The Innovation Space announced that 50,000 square feet of Class A laboratory and office space will be available in April 2022.
This space, located in The Innovation Space’s headquarters building, is comprised of 33 laboratories, 76 offices, and a network of shared conference rooms, collaboration spaces, and other amenities.
Clients also gain access to the DuPont Experimental Station, a campus with a cafeteria, fitness center, exercise classes, and other resources.
The lab and office footprint aims to enable biotechnology, chemistry, and material science startups as they grow and attain key milestones for expanded facilities. The space available in April 2022 is currently occupied by a large biotechnology client and supports both the advancement of their research and the Inndevelopment of their business.
With the client’s graduation from The Innovation Space in early 2022, the space will be available to the next generation of startups and scaling companies.
Delaware has a shortage of “wet lab” space, with the state offering incentives to landlords and tenants wishing to add capacity.
“We are very pleased to be able to intensify our commitment to the growth of science-based startup companies and drive economic growth,” said Bill Provine, CEO of The Innovation Space. “This space would be a perfect fit for biotech or chemistry-based companies and can support multiple smaller growth companies or be a great home for a rapidly scaling larger company.”
“The Innovation Space has been a critical partner for Prelude Therapeutics in support of our rapid growth,” said Kris Vaddi, CEO of Prelude Therapeutics. “We continue to gain value from their entrepreneur-first business focus and flexible engagement strategies, which have provided us with the framework to expand our company with them from five employees in 2017 to over 100 employees today,” said Vaddi.
Prelude Therapeutics is a clinical-stage precision oncology company developing drug candidates targeting cancer cell pathways. Prelude is a publicly-traded company with a stock market value of $1.5 billion.
Prelude did not respond to a request for comment on ts plans.
“Whether you are just starting out your journey as a science entrepreneur or are have recently raised a multi-million-dollar round of investment, you will find supportive programs and capabilities across The Innovation Space that will enable you to move your startup forward more aggressively,” said Provine. “We are an entrepreneur-first organization and have both physical assets such as leveraged scientific equipment and world-class laboratory capabilities in addition to our supportive suite of business building programs. These programs include our First Fund™ where we provide investment, our Science INC™ cohort-based accelerator where we work intensely over a four-month program with early startups on their business models and connect them with partners and investors; and our Spark Factory mentoring program where we provide access to and advice from seasoned functional experts and business leaders.”
The Innovation Space was formed from a public-private partnership between the State of Delaware, DuPont, and the University of Delaware. The Innovation Space is also known as Delaware Innovation Space and the Home for Science Entrepreneurs.