CrossLinkBio Inc., a downtown-based China-backed incubator for biotech startups looking to do business in Asia, has hired its first chief executive and raised $350,000 for operations.
The cross-border biotech incubator and business accelerator launched last spring has named Calvin Chen as its chief executive, effective Nov. 1. He replaces interim Chief Executive Winn Hong.
Chen, a lawyer by training and fluent in English and Chinese, was previously a biotechnology investor and cross-border consultant. He also worked in technology transfer and business development for USC, City of Hope National Medical Center and LA BioMed.
CrossLinkBio was founded by the Jiangsu Crosslink Pharmatech Park Co. in tandem with the Jiangsu Industrial Technology Research Institute (JITRI), a government-backed nonprofit group based in the eastern Chinese province of Jiangsu.
Its American partners include the Southern California Biomedical Council, a Los Angeles-based trade organization, and the Alfred E. Mann Institute for Biomedical Engineering at USC.
CrossLinkBio aims to raise $50 million – half from China, half from the United States – to assist startup companies in Los Angeles with developing medical devices for a Chinese health care market expected to reach $1.1 trillion by 2020. The incubator has not set a timeline for the raise.
The Jiangsu research institute contributed the $350,000 for first-year operations, which includes insurance, marketing and a website.
“We have a CEO in place, money in the bank, I presume they’ll be up and running in January, talking to local companies,” said Ahmed Enany, chief executive of SoCalBio.
NEW MATERNITY WARD IN SOUTH LA
Parents and newborns in Inglewood will now have a birds-eye view of the new L.A. Stadium & Entertainment District at Hollywood Park.
Centinela Hospital Medical Center opened a new maternity services and labor unit on its highest floor last week as part of a $100 million expansion and seismic retrofit. A ribbon cutting was held Oct. 29 after 18 months of construction.
The nearly 14,000-square-foot unit combines hospital delivery and maternal services that were once split between two floors onto an eighth-floor center expected to see 100 newborns a month, hospital officials said.
It includes an antepartum comfort room, a cesarean section operating room, 11 postpartum beds and six private recovery postpartum suites with exclusive menus, breastfeeding support, a celebration dinner and a gift for the new moms.
“After a decline in utilization over the course of a number of years, with women looking outside the community to give birth, we are pleased to provide state-of-the-art care with a brand-new unit, new technologies and nursing efficiencies and family bonding opportunities for generations to come,” said Linda Bradley, Centinela Hospital’s chief executive, in a statement.
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