CAMBRIDGE, Mass.--(BUSINESS WIRE)--The LG Chem Life Sciences Innovation Center and LabCentral, today announced a Gold sponsorship agreement including a Golden Ticket which will be awarded to a select startup company in 2020. LabCentral is a shared laboratory space designed as a launchpad for high-potential life-sciences and biotech startups located in Cambridge, Massachusetts. The LG Chem Life Sciences Innovation Center, with its office in Kendall Square, is set up to explore local collaborations in early-stage drug discovery, novel platform technologies, and early clinical development.
“Backed by the large global LG Chem Corporation and located in the middle of the Cambridge biotech ecosystem, we are in a perfect position to engage in collaborations to support and accelerate discovery and development of therapies for patients in need,” said Manfred Stapff MD, PhD, President of the Innovation Center. “Our three-year sponsorship to LabCentral not only supports start-up companies but it also gives us the opportunity to engage in discussions with these companies in ways which would not be possible through traditional networking.”
“Kendall Square remains the world’s epicenter of entrepreneurial ideas, innovation, collaboration and scientific discoveries in biotech and life sciences,” said Johannes Fruehauf, co-founder and president, LabCentral. “LabCentral not only provides early-stage startups access to this ecosystem, but also accelerates their growth through our operating model, unique culture and the support and engagement of our sponsors, so we are excited to have LG Chem Life Sciences Innovation Center join as our newest Gold sponsor.”
As part of the sponsorship agreement, LG Chem Life Sciences Innovation Center will identify a startup company to support with a Golden Ticket for a year with a possible extension. Each Golden Ticket secures a priority space on LabCentral’s waitlist for residency, in addition to underwriting the cost of one laboratory bench for one scientist for one year. Through the Golden Tickets, companies are afforded access to LabCentral’s shared infrastructure, services, operational support and network.
“We are impressed by the scientific quality of research which is possible at LabCentral,” said Alex Gaither, PhD, Vice President of Translational Medicine at LG Chem Life Sciences Innovation Center. “We are now actively looking for, and accepting applications from companies who have innovative platforms or products in the discovery stage and are interested in LabCentral, so we can work together to support their excellent work.”
The LG Chem Life Sciences Innovation Center is currently focused on building a pipeline in Oncology, Immuno-Oncology and Metabolic diseases. As an extension of LG Chem Life Sciences in Seoul, South Korea, the Innovation Center is backed by the full value chain of a global pharmaceutical company. The strategic vision is to bring together opportunities in LabCentral with LG Chem Life Sciences to offer a unique collaboration model leveraging the value of the full LG Chem infrastructure.
A private, non-profit institution, LabCentral was founded in 2013 as a launchpad for high-potential life sciences and biotech start-ups. Operating a total of 100,000 square-feet in the heart of Kendall Square in Cambridge, Mass., LabCentral offers fully permitted laboratory and office space for as many as 70 start-ups comprising approximately 500 scientists and entrepreneurs. More information is available at www.labcentral.org and @labcentral.
About LG Chem Life Sciences Innovation Center (https://innovation.lgchem.com)
The LG Chem Life Sciences brand has been established since the 1980s. Owned by LG Chem, a subsidiary of the global LG group, the LG Chem Life Sciences Innovation Center explores local collaborations to transform lives by inspiring science & leading innovation, partnering with academia and industry for therapeutic development excellence. The Innovation Center will further build LG Chem’s global biotechnology and R&D capabilities across the pharmaceutical value chain. It will continue to build new partnerships, support early development, and create new alliances across the Cambridge ecosystem.