The Center’s Flagship Investment Program provides working capital to early-stage companies
For Immediate Release: Date: February 24, 2010
Contact: Angus G. McQuilken, MLSC VP for Communications
Phone: (617) 921-7749 Email: amcquilken@masslifesciences.com
Waltham, MA – The Board of Directors of the Massachusetts Life Sciences Center today approved the launch of the 2010 Accelerator Loan Program, the second year of the Center’s flagship investment program that provides working capital to early-stage life sciences companies. The Center will begin accepting online applications on Wednesday, February 24th, 2010 with an application deadline of Wednesday, March 24, 2010. A subsequent round will be conducted in the fall, with application dates to be announced. Applications will be accepted via the Center’s web site at www.masslifescience.com.
The Program has been capitalized with $5.5 million for 2010. This year’s program will offer loans of up to $750,000 per company, an increase from the 2009 maximum loan amount of $500,000. The Program seeks to “de-risk” start-up companies that are in need of financing to serve as flexible working capital or for the purchase of capital assets to help selected companies achieve product development milestones and obtain private investment. In addition, the loan terms will now include a warrant which will give the Center the right to purchase equity in the company at a specific price within a certain time frame.
Center Awards nearly $1.4 million to support seven young scientists working on cutting-edge life sciences research.
Waltham, MA – The Massachusetts Life Sciences Center today announced the awarding of $1,380,256 in New Investigator Research Matching Grants. The Center’s New Investigator Grants support innovative life sciences research at Massachusetts colleges and universities. Seven investigators will receive grants of up to $100,000 per year for a two-year period. The grants will be matched dollar-for-dollar by each scientist’s research institution, creating a total new investment of nearly $2.8 million toward life sciences research in the Commonwealth.
This is the Center’s second round of New Investigator Grants. The first round, announced in July 2008, awarded $3.1 million for a three-year period to eleven new investigators across the Commonwealth. Research institutions participating in the first round of grants included the University of Massachusetts campuses in Amherst and Lowell, Harvard Medical School and the Massachusetts Institute of Technology. The Center has thus far invested a total of $12 million in scientific research matching grants, matched dollar-for-dollar by academic institutions and company sponsors, creating a total pool of $24 million to support life sciences research in the Commonwealth.
“Through the New Investigator Grant Program, the Massachusetts Life Sciences Center promotes scientific innovation that will improve the human condition while advancing the careers of these talented new investigators,” said Dr. Susan Windham Bannister, President & CEO of the Center. “We are confident that the work of these young scientists will improve the quality of life in Massachusetts, create jobs, and contribute to medical and scientific knowledge throughout the world.”
“After a rigorous review process by myself and other members of the Center’s Scientific Advisory Board, we recommended these projects as holding great potential for scientific advancement while opening up new opportunities for job creation and growth,” said Dr. Harvey Lodish, Chair of the MLSC Scientific Advisory Board, Member of the Whitehead Institute for Biomedical Research, and Professor of Biology and Professor of Bioengineering at MIT. “By investing in the next generation of researchers, we are investing in the future of scientific innovation in our state.”
One of the recipients of the first round of New Investigator funding last year is Dr. Iain Cheeseman, affiliated with MIT’s Whitehead Institute. “The biggest challenge in starting my own lab has been making sure that we are not limited by availability of funding,” said Cheeseman. “Securing funding is a huge challenge, and this grant from the Life Sciences Center has transformed our ability to be scientists, and to focus on doing good work and recruiting talented people. It has also encouraged other funders to look at my work for potential investment. This support has made an enormous difference for us, and this program is an incredibly smart thing for Massachusetts to be doing.”
Another round-one recipient is Dr. Jesse Mager, Assistant Professor in the Animal Science Department at the University of Massachusetts at Amherst, who is conducting research in the field of developmental epigenetics. “This award has allowed me to pursue avenues I otherwise would not have been able to pursue as a new investigator, and to be fairly ambitious in my goals,” said Mager. “This grant has jump-started my research in a way that has allowed me to move forward aggressively. It’s great to be in a place where there is state support for research in addition to the traditional sources of federal research funding,”
The seven second-round recipients announced today are:
Dr. Jeffrey Bailey (UMass Medical School) -- $100,000 per year for two years
Dr. Jeffrey Bailey will continue his research with dissecting the role of human copy number variation in severe malaria. There is still little known about the genetic mechanisms that allow some people to exhibit resistance to malaria. Dr. Bailey will design methods and then use them to determine if differences in the number of copies of various genes or DNA segments are related to malarial resistance. Techniques developed will be applicable to diseases other than malaria.
