Fledgling life science incubator Lab Launch Inc. has signed a lease for almost 11,000 square feet in the heart of Monrovia.
Boosted by concessions negotiated by the city, the incubator secured creative office space and science labs at 605 East Huntington Drive and is eyeing a summer launch, according to Chief Executive Llewellyn Cox. The
“It came together pretty quickly,” Cox said of the deal. He added that the suite was previously occupied by a tissue processing company, which left behind high quality biomedical lab space saving Cox’s nonprofit lots of time and money.
“Normally a landlord would tear out the tenant improvements straight off,” said Cox, a molecular biologist. “But our landlord realized the value… all we need to do is build work benches and put sinks in and fit it with basic equipment and we’re ready to go.”
Other benefits included the proximity to research institutions including City of Hope, USC and Caltech, not to mention a five minute walk from Monrovia’s future Gold Line station.
The incubator plans on charging fees starting at $1,200 per month for about 10 feet of bench space and access to equipment, desks and meeting rooms. Premium features like labs capable of handling hazardous materials will be available at greater cost. The incubator does not take a stake in member companies.
The incubator is open to any life science startup, whether a single person outfit looking to test an idea or a company with university intellectual property that needs space for development.
“The goal is to accelerate everyone on the path to success,” Cox said. Lab Launch will start accepting applications in May.
See previous coverage: http://www.labusinessjournal.com/news/2014/nov/24/more-room-bloom/
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