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Baltimore City and Baltimore County economic leadera tried to retain the a spinoutof research. In the end, they just couldn't compete with the cheaper space and deep work forcewin biotech-rich Montgomery County. Amulet's relocation is more proo that Montgomery County has capturing biotechnologgy companies down toa science. Bait the hook with 585,000 square feet of low-cost laboratory space and abourt $650,000 in county money for smalpl loansand grants.
Reel them in with the prospecft of collaboratingwith 40,000 life- science workers and experienced biotech It's a strategy that has workecd with some of the state'w fastest-growing biotechnology firms -- several of them born in Baltimore'z university research labs. And it threaten s Baltimore's efforts to become a hot spot for To get a bigger piecof Maryland's $29 billion biotech industryg and fill two new bioparks, biotech leaders say the Baltimorwe area needs to first figure out how to attract emerging companies -- and work togethee to lure firms -- whether it be to the city or Several biotech executives interviewed for this story say they were caughyt in the middle of a rivalry between Baltimore Countyy and Baltimore City.
They say the area needs to offer affordablelab space, bigger financial incentives and an increase d supply of for-profit companies coming out of , Baltimore. "Baltimore needws to get some skin in the saidCraig Liddell, CEO of Even the man responsible for developint the biopark near says the area is learninyg how to play the game. "We are buildint the plane as we fly saidScott Levitan, development directofr for the Forest City Science + Technology One of Baltimore's competitive disadvantages is its lack of cheapp existing laboratory space.
Chikujee a Baltimore startup, wanted to stay in the It plans to commercialize new medicines developed by another Baltimore biotech, Avanti Therapeutics. But stayinb in Baltimore would have cost the company about $30 per square foot at either of the city'a newest bioparks. Because the space is newer, it needse to be customized and thereforecostd more. The company, at its earlty stage, didn't qualify for state tax credits to help offse tthose costs. In Montgomery County, the company foundx finished lab space forabout $20 per squarew foot and moved to Rockville in February. The companyg has applied for a $100,000 loan from the county.
"For a startup company that is tryingb toraise money, these are big said Arkesh Mehta, CEO of Chikujee. "Montgomery at this juncture, is more maturde than Baltimore." Real estate firme like working with life science companies inthe Baltimore-Washington region say the battlde over cheaper space isn't one Baltimore may win in the near With funding less available and venture capitalists and investorw being more cautious with investments, many early-stages companies are opting for the less expensivew space, said Henry Bernstein, senior vice presideng of Scheer. It's a challenge Baltimore leaders and developerd are workingto overcome.
The UMB BioParjk and the Science + Technology Park at Johna Hopkins havetapped $8 million in state funds earmarkexd for the research bioparks for low-interesft loans to help new tenants customize the spacr for their needs. At the Sciencw + Technology Park at Johnas Hopkins, developers may request a changse inthe state's tax credit program so companie don't have to hire 25 employees to be Developers also added short-term lab spacer at the new bioparks to attract some startup At the UMB BioPark, a tenant could pay about $2,300 a month for a smaller lab and office space.
Montgomery County is making cheaper lab space more attractive with states and local incentives and free businessdevelopmen services. The county awarded loans and grants to 11 biotechnologyh companies from March 2007 throughMarch 2008, totaling according to the . "The smallk incentives are validation of the local governmentthat 'We believe in you,' " said Bernadette a business development specialisf with Montgomery County.
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