Roanoke secures public funding for biotech incubator; Austrian firm to open U.S. HQ

Mayor Joe Cobb told the Chamber that the city has "secured $22,700,000 in local state and federal funding to create rova labs, a new biotech incubator ... that's expected to bring 250 jobs to Roanoke over the next 5 years." The funding is presented as public support to retain biotech investment and nurture startups locally.

Cobb also announced an international private investment: he said the Austrian life-sciences company Rangana will invest $85,000,000 over five years to establish a U.S. headquarters and manufacturing facility in Roanoke, which the mayor said will generate about 435 new jobs. The mayor credited regional partners and higher-education institutions, and noted Radford University and Virginia Tech expansions that the city says will further strengthen the local research and health-sciences ecosystem.