Dr. Christopher Gabel (Boston University Medical Center) -- $100,000 per year for two years
Dr. Gabel will explore neural regeneration in C. Elegans using femtosecond laser surgery and advanced optical neurophysiology. Currently, modern medicine is ineffective in promoting neural regeneration after traumatic brain and spinal cord injury. Dr. Gabel will apply novel biophysical techniques and the powerful genetic system of nematode worms to studies of neural regeneration.
Dr. Sun Hur (Immune Disease Institute, Children’s Hospital) -- $100,000 per year for two years
Dr. Hur’s long-term goal is to elucidate the molecular mechanism by which a particular gene, RIG-I, recognizes viral RNAs and activates the immune response. The mechanistic understanding gained from the proposed research will provide a foundation to investigate other innate immune receptors and to develop drugs that can efficiently activate the innate immune response. Such drugs will have a broad and positive impact on the general public health by aiding in the prevention or treatment of infection by many viruses.
Dr. Raul Mostolovsky (Mass General Hospital) -- $100,000 per year for two years
Dr. Mostolovsky will study the SIRT6 protein which modifies histones. Histones are integral parts of the chromosomes and are involved in gene activity. His goal is to understand the role of chromatin in glucose metabolism, and the potential link between metabolism, DNA repair and cancer.
Dr. Mark Niedre (Northeastern University) -- $180,256 over the next two years
Dr. Niedre hopes to develop an instrument that will detect non-invasively very rare cells circulating in the blood. He anticipates that such an instrument will have many applications, e.g., study of the development of metastatic cancer, study of blood stem cell mobilization, and testing of novel compounds that induce mobilization of stem cells into the blood.
Dr. Konstantina Stankovic (Mass Eye and Ear Infirmary) -- $100,000 per year for two years
Dr. Stakovic’s goal is to investigate the significance of a novel finding that the auditory nerve secretes a pro-survival molecule at extremely high levels and to explore the therapeutic implications of this finding. She hopes to develop a method for treating hearing loss due to neural degeneration.
Dr. Satoshi Yoshida (Brandeis University) -- $100,000 per year for two years
Dr. Yoshida hopes to understand how yeast cells maintain the integrity of their cell walls during environmental stress. Because cell walls are unique to fungi but are not found in human cells, the process of wall construction and maintenance in fungi provides an attractive target for anti-fungal therapies.
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center is a quasi-public agency of the Commonwealth of Massachusetts tasked with implementing the Massachusetts Life Sciences Act, a ten-year, $1 billion initiative that was signed into law in June of 2008. The Center’s mission is to create jobs in the life sciences and support vital scientific research that will improve the human condition. This work includes making financial investments in public and private institutions that are advancing life sciences research, development and commercialization as well as building ties between sectors of the Massachusetts life sciences community. For more information, visit
www.masslifesciences.com.
About the New Investigator Grant Program
The New Investigator Solicitation seeks to spur innovative new research and advance the careers of new investigators who are working on cutting-edge life sciences research at Massachusetts research institutions. For more information on the program, visit
http://www.masslifesciences.com/grants/invest.html
Contact
Angus G. McQuilken
Vice President for Communications
Massachusetts Life Sciences Center
amcquilken@masslifesciences.com
617-921-7749
Source: Massachusetts Life Sciences Center
*Updated 7/23/09
One of the greatest challenges facing the new biotech economy is advancing on the foundation of a solid workforce. One of the strongest supporting factors for developing and enhancing an industrial cluster is the steady production and recruitment of skilled applicants for employment. This issue has become increasingly apparent in today’s economic climate where unemployment is reaching an unprecedented high and many potential employers are unable to fill key positions. Massachusetts Life Sciences Center (MLSC) has proposed a solution to this dilemma. The Internship Challenge will place 100 local college students with a company or research lab in their field of interest. The intern gets a mentor, and a glimpse of the life of a researcher and the host institution gets not just an open position filled for the summer but the chance to link with a professional for a lifetime. The launch of the first ever Internship Challenge will be held Monday June 1, at 10:00 a.m. located at Nine Cambridge Center in Kendall Square, Cambridge, MA at The Whitehead Institute for Biomedical Research.
