New program to provide pre-seed/seed up to-$250Okay convertible notes to early-stage life sciences corporations in Lowell, Worcester, Springfield, Amherst, and Pittsfield
Springfield—As we speak, the Massachusetts Life Sciences Center (MLSC) introduced the launch of its new Seed Fund to catalyze life sciences improvement and innovations in under-served regions. Via this program, the MLSC and its partners goal to leverage and improve the visibility of regional strengths throughout the Commonwealth by highlighting opportunities in progressive applied sciences and particular person regional assets. Particular person investments can be up to $250,000 in convertible notes with up to $1 million of capital funding obtainable to help life sciences corporations in Lowell, Worcester, Springfield, Amherst, and Pittsfield.
“With this new initiative, we aim to build upon the success already taking place across these keys regions in the Commonwealth,” stated MLSC President & CEO Travis McCready. “Through this Seed Fund, in concert with our full portfolio of programs and partner institutions, we can connect, educate, and serve as a convener by promoting regional strengths in addition to identifying gaps, to serve as a matchmaker to business expertise, diverse talent, and valuable infrastructure.”
The Seed Fund will help the event of progressive, promising life sciences start-ups in targeted geographies across Massachusetts. With an preliminary give attention to Lowell, Worcester, Springfield, Amherst, and Pittsfield, the MLSC hopes to broaden this system to other regions in future years. A key measure of success for this program might be creating targeted opportunities for different buyers to comply with the MLSC’s investment lead and exponentially improve the amount of danger capital invested in these regions.
“The Baker-Polito Administration is committed to nourishing Massachusetts’ nation-leading innovation economy, and this Seed Fund is an important tool to help grow the life sciences footprint regionally,” stated Housing and Financial Improvement Secretary Mike Kennealy. “We are excited to watch as this program unlocks life sciences opportunities, innovative discoveries, and high-quality jobs in Lowell, Worcester, Springfield, Amherst, and Pittsfield.”
On a rolling foundation, corporations might be in a position to apply for up to $250,000 in convertible notes to help novel innovations in all life sciences sectors, including Diagnostics, Digital Well being/Bioinformatics, Medical Units, MedTech, and Therapeutics. Early-stage life science corporations which have but to increase their first priced spherical are strongly inspired to apply for this program.
The MLSC may also function a convener to build upon present collaborative efforts in these regions and pursue new alternatives for growing regional capability for progress in the life sciences. Many regions in Massachusetts are already residence to a verdant presence of major research universities, medical facilities, and incubators. This surroundings of anchor establishments needs to be matched with alternatives for early-stage funding that’s presently more concentrated inside the Larger Boston space. The new seed fund program seeks to catalyze investments in life sciences corporations by fostering the event of revolutionary technologies spun out of the world-class analysis institutions in Lowell, Worcester, Springfield, Amherst, and Pittsfield, and coalescing assets from throughout the Commonwealth.
Additionally happening at present, President McCready joined State Consultant Joseph Wagner, who serves as Assistant Majority Chief in the Massachusetts House of Representatives and State Senator Eric Lesser, who serves because the Senate Co-Chair of the Committee on Financial Improvement and Rising Applied sciences, for a tour of Valley Venture Mentors (VVM) in Springfield. Based in 2011, VVM offers schooling and help to new businesses by means of mentoring and accelerator packages. The visit served as a chance for VVM and state officials to talk about VVM’s position in supporting startups in the area and how the new Seed Fund will help construct upon these efforts.
“At VVM, we work with startups from all industries and recognize the critical role that seed funding plays in the success of high potential ventures,” stated VVM CEO Kristin Leutz. “For this reason, we are very excited about Mass Life Science Center’s new Seed Fund. The life sciences in particular are strong in Western MA with many world class learning institutions here in the region that create opportunities to bring scientists’ brilliant work into practical application in business. We are proud for the part that we can play in helping support the life sciences in entrepreneurship.”
