnology and life science industries to create opportunity through community, collaboration and commercialization. OBA promotes the growth and quality of the bioscience industry in Oregon and continually seeks ways to support sustainability and growth in the life science, bioscience, biotechnology and device manufacturing industries and to create acceleration initiatives so members can achieve their full scientific, economic and social potential. OBA, a nonprofit membership association, is the Oregon affiliate of the Biotechnology Industry Organization.

Oregon has 602 bioscience establishments and 13 life science research institutions generating $6.2 billion in economic activity, 37,040 jobs, $1.7 billion in personal income and $250.5 million in local and property tax revenues. More about the Oregon Bioscience Association can be found at www.oregonbio.org.