WALTHAM, Mass.--(BUSINESS WIRE)--As part of its efforts to support emerging biotechnology companies with addressing key challenges of bringing new therapies to market, Thermo Fisher Scientific today announced it has become a founding sponsor of Momentum Labs in Alachua, Fla. Momentum Labs will serve as a collaborative laboratory and office space for growing biotech businesses in the greater Gainesville region. The venture is spearheaded by Concept Companies, a national real estate development firm headquartered in Gainesville.
“From a regional and state perspective, Momentum Labs provides critical infrastructure and business development resources to support the growth of life sciences in Florida, giving the ecosystem the opportunity to retain companies rather than losing them to other communities,” said Abhinav Akhoury, vice president, corporate accounts, Thermo Fisher Scientific. “Through our sponsorship, Momentum Labs has the ability to provide the latest innovative technologies to high-growth life science companies that are developing tomorrow’s life-changing medicines.”
The North Central region of Florida is one of the largest biotech clusters in the state, home to over 100 life sciences companies and supporting around 1,200 jobs. Despite this established footing, there is a lack of flexible growth space, making it difficult for emerging companies to succeed. Momentum Labs will be the first space of its type in the region, providing growing life science companies with the ability to scale without having to move to other markets.
Companies that receive support from incubator programs are 87% more likely to survive after five years. Upon graduation, 84% of those companies stay in the communities where they received their support and funding. In partnership with Thermo Fisher, members of Momentum Labs will have access to innovative life science instruments and state-of-the-art lab equipment, infrastructure and resources within the region to support their growth.
“It’s challenging for growing companies to stay ahead of their space needs,” said Brian Crawford, chief executive officer at Concept Companies. “Not only is there a large expense for all the equipment needed, but there are also often extraordinary lead times associated with the acquisition and installation. Partnering with Thermo Fisher Scientific gives us the ability to offer the latest innovative instrumentation and equipment to our members allowing them to leverage their capital for growth.”
“By developing a purpose-built facility for emerging science in the Gainesville community, Momentum Labs is providing critical lab space, access to quality equipment, instrumentation and services, and tailored business development support these companies need for continued exponential growth,” said Kyla Frye, director of science and technology ecosystems and lead for Momentum Labs. “This ultimately helps us retain growing life sciences companies and their talent in the region while giving them the vital resources to advance their therapies from research to the clinic.”
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue of approximately $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com.