An ambitious medical research institute planned in Fairfax County will create 415 new jobs and bolster the commonwealth’s presence in the biotechnology industry, state and county officials said Monday.
The Ignite Institute, a nonprofit venture by Inova Health System and geneticist Dietrich Stephan, will be focused on developing treatments for diseases tailored to a patient’s genetic makeup.
“This is the place where personalized medicine will take root and flourish,” Stephan, the institute’s chief executive officer, told a crowd at the Fairfax County Government Center.
Both Gov. Tim Kaine and Gov.-elect Bob McDonnell were on hand for the unveiling of the decision. Kaine said the $200 million research institute has the potential to reduce or eliminate the burden of chronic diseases.
The planned 300,000-square-foot facility does not yet have a permanent home within the county. It will initially occupy space at the Center for Innovative Technology in western Fairfax. Once Ignite finds its final location, the temporary space will be opened up as an incubator for other research companies, according to the governor.
Officials said Northern Virginia’s pool of highly educated workers contributed to the decision to open the institute in Fairfax, as did millions of dollars worth of government incentives offered to Ignite.
Inova has committed $25 million as part of the partnership, according to an Ignite Institute news release, and other partners will be announced in the months ahead. The nonprofit said it has already raised over half of its five-year operating budget.
Virginia will contribute $3 million from the Governor’s Opportunity Fund to help Fairfax County accommodate the new institute. The nonprofit will also be eligible for $22 million in performance grants tied to actual job creation. Fairfax won out over neighboring Loudoun County, which was also reportedly in talks to house the new institute.
The venture is the latest in a string of economic victories for Fairfax County. Defense contractor SAIC announced two months ago the relocation of its corporate headquarters to Tysons Corner. The county has also lured Hilton Hotels, Volkswagen Group of America and Computer Sciences Corporation in recent years.
