Helomics teams with investment firm to launch biotech incubator in Pennsylvania, US

By Flora Southey contact

- Last updated on GMT

iStock/shironosov
iStock/shironosov

Related tags: Biotechnology, Finance

Helomics Corporation and Pittsburgh Life Sciences Greenhouse (PLSG) have collaborated to form a biotechnology incubator with a precision and diagnostics medicine focus.

The contract research organisation’s (CRO) CEO Gerald Vardzel told us the venture will help biotechnology firms move towards commercialisation via drug and biomarker development, and validation services.

Vardzel said by offering early-stage companies laboratory space, funds that may otherwise have been spent on infrastructure can be invested in technologies.

The idea is to cater for developers with limited funds Vardzel explained, adding,“It’s very important that we get some of these early successes, and enable them to use their limited capital in a cost efficient, timely manner.”

“Utilising their capital on the development of the technology, instead of spending it on laboratory space and infrastructure, will have a meaningful impact on their development.”

“Hopefully this will minimise risk and allow companies to employ their capital in a more efficient way,”​ he told us.

PSLG CEO James Jordan said incubator funding is often a key component of the commercialisation process.

“Technology is critical: however, it is only the beginning of the process which successfully ends with a commercialised product obtaining revenue and profit. The process is aided by the ecosystem, which frequently is composed of a progression through incubator funding and angel capital funding followed by venture capital,”​ he said.

Vardzel said he thought the incubator would attract customers to Helomics’ services business: “If it is going to be successful, it will,” ​he said

The facility will be based at Helomics’ Lawrenceville, Pennsylvania US-based headquarters.

Helomics entered​ the CRO space in December 2016, following a company restructuring.

Related topics: Clinical Development

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