CvilleBioHub Director pitches sector to Albemarle EDA

One of the top target industries that economic development officials in Albemarle County seek to grow is “Bioscience and Medical Devices.” The head of an organization designed to promote that sector addressed the Economic Development Authority at their meeting in June. 

“We serve over 2,500 employees and we’ve seen tremendous growth,” said Nikki Hastings, the executive director of CvilleBioHub. “Five hundred new employees since the early pandemic days that we’ve tracked. Over 800,000 square feet of space is occupied both in the city and the county by this sector.”

Hastings said companies in the sector are finding larger and larger amounts of funding. A startup founded by UVA students called Agrospheres raised over $20 million last year in venture capital. Charlottesville-based Rivus Pharmaceuticals raised $132 million. 

“We’re starting to see attention and attraction to this region for the biotech sector which is really exciting,” Hastings said. 

Hastings said the new Paul and Diane Manning Institute of Biotechnology is another opportunity for the industry to grow. It will be constructed at the Fontaine Research Park. However, she said the community is missing a key ingredient and CvilleBioHub exists to advocate for its inclusion. 

“What we lack in Charlottesville and Albemarle is acceleration space,” Hastings said. “Our mission is to engage, resource these companies, accelerate them, provide them with education and knowledge of how do you spin from your concept that you might be developing at the University or even in the community, and so we’re agnostic but support all growth in the biotech sector. This is everything from new drugs being developed, medical devices, software technology supporting health health care initiatives.’

Hastings said a goal is to build that accelerator space that would allow start-ups to grow. They have the support of J.T. Newberry, the interim director of Albemarle’s Office of Economic Development. 

“CvilleBioHub has come back to EDA with more and more impressive results every single year,” Newberry said. “I feel like the organization has continued to make just significant contributions to the community.” 

For more on CvilleBioHub, visit their website. For more on how all of these pieces fit together, continue reading Charlottesville Community Engagement.

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