Massachusetts Biomedical Initiatives, a Worcester-based bioscience and technology incubator, has launched a $6-million capital campaign to build out its Pilot Biomanufacturing Center.
“As a top 15 life sciences talent cluster, Central Massachusetts has a great value proposition for biomanufacturing companies that complements the growth of the regional cluster,” Jon Weaver, president and CEO of MBI, said in a Wednesday press release. “Our Pilot Biomanufacturing Center will allow our companies to move from concept to clinical trials in one building, retain them in Central Massachusetts, and strengthen the BioPike from Cambridge to Worcester.”
The campaign funding will help create 10 additional manufacturing labs and 10 new office spaces. This is MBI’s first capital campaign in decades, said spokeswoman Alicia Curran.
MBI’s model, called StartUp & ScaleUp, has graduated 30 companies since it started in 2020. The economic impact of the business support has resulted in $200 million raised and 130 new jobs, according to the press release.
Much of the funding to reach the campaign’s goal has already been secured. The Massachusetts Life Sciences Center has committed $3.5 million, and MBI has received $200,000 in private donations from the David R. Grenon Family Foundation in Sutton and Philip Morgan, former president of Morgan Construction in Worcester and vice chair of MBI’s board. According to the release, $1.8 million still needs to be raised to meet the goal.
