The Illinois Biotechnology Innovation Organization’s inaugural Member Investor Portfolio Report details the venture investment spread among 99 life sciences companies in 2024.

“This report represents a milestone for our community,” John Conrad, president and CEO of the Illinois Biotechnology Innovation Organization, said in a release. “It’s essential that we track investment activity in our region, identify key trends and most importantly, highlight and celebrate the incredible companies that are driving innovation and raising funds despite challenging market conditions.”

Read more on Crain’s

As John shared with Kyle, we don’t want to just compete with traditional biotech hubs – we’re really focused on redefining what a biotech ecosystem can be in the city of Chicago. This vision is becoming reality through our community’s collaborative efforts and innovative approaches to growth.

We want to extend my sincere thanks to Kyle for crafting such an insightful overview of our evolving landscape. The article is supported by perspectives from leaders who are helping to build our community, including Shana Kelley of CZ Biohub Chicago, John Flavin of Portal Innovations, Michelle Hoffmann of the Chicago Biomedical Consortium, Dan­nielle Appelhaus of COUR Pharmaceuticals, Jim Sullivan of Vanqua Bio, and Joe Nolan of Jaguar Gene Therapy, among others. Their contributions help paint a vivid picture of our ecosystem’s strengths and potential.

We encourage you all to read Kyle’s full article in Endpoints News: “Chicago’s biotech scene is growing up. What’s fueling it?” It offers valuable insights into the factors driving our growth, from our expanding lab space and incubator network to the collaborative spirit among our research institutions.

Genetic Engineering & Biotechnology News (GEN) has unveiled its annual list of top biopharma clusters for 2024, with Chicago making a notable ascent in the rankings. The Windy City has moved up one spot to 9th place, surpassing Seattle and positioning itself just behind North Carolina.

Chicago’s rise in the rankings can be attributed to several key factors:

1. Recent growth in wet lab developments
2. Securing the Chan Zuckerberg Initiative (CZI) expansion
3. The increasing prominence and growth of the AI sector in the region

While these rankings can be subjective, they reflect the significant growth and potential within Chicago’s biopharma community. The city’s climb in the rankings is particularly impressive given the strong competition from other established and emerging biopharma hubs.

North Carolina, which holds the 8th position, has experienced double-digit growth in both employment and facilities over the past five years, setting a high bar for competition. Meanwhile, Seattle, previously ranked 9th, has now been overtaken by Chicago.

To continue its upward trajectory in future rankings, access to capital will be crucial for Chicago’s biopharma sector. The venture capital markets are showing signs of recovery after a nearly two-year downturn, and the deployment of this capital into the Chicago community will be critical for sustained growth.

Currently, much of the available capital is flowing into existing mega-clusters and some growth-stage clusters like Houston and Colorado. For Chicago to compete effectively, it will need to attract a larger share of these investments.

Later this year, the Illinois Biotechnology Innovation Organization (iBIO) is set to release an updated economic report for the Chicago biopharma community. This report is expected to provide more detailed insights into the sector’s growth and economic impact.

While we await the iBIO report, those interested in exploring the full rankings and analysis can find the complete listing on the GEN website.

As Chicago’s biopharma sector continues to evolve and expand, its rise in the GEN rankings serves as both a validation of recent progress and a challenge to maintain this momentum in the face of fierce competition from other leading biopharma clusters across the United States.

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This article was originally published on iBIO NewsBrief. Gain a head start on your day with iBIO NewsBrief. Subscribe to receive top industry headlines delivered straight to your inbox.

Irvine, Calif.-based Edwards said in a press release it was exercising its option to acquire Naperville-based Endotronix following its initial investment in Endotronix’s 2016 Series C financing round.

…

John Conrad, president and CEO of Illinois biotech association iBio, said the news was significant for Illinois.

“Endotronix’s acquisition by Edwards Lifesciences is a remarkable success story for Illinois’ life sciences ecosystem,” Conrad wrote in an iBio statement.

“This acquisition not only validates the innovative spirit and technical expertise fostered in Illinois but also signals to the global health care community that our state is a fertile ground for groundbreaking medical technologies,” Conrad wrote. “Endotronix’s journey showcases the potential for future growth in our biotech and medtech sectors, attracting more investment, talent, and opportunities to Illinois.”

Read more on Crain’s Chicago

Special thank you to Jennifer Hawks Bland and NewYorkBIO for coordinating this group of leaders at the epicenter of the world’s financial sector, and providing us the opportunity to recognize the national collaboration it takes to drive innovation and improve patients quality of life.

