From the MLSC:
Waltham, MA – The Massachusetts Life Sciences Center today announced the launch of their Fall 2010 Accelerator Loan Program, the Center’s flagship investment program that provides working capital to early-stage life sciences companies. The Center is now accepting applications, which are due by Noon on Monday, November 29, 2010, on the Center’s web site at www.masslifesciences.com.
The Accelerator Program, launched in 2009, has been capitalized with $5.5 million for 2010, with $3,775,000 allocated for the fall round. The Program offers loans of up to $750,000 per company, and 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. The Program provides support to companies at the most critical stage of their development cycle, enabling them to conduct vital research and proof of concept studies, and attract subsequent investment, while improving the odds of bringing cutting edge innovation to the marketplace.
In two prior rounds of the Accelerator program the Center has provided loan financing to ten early-stage companies. In September, 2010 Good Start Genetics became the first of these companies to repay the loan, with interest, after securing $18 million in Series A financing. Good Start Genetics is a molecular diagnostic company based in Boston.
Applications will be subjected to a rigorous evaluation process including a double-blind peer review, evaluation by the Center’s Scientific Advisory Board (SAB) and further screening by the Center’s Investment Sub-committee of the Board of Directors, which includes a live presentation by finalists. Final awards are scheduled to be determined by the Center’s Board of Directors on March 23, 2011. Information sessions for potential applicants will be held across the state during the months of October and November. Dates and locations will be listed on the Center’s web site.