For Immediate Release
Expansion will create 297 direct, indirect and induced jobs in Central PA
HERSHEY, PA – August 5, 2010 – Hershey Center for Applied Research launched its Technology Suites II project today during a check presentation and ribbon-cutting event.
Congressman Tim Holden; Willie Taylor, Regional Director for the U.S. Department of Commerce, Economic Development Administration; Dean Harold L. Paz, M.D., Chief Executive Officer of Penn State Milton S. Hershey Medical Center; and Laura J. Butcher, Executive Director of the HCAR, along with other esteemed dignitaries from the life sciences field, shared the podium announcing a new era of collaborative health innovations, economic development and job creation in Central PA.
Fiduciary support for the project is made possible through a $1 million grant to HCAR from the U.S. Economic Development Administration’s Public Works program. This highly competitive grant is expected to expedite a growing pipeline of promising early-stage life sciences companies in Central PA, an impact that will initiate job growth for the entire region. Over a five-year period, the HCAR Technology Suites II project is predicted to create approximately 297 direct, indirect and induced jobs, and help move research from academic lab bench to patient bedside.
“This project supports south central PA’s transition from being a legacy economy supported by manufacturing to one that is sustainable and fueled by innovation,” Butcher said. “Our current and future tenants are discovering life-enhancing medical devices, diagnostics and therapies that are creating family-sustaining jobs and enabling south central PA to compete in the global economy."
The Technology Suites II project will operate as a landing pad for domestic as well as foreign-based life-sciences entrepreneurs looking to enter the US market. Within 7,500 square feet of space, companies in the Technology Suites II project will have access to state-of-the-art wet and dry laboratory facilities, as well as strategic business services and research resources. The research park has designed and is prepared to construct a truly unique kind of speculative space that accelerates technology commercialization. It is this ecosystem that will enable young companies to grow and add jobs at an accelerated pace.
In May 2007, the Hershey Center for Applied Research launched its Technology Suites I project, consisting of five flexible wet laboratory facilities totaling approximately 5,000 square feet. These original Technology Suites were supported by a $700,000 grant from the Life Sciences Greenhouse of Central PA, a state sponsored program designed to support early-stage life sciences companies in the region. With all five labs in Technology Suites I currently leased by growing technology companies, the initial project is at full capacity.
With the new EDA grant funding in place to support the attraction and retention of additional life sciences entrepreneurs, HCAR and its Technology Suites II project is positioned to capture the region’s growing demand for wet and dry laboratory facilities, thereby spurring innovation and job creation.
About Hershey Center for Applied Research
As a Wexford Science and Technology property, the Hershey Center for Applied Research (HCAR) is part of a thriving network with connections to some of the country’s most respected research institutions. Our strategic partnership with Penn State University and the Penn State Milton S. Hershey Medical Center offers domestic and foreign-based tenants access to advanced technology and other research resources, and immerses them in a climate of innovation.
With an ideal east-coast location convenient to New York, Philadelphia, Baltimore and Washington D.C., Hershey is an emerging research hot spot that offers a high quality of life and access to a well-educated and stable workforce. By leasing fully customizable research, manufacturing and office space while also providing integrated strategic business services tailored to each tenant, HCAR helps early stage to mature life sciences, nanotech and clean tech companies innovate and grow.