U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to Cedars-Sinai Medical Center of Los Angeles, California, to purchase equipment for the Cedars-Sinai Biomanufacturing Center. According to grantee estimates, the project is expected to create 444 new jobs and spur $47 million in private investment.
“Already one of the top hospitals in the country, the Cedars-Sinai Medical Center has also become a leader in bioscience manufacturing,” said Secretary of Commerce Wilbur Ross. “Moreover, this new development will help local startup companies in the bioscience industry grow and flourish.”
This investment funds an equipment purchase for the Cedars-Sinai Biomanufacturing Center needed to allow academic, clinical, and commercial researchers to develop and manufacture clinical-grade induced Pluripotent Stem Cell products. The center will also provide lab space and facilities to train workers in regenerative technology.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.