“The Massachusetts Life Sciences Center has been a leader in support of economic development, scientific innovation and job creation in the Commonwealth,” stated Wagner. “I applaud the Center’s continued efforts to further cultivate the life sciences industry, particularly here in Western Massachusetts.”
“This is exciting news for Western Mass, and for the Massachusetts Life Sciences Center which continues to be a leading national model for innovation and job growth in the life sciences sector. This new seed money will support locally-owned healthcare startups based right here in Western Mass, helping them expand their businesses and hire more workers. This grant also helps us make good on our commitment to spread the growth we have seen in this sector beyond just Boston, bringing jobs in this dynamic industry to every corner of our state,” stated Sen. Eric P. Lesser, who helped writer the 2018 Mass Life Sciences Center funding bill as Co-Chair of the Committee on Financial Improvement and Emerging Technologies.
“I expect early-stage companies in Pittsfield, the Berkshires and throughout western Mass. will greatly benefit from this program,” stated State Senator Adam G. Hinds (D- Pittsfield). “I greatly appreciate the Life Sciences Center’s continued attention, support and investment in life sciences development and innovations in all regions of the Commonwealth, especially the four western Counties.”
“As we get ready to open the doors of the Berkshire Innovation Center, the Seed Fund program is coming at a perfect time for Pittsfield and Berkshire County,” stated State Representative Tricia Farley-Bouvier. “It’s yet another tool in our collective toolbox helping our own Berkshire businesses grow, hire and succeed right here.”
“Early stage startup companies are critical to innovation,” stated Jon Weaver, who serves as President and CEO of Massachusetts Biomedical Initiatives (MBI) in Worcester, MA. “The MLSC’s new initiative will provide essential ‘seed’ funding to these early stage companies to promote innovation in our Gateway Cities, create jobs, and improve the lives of patients throughout the Commonwealth.”
“All of us at M2D2 are thrilled to hear the news about the Mass Life Sciences Seed Fund,” stated Mary Ann Picard, Director of Operations at the Massachusetts Medical System Improvement Center (M2D2) in Lowell, MA. “This a boon for Lowell and for our emerging medical device and biotech startup resident companies. We look forward to working with the Mass Life Sciences Center on this important and exciting endeavor.”
The MLSC utilized and acquired a $300,000 federal grant by the U.S. Division of Commerce’s Workplace of Innovation and Entrepreneurship for the launch, scale, and formation of this cluster-focused seed fund. As a requirement of this grant, the $300,000 in federal funding have to be matched with further funding. The MLSC’s Board of Administrators has approved the matching $300,000 in funding from the Center’s Funding Fund. The Seed Fund might be administered in tandem with Massachusetts Switch Know-how Center (MTTC). Since 2004, the MTTC has supported know-how switch actions from private and non-private analysis establishments to corporations in Massachusetts.
“Massachusetts leads the nation in translating academic research to the market and the MLSC Seed Fund will fill a key need to enable academic spin-offs to bridge to private capital”, said Vinit Nijhawan, Interim Government Director, MTTC.
By investing in probably excessive progress life sciences corporations and addressing gaps within these ecosystems, the state is poised to cultivate new companies and promote job creation. Interested corporations can study extra concerning the software and awards course of here.
Concerning the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center (MLSC) is an financial improvement funding company devoted to supporting the growth and improvement of the life sciences in Massachusetts, house to probably the most verdant and productive life sciences ecosystem in the world. By means of public-private funding initiatives, the MLSC supports innovation, schooling, analysis and improvement, commercialization, and manufacturing actions in the fields of biopharma, medical system, diagnostics and digital health. Since its creation in 2007, the MLSC has strategically deployed over $700 million in Massachusetts, via a mixture of grants, loans, capital infrastructure investments, tax incentives and workforce packages. These investments have created hundreds of jobs and propelled the event of new therapies, units and scientific advancements which might be enhancing patient health and well-being in Massachusetts and beyond.