Friday, July 12, 2024

LifeNet Health is expanding in Virginia Beach thanks to this grant

VIRGINIA BEACH — LifeNet Health has received an Economic Development Investment Program grant of $100,000 from the city to support the growth of the company’s cutting-edge research programs.

LifeNet plans to add 44 jobs, with an average salary of more than $55,000 excluding benefits, as part of an expansion to one of its facilities in the city, officials said in a news release.

The company has grown into a global leader in regenerative medicine since its founding in the city in 1982.

There are six locations in the city and they have a worldwide infrastructure that includes facilities throughout the United States, as well as Europe, officials said.

“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 Taylor Adams, the city’s economic development director.  “The medical breakthroughs this company seeks to develop are a testament to its ongoing investments and commitment to quality growth.”

The latest expansion involves leasing an additional 22,000 square feet at 2900 Sabre St. for office and laboratory space, officials said.

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, according to the city.

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’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 has received four EDIP awards from the VBDA in the past 20 years, officials said.

For more information about the EDIP, click here.

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