Watch the Video

The report, now in its seventh edition, analyzes the latest legislative and regulatory economic development initiatives at the state and regional level that help support the bioscience sector.

“At every level of government, public policy has a profound impact on the bioscience ecosystem and its ability to innovate and grow,” said Rachel King, President and CEO of BIO. “This report provides an in-depth guide for how state policymakers can help foster a strong bioscience economy, fuel job creation, and drive an innovative economy in their state.”

The report reviews public policy initiatives in all 50 states and spotlights noteworthy programs that enhance the future of the bioscience industry. In addition to several specific state policy examples, the report identified four national trends that helped retain and grow the bioscience sector at the state level in 2023:

• Building career pathways for future biosciences talent is crucial.
• States and regions are addressing their regulatory climate to ensure predictable and stable regulatory treatment of biosciences firms.
• Utilization of innovative technology-based economic development tax support strategies is on the rise.
• Universities and research centers continue to be strong partners in pre-commercialization research and technology transfer.

“BIO and CSBA’s new report serves as a roadmap for economic development in the biosciences industry, showcasing proven strategies and innovative practices implemented by states across the US,” said John Conrad, Board Vice Chair of CSBA and President and CEO of Illinois Biotechnology Innovation Organization (iBIO). “Illinois, in particular, has made significant strides in implementing economic incentives to drive growth in the state’s bioscience sector, generating high-quality jobs, and fostering an entrepreneurial ecosystem that remains essential to the industry’s future success.”

“This report confirms the vital role U.S. biosciences companies have in creating jobs and stimulating the economy, and illustrates the continuation of the increasingly-supportive role that state and regional policymakers are playing in company retention and expansion in their locations,” said Pete Pellerito, BIO Senior Policy Adviser and principal author of the report.

The full report is available at bio.org/bestpractices.

The report will be discussed at the BIO International Convention during a session on Tuesday, June 6 at 3:00 pm ET. For more information, visit here.

The 200,000-square-foot site will enhance the company’s ability to create a variety of injectable biologic drugs, including those that treat diabetes, obesity, cancer and autoimmune disease, PCI said in a statement. The site will have product testing capabilities, on-site cold storage and packaging and labeling machines.

John Conrad, the CEO of the Illinois Biotechnology Innovation Organization, said PCI planting roots in Rockford is significant as the region looks to bolster and grow its life sciences and pharmaceutical industry.

“Bio manufacturing is big here,” he says. “It’s a great opportunity.”

Read more on Crain’s Chicago Business

Arriving in the Windy City is Interactome Bio, a Kalamazoo, Michigan-based biotechnology research startup that will expand to Portal Innovations’ lab space in the West Loop.

“I don’t think I’ve seen the level of activity and energy that we’ve seen here over the past two years,” said John Conrad, president and CEO of the Illinois Biotechnology Innovation Organization, to the Chicago Business Journal. “And it’s really been driven by new groups like Portal Innovations coming in and not only providing companies with startup space but also helping them attract venture funding.”

Read the rest of this article on the Chicago Business Journal’s Website

In Illinois, only 25.8% of students in grades 3-8 met or exceeded state standards in math, down 6.2% from 2019, according to the 2022 Illinois Assessment of Readiness.

Falling behind in education jeopardizes the future competitiveness of the region and country, especially in STEM fields where the U.S. already lags some other nations.

It’s critical for the community to come together to address this issue and expose children to learning opportunities and diverse role models. This is especially true for underserved students and girls, who entered the pandemic behind their peers in STEM participation.

The challenges — and opportunities — cannot be understated. If we invest in education today, Illinois, and the U.S., will be positioned to fill the pipeline of future jobs, prevent ongoing labor shortages and continue to lead the world in technology.

Read the rest of Ann Vogel’s letter to the editor in the Chicago Sun Times.

From 2018 to 2021, Illinois’ bioscience sector saw employment grow 4.5% to nearly 91,000 workers across 4,297 business establishments, which include corporate office, manufacturing sites and distribution centers.

“The pandemic really highlighted the importance of the industry from the medical device and diagnostics all the way to therapeutics and vaccines,” says John Conrad, CEO of the Illinois Biotechnology Innovation Organization, or iBio, a life sciences industry booster. “This is an industry that Illinois needs to focus on.”

Read the full article on Crain’s Chicago