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January 27, 2025 | Tom Ballard

GO Virginia allocates $14.3 million to projects to boost biotech in the Commonwealth

CvilleBioHub and the University of Virginia received $4.3 million of this award.

The biotechnology and innovation landscape in Virginia is set for significant growth, thanks to a recent award from the state’s GO Virginia economic development program and a strategic partnership between CvilleBioHub and the University of Virginia (UVA).

According to a recent announcement, the award will inject a crucial business component into Virginia’s existing biotech ecosystem, bolstering the success of high-potential, early stage life sciences companies. GO Virginia has allocated a $14.3 million funding package to three biotech organizations across Virginia as part of the multiregional initiative “Project VITAL: Virginia Innovations and Technology Advancements in Life Sciences.”

CvilleBioHub, a regional, industry-led organization, received $4.3 million of this award and will collaborate with UVA to establish the region’s first laboratory accelerator at North Fork, a UVA Discovery Park. The Commonwealth BioAccelerator will attract, build, and prepare promising life sciences companies for the commercialization of innovations in therapeutics, medical devices, tools, and digital health aids to address unmet needs in large markets.

“GO Virginia’s investment in CvilleBioHub will enable a significant expansion of the biotech industry in the Charlottesville region,” said Nikki Hastings, Co-Founder and Executive Director of CvilleBioHub. “Our organization is dedicated to bringing biotechnology research goals to life, and this partnership is a game-changer for promoting the growth of the biotech industry in Charlottesville and the Commonwealth. We are so excited to initiate and lead this project following years of strengthening the regional ecosystem.”

UVA will supplement the $4.3 million award with a $750,000, three-year lease for a state-of-the-art, 6,500-square-foot wet lab and office space, along with an additional $300,000 from Albemarle County Economic Development, $100,000 from UVA’s recently established entrepreneurship initiative, UVA Innovates, and $75,000 from the City of Charlottesville to support the accelerator’s programming. The total project funding exceeds $7.5 million with additional support from private donors and local economic development entities in Albemarle County and the City of Charlottesville.



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