LaunchBio, is a well-known start-up accelerator is receiving sufficient support. The Dallas-based network is expecting enormous funding from some of the most prominent philanthropists., located at Pegasus Park was awarded as a part of the annually conducted Build to Space program on Thursday. The program is operated under the U.S. Economic Development Administration.
After being named as the awardee, LaunchBio is now expecting to receive a funding worth $2.1 million. $750,000 of the total funding will be granted by the federal government while the local partners will contribute the remaining $1.4 million through additional funding. LaunchBio Dallas network is set on a mission to expand its efforts to accelerate Dallas biotech start-ups. The company will be integrating the capital and resources from local biotech accelerators nurturing young set-ups.
The recent award received will allow LaunchBio and the local accelerators to execute their expansion plan of business development offering in Dallas. It will also offer the company to recruit a coordinator to design and deploy internship or apprenticeship opportunities for students., a non-profit organization is aiming to enhance the resources it offers to young biotech start-ups.