BUCKS COUNTY – December 6, 2021 – State Senator Steve Santarsiero (D-10) announced today that he has secured $1,577,500 in state funds from the Redevelopment Assistance Capital Program (RACP) for the Pennsylvania Biotechnology Center, the life sciences incubator in Buckingham Township.
“I’d like to thank Governor Wolf for supporting my request to dedicate RACP funds for the continued growth and expansion of the Pennsylvania Biotechnology Center,” said Sen. Santarsiero. “We have the potential right here in Bucks County to build a biotechnology corridor that will lead the way in scientific discovery and boost our local economy. The Pennsylvania Biotechnology Center is a shining example of this potential, serving as an incubator for more than 40 companies on the cutting edge of research and scientific advancement.”
Named one of the most successful biotech incubators in the United States, the Pennsylvania Biotechnology Center is dedicated to advancing biotechnology in Bucks County and the region by maximizing synergies between nonprofit scientists and their commercial colleagues, and launching new ideas and discoveries.
“We are ecstatic about this investment to nurture new life sciences companies and create scores of new jobs here in Bucks County,” said Timothy Block, President & CEO of the Pennsylvania Biotechnology Center. “It has been Senator Santarsiero’s steadfast support and commitment to our shared vision for a bio-tech corridor here in Bucks County that is allowing us to compete with the major life sciences clusters in California, Massachusetts, North Carolina and other states.”
Biotechnology is currently a nearly $500B industry globally and growing, with new research and development opportunities each year.
“This grant will help accommodate a waiting list of companies looking to grow at the PA Biotech Center here in Buckingham Township,” added Louis Kassa, Chief Operating Officer of the center. “We are grateful to Senator Santarsiero and Governor Wolf for their partnership in this effort to expand our local economy.”
RACP is a Commonwealth grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects. RACP projects have a regional or multi-jurisdictional impact and generate substantial increases or maintain current levels of employment, tax revenues, or other measures of economic activity. RACP projects are state-funded projects that cannot obtain primary funding under other state programs.
To learn more about RACP projects and grants, visit the Pennsylvania Office of the Budget website.