Living Proof, a Cambridge-based company that develops hair products, is expected to move into 20,000 square feet of Class A office and lab space at 301 Binney St.

The small, venture capital-backed firm, whose products have been on the market since 2009, will lease the space from BioMed Realty for seven years. The real estate firm developed and built the 400,000-square-foot structure in 2008.

Living Proof will share the building with at least one well-known tenant. The Broad Institute, the pre-eminent genomic research body, occupies about 82,000 square feet at 301 Binney St. And Ironwood Pharmaceuticals sits in about 164,000 square feet in BioMed’s building.

While Living Proof will not occupy as much space as its larger neighbors, one source familiar with the situation said the significance of the transaction comes not from the size, but the quality of the company’s funding. The company’s backers include the likes of Bob Langer, a MIT professor who is one of the largest patent holders in the world and noted as a leader in the biotechnology field; and Jon Flint, co-founder and a managing general partner of Polaris Venture Partners, a $3 billion venture capital fund with offices in Boston, Seattle and San Francisco.