AbSci, a Portland biotech company planning to move into the former Red Lion at the Quay building in Vancouver, is closing in on a second round of funding.
That news was delivered by AbSci CEO Sean McClain during the Vancouver Business Journal’s Boardroom Breakfast in early February.
Here are 10 other things that we learned from McClain during the discussion:
- McClain’s company is best known for its proprietary protein manufacturing platform. He joked that even his own father, who works in a technical field himself, has trouble understanding the finer details of how this biotechnology platform works.
- AbSci’s protein technology can reduce drug discovery timelines, streamline scale-up for commercial manufacturing and drastically reduce production costs. This platform can be applied to a wide range of medical disorders including diabetes and cancer. He reworded this and added the production elements.
- In the past two years, AbSci has grown from just a couple of employees to a staff of 12. The company expects to increase that number to 18 by the end of the year.
- McClain said that his company wanted to stay in the region, and was able to based on the opportunity provided by Southwest Washington.
- The Port of Vancouver-owned property where AbSci will soon be located can become a biotech hub, McClain said. But in order to grow that industry in Southwest Washington, he said there needs to be more infrastructure in place.
- AbSci’s upcoming move to the old Red Lion hotel wouldn’t have been possible without assistance from the Columbia River Economic Development Council and the Port of Vancouver. McClain said moving into an old hotel building is helpful because every room already contains plumbing, which reduces build out costs.
- One of the company’s biggest challenges is recruiting, according to McClain, because there is no significant biotech industry here. The company has recruited employees from places like Seattle, the Bay Area and other locations.
- McClain said while the company is currently focused on biopharma, the company may eventually target other industries such as agriculture, where AbSci technology could help to advance bio-pesticides.
- AbSci plans to move out of the old Red Lion building in two to three years once a new facility on the waterfront is complete. The company is working with the port on the design of that new facility.
- McClain said that the employees at AbSci “work hard and play hard.” While the priority is always on getting the job done, they understand the importance of a positive culture, exemplified by “beer Friday” where they gather in the afternoon to taste the finest offerings from the northwest.
