Manley Visits Portal Innovations, Highlights Biotech Growth in Illinois

Manley Visits Portal Innovations, Highlights Biotech Growth in Illinois

CHICAGO, Ill. -- State Rep. Natalie Manley, D-Joliet, observed firsthand research being conducted by startup life sciences companies during a tour of Portal Innovations, a Chicago-based incubator and venture fund that supports over 50 startup life sciences companies.

The visit was organized by the Illinois Biotechnology Innovation Organization, (iBIO), the state’s life sciences industry association. The life sciences industry contributes nearly half a million jobs to the Illinois economy. This includes approximately 100,000 in life sciences directly, plus an additional nearly 400,000 jobs indirectly in other sectors.

The incubator environment provides critical support to small companies in the form of shared laboratories, equipment, funding and other resources. One of the company labs on the tour was CiRC Biosciences, a startup that is developing regenerative medicines that restore function lost to degenerative eye and brain diseases.

As Chairperson of the House Health Care Availability & Access Committee, Manley made the following statement:

“Incubators like Portal Innovations are a necessary first step for much needed scientific innovation and advancements in healthcare. Start up companies might not otherwise have access to laboratories, equipment or funding, putting an end to medical breakthroughs before they even begin. By providing shared access to these vast and costly resources, incubators open doors to researchers, who at their heart, push for medical advancements to benefit all of humanity.

“Without distracting from the importance of the potential life-saving medical research, we also must not overlook the contributions the life sciences industry brings to the Illinois economy. For these reasons, I am going to continue to work with legislators to not only keep these life science companies in Illinois, but also expand the growth and opportunities for this critically-needed medical research,” Manley said.

The total economic output of goods and services supported by the life sciences sector is $118 billion, according to iBio. The average annual compensation per employee in direct life sciences jobs in Illinois is $153,544. Currently, in terms of employment growth in Illinois, the life sciences industry is rapidly outpacing the total private sector, 7.5 percent (life sciences sector) to 0.4% (total private sector).

Following the tour, iBIO provided an overview of Illinois' life sciences industry, focusing on the startup ecosystem and growth in Chicago's Fulton Market community. The visit concluded with a roundtable discussion with startup CEOs who shared insights into the challenges of bringing new therapies to market.



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