Philadelphia’s gene & cell therapy cluster attracting funding, growing its leased footprint
In just the last five years, the number and size of Philadelphia’s gene and cell therapy companies have both exploded.
October 02, 2019
- In just the last five years, the number and size of Philadelphia’s gene and cell therapy companies have both exploded. The evolution of these companies from academic research efforts into temporary or shared lab spaces and dedicated facilities has corresponded to more than 375,000 s.f. of new lab and office space absorbed. This impressive growth should continue into both 2020 and 2021 as WuXi, Iovance, and other firms build out new space, and as additional firms seek a presence in the region to co-locate in this ever-strengthening ecosystem.
- Betting that Philadelphia’s renowned educational and medical institutions can supply the talent to repeat and expand on the success story of local leader Spark Therapeutics, venture capital has flooded gene and cell therapy companies with a presence in Philadelphia since the beginning of 2018. Over the last two years alone, $805M in venture capital has been invested in local gene and cell therapy companies, a total 2.6 times larger than the previous four years of funding.
- Notable funding rounds include: Century Therapeutics (Series A), Passage Bio (Series B), and Imvax (Venture Round) have received funding amounts of $250M, $110M, and $40M respectively in the last quarter alone. As a result, 2019 funding has already eclipsed its previous record for gene and cell therapy companies. Moreover, the half billion dollars in funding accounts for more than 69.33% of all VC funding raised by Philly headquartered companies in 2019 to date.
Source: JLL Research, CrunchBase