When starting a company there are a number of factors to consider including:
• Access to capital.
• Local incentives for industry.
• A community with a trained workforce.
• Space that will meet your company’s requirements.
• A product with a competitive advantage.
The availability of a skilled workforce is right below getting the funds to build your business.
The MLSC’s Internship Challenge is a workforce development program enhancing the ability of job market talent in Massachusetts. Massachusetts is at the top of life science clusters in the world with Institutions such as MIT, Harvard University, University of Massachusetts, Dana Farber Cancer Research Institute, and large life science firms such as Genzyme, InVivo Therapuetics, New England Peptides, and New England Biolabs. With so many highpoints in the local economy located in the spectrum of the life sciences, it is critical that Massachusetts ensures a steady output of trained, skilled professionals ready to meet the demands of tomorrow’s economy.
Since the announcement of the Center’s Life Sciences Internship Challenge in March, over 500 applicants have submitted requests for placement in the program. Additionally, more than 70 research institutions and companies have committed involvement in the program. As a result, more than 70 applicants have been placed with mentors for this summer. MLSC is holding a launch event for the Internship Challenge Monday June 1, at the Whitehead Institute for Biomedical Research in Cambridge.
The Internship Challenge is open to any student that is a resident of Massachusetts or enrolled full time in a four year college or university located in Massachusetts and majoring in Science, Technology, Engineering, or Mathematics. The intern receives a $4,800 stipend for 8 weeks this summer while working with a host company that will provide a dedicated mentor, and meaningful internship opportunity. The need for increased internship opportunities was identified as a key finding in a recent study jointly released by MLSC and The Massachusetts Biotechnology Council. It is the hope of the Center that this program will continue to inspire interest in the sciences and attract further industry development in the Massachusetts burgeoning life sciences industry.
The launch event will go from 10:00 a.m. until 12:00 p.m. Remarks will be provided by internship sponsors, including InVivo Therapeutics President & CEO Frank Reynolds, New England Peptide CEO Dave Robinson, NP Medical Inc. President Boris Levin, and Jane Staples, Director of Cooperative Education & Internship Programs at the University of Massachusetts at Dartmouth. An expert panel will then answer questions submitted by the students. This session will be led by MLSC President and CEO Dr. Susan Windham-Bannister, with panelists including MLSC Scientific Advisory Board Chairman Harvey Lodish, former Vertex Pharmaceuticals President & CEO and MLSC Board member Joshua Boger, Cytonome Inc. CEO and MLSC Board Member Lydia Villa-Komaroff, and Carmichael Roberts, Partner at North Bridge Venture Partners specializing in investments in the life sciences.
The Massachusetts Life Sciences Center (MLSC) is a quasi-public agency of the Commonwealth of Massachusetts tasked with implementing the Massachusetts Life Sciences Act, a ten-year, $1 billion initiative that was signed into law in June of 2008. The Center’s mission is to create jobs in the life sciences and support vital scientific research that will improve the human condition. This work includes making financial investments in public and private institutions that are advancing life sciences research, development and commercialization as well as building ties between sectors of the Massachusetts life sciences community.
Whitehead Institute for Biomedical Research is a leading, nonprofit research and educational institution that has defined the cutting edge of biomedical science, creating a legacy of research excellence and academic eminence since 1982. Wholly independent in its governance, finances and research programs, Whitehead shares a teaching affiliation with Massachusetts Institute of Technology (MIT), offering the intellectual, collegial and scientific benefits of a leading research university.
Additional articles on the subject.
*Updated 7/21/09
Center will provide $3.4 million to support seven early-stage life sciences companies in Massachusetts
Boston, Massachusetts, (April 29, 2008) –The Massachusetts Life Sciences Center (the “Center”), a quasi-public agency tasked with implementing the State’s $1 billion Life Sciences Initiative, today announced the awarding of $3.4 million in loans to seven early-stage life sciences companies in Massachusetts. The Center’s Accelerator Program provides loans of up to $500,000 to early-stage companies engaged in life sciences research and development, commercialization and manufacturing. The Center’s Board of Directors approved the first-ever round of Accelerator loans today. Seven companies will receive loans out of a total of eighty-eight applications that were submitted to the Center for consideration.
Last month The Massachusetts Life Sciences Center celebrated it's one year anniversary. On June 16,