MONROE, La. (KTVE/KARD) — On Tuesday, September 13, 2022, the U.S. Department of Commerce’s Economic Development Administration committed $1.8 million to support the construction of a new Biomedical Research and Innovation Park on the University of Louisiana Monroe campus.

We are committed to diversifying our economy and creating good-paying jobs in key industries like life sciences, and this biotechnology facility has the potential to be a transformative investment for the people of northeast Louisiana.

Louisiana Governor John Bel Edwards

The proposed 45,000-square-foot facility will be built adjacent to ULM’s School of Pharmacy. Its mission is to support the growth of the biotechnical industry in north Louisiana by developing a physical hub for start-ups and existing life sciences companies to develop their business models.

Total capital investment is projected to reach $34 million; EDA and matching funds are dedicated to infrastructure and site development. Once its complete, the project is expected to create 175 new jobs in the Monroe area.