LifeNet Health Approved for Investment Grant to Support Enhancement of LifeSciences Research Program

July 17, 2019

VIRGINIA BEACH, Va. (July 16, 2019) — The Virginia Beach Development Authority (VBDA) has approved an Economic Development Investment Program (EDIP) grant of $100,000 to support the growth of LifeNet Health's cutting-edge research programs. The company plans to add 44 jobs, with an average annual salary of more than $55,000 excluding benefits, as part of an expansion to one of its Virginia Beach facilities.

Founded in Virginia Beach in 1982, LifeNet Health has grown into a global leader in regenerative medicine, with six locations in Virginia Beach and a worldwide infrastructure that includes facilities throughout the United States, as well as Europe.

"LifeNet Health works every day to improve and save lives, and as one of our leading corporate citizens, we could not be prouder of its continued success," said Interim Economic Development Director Taylor Adams. "The medical breakthroughs this company seeks to develop are a testament to its ongoing investments and commitment to quality growth."

This latest expansion involves leasing an additional 22,000 square feet at 2900 Sabre Street for office and laboratory space. It will supplement the 19,900 square feet that LifeNet Health already occupies in the Lynnhaven business corridor. The company will invest $1 million in real estate, $595,000 in furnishings, fixtures and equipment (FF&E) and another $200,000 in materials and technology for a total investment of $1.795 million. The additional positions will bring LifeNet Health's number of full-time employees in Virginia Beach to more than 1,000.

"This expansion strengthens our LifeSciences Division as a Center of Excellence focused on breakthroughs in drug discovery and personalized medicine," said Gordon Berkstresser, LifeNet Health's chief financial officer. "These capabilities make us uniquely qualified to support the development of safe, effective therapies that benefit patients around the world."

LifeNet Health has received four EDIP awards from the VBDA in the past 20 years.

For more information about the EDIP, visit www.yesvirginiabeach.com/Business-Environment/incentives/Pages/economic-development-investment-program.aspx. 