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Biopharm Development & Manufacturing important marketing tool in the recruitment of additional funds from private sources. Cincinnati sits on the Ohio River, which forms the border with northern Kentucky. The bioLOGIC facility is located in Covington, KY, a 19th century river community facing the downtown Cincinnati skyline. This location takes advantage of proximity to a major city with two outstanding research institutions, Cincinnati Children's Hospital Medical Center and the University of Cincinnati. The two campuses are adjoining; Cincinnati Children's is recognized as one of the top pediatric hospitals in the world. Ferrey and Takigiku's decision to locate the biotech accelerator in Kentucky rather than Ohio was based on a number of considerations in addition to the generous SBIR program. Although Covington is a 5-minute drive from downtown Cincinnati, it retains a small-town flavor and, along with it, small-town living costs and an ample range of available commercial real estate. For example, in Covington, current average rates for class A rental space are $15.42 per square foot versus $19.23 in downtown Cincinnati. In addition to the SBIR matches, Covington offered a small pond for a large biotechnology fish to splash in. City fathers and mothers welcomed bioLOGIC with unbridled enthusiasm, and the Duke Energy Foundation awarded a $100,000 grant to the city, which went to bioLOGIC and was critical in providing the recognition and prestige to build the company in its early days. bioLOGIC's home sits in stark contrast to the lavish space-age architecture favored by many biotechnology companies. In construction of its wet labs and office space, the company chose to rehab an historic structure, an 1877 livery stable that had been used as a garage and a warehouse over the years. The expansion encompassed 8,000 square feet, and costs ran to one million dollars, bringing the facility's total square footage to 14,000. There is an adjoining 4,300 square feet of unfinished space in the building available for future development. In addition to Bexion, there are six other companies listed on the bioLOGIC website, and numerous negotiations with other start-ups in the works. The company's location also figures into another tax incentive program not usually available to biotech companies. Both state and federal laws provide for the availability of historic tax credits for the renovation of qualifying structures, subject to guidelines for appropriate exterior preservation. The tax credits can be quite generous, amounting to up to 50% of the costs and can be extended out over a number of years. bioLOGIC is midway between the Covington train July 2013 LifeScienceLeader.com 35