COVINGTON, Ky. (Jan. 10, 2012) – bioLOGIC, a Covington based life science accelerator in collaboration with the City of Covington announced today that the Company has been selected by the Duke Energy Foundation to be one of the first grant recipients of a new pilot economic development program entitled, “Duke Energy Foundation’s Urban Revitalization Pilot Program.” These grants are designed to help spur job growth and retention in urban core communities served by Duke Energy thus impacting local community vitality.
The City of Covington was awarded a $100,000 grant from a pool of $287,710, the highest grant of this round, for the creation of a Life Science Accelerator in partnership with bioLOGIC. These Duke Energy funds will assist bioLOGIC and the City with the implementation of the Life Science Accelerator by hiring a Biotech Accelerator Program Manager and for infrastructure and program build-out at bioLOGIC’s Covington facility. bioLOGIC is planning a 7,500 sq ft expansion of the second floor of their historic building to house more life science companies needing lab and/or office space.
“bioLOGIC is honored to be a part of this pilot economic development initiative sponsored by the Duke Energy Foundation,” stated Charlie LeCroix, PhD, COO of bioLOGIC. “Our partnership with the City of Covington to develop a life science corridor in Northern Kentucky is greatly accelerated with the Duke Energy grant support. We have a list of file science companies waiting for our renovated second floor space.”
Founded in 2007 and headquartered in Covington, bioLOGIC LLC is a Life-Sciences Accelerator offering office/lab space, management and investment services expediting commercialization of life science ideas. bioLOGIC focuses on emerging companies seeking to commercialize strong life science technologies ranging from the latest diagnostic tools to creative advancements in the world of pharmaceuticals. These successes act as a magnet to attract other life science companies to locate their operations in bioLOGIC and/or the immediate area surrounding the Russell Street location contributing to a strong, dynamic local economy.
About Duke Energy Foundation Urban Revitalization Grants
Duke Energy Foundation Urban Revitalization Grants are designed to help spur job growth and retention in urban core communities served by Duke Energy thus impacting local community vitality. Duke Energy has traditionally helped fund large industrial and manufacturing site development through a Site Readiness program but now sees the need to support revitalization of area urban cores. The Site Readiness program helps communities evaluate and prioritize recommendations from a national site consultant and a local engineering firm, to better prepare large tracts of property for future major development. Against the backdrop of a struggling economy, Duke recognizes that this is an opportune time to increase investment in our urban centers to help deter the decline of our inner-core cities and neighborhoods.