Deal will facilitate significant progress for Los Angeles bioscience industry cluster
(October 20, 2017) The Los Angeles County Economic Development Corporation (LAEDC) today announced that because of its work, $14.5 million in funding has been approved to help construct the new Los Angeles Biomedical Research Institute (LA BioMed) research building in Torrance, CA. This month, the financing closed successfully and the project has already received approval.
The loan will finance a new state-of-the-art research and development facility on the Harbor-UCLA Medical Center campus. LAEDC worked with LA BioMed executives to analyze financing options, facilitate the funding strategy, and provide collaborative assistance to expedite the project.
The construction of the 78,000 square-foot research facility will allow LA BioMed to promote cutting edge research and collaboration, provide advanced equipment and core facilities, attract promising new and experienced scientists, and build upon its long-standing relationship with Harbor-UCLA Medical Center. Construction has already begun and LA Biomed expects to begin occupying the research facility by the end of 2018.
Founded in 1952, LA BioMed is one of the country’s leading nonprofit biomedical research institutions, which recently announced FDA approval of its breakthrough drug to combat sickle cell disease, a blood disorder that affects millions. Over the years, LA BioMed has operated out of several facilities across the Harbor-UCLA Medical Center campus, some dating as far back as 1943. In order to expand and update its facilities and operations, LA Biomed will move all of its research and support functions into a single modern space located on an integrated, interactive and attractive 11.4-acre site within the Harbor-UCLA Medical Center campus.
“LA BioMed’s implementation of innovative solutions for healthcare to help restore and save lives is inspiring, and LAEDC’s successful collaboration with LA BioMed aligns perfectly with LAEDC’s work to grow jobs in the Los Angeles bioscience industry cluster,” said Carolyn Hull, Vice President of LAEDC. “We see a burgeoning bioscience industry in L.A., creating both lifesaving discoveries and the well-paying jobs that our region’s families need. We are glad we could assist this project so effectively.”