Life Sciences Accelerator Program:
The Massachusetts Life Sciences Center is pleased to announce the launch of its 2010 Accelerator Loan Program. This program reflects the Center’s ongoing commitment to supporting early-stage life sciences companies that will grow employment opportunities and stimulate innovation across the Commonwealth. The Center is targeting a 2010 investment of $5.5 million for this program, with $3.5 million allocated to a first round that will open immediately, and the balance allocated to a second round in the fall.
The primary objective of the Accelerator Loan Program is to provide working capital to early stage life sciences companies that still are in the process of further developing their science/technology and have not yet raised more than $5 million in equity financing.
Accelerator Program loans are capped at $750,000 per company. Target applicants generally are early-stage life sciences companies with a high potential for technology commercialization, rapid growth, and private equity financing. The Accelerator Program is designed to help sustain these companies through a critical stage of development and financing.
In the program's pilot year in 2009 the Center received eighty-eight applications, and funded seven companies for a total of $3.4 million in loans.
If you meet any of the following criteria, you are not eligible to apply to this program:
- You received funding under the Center’s 2009 Accelerator Loan Program
- You have raised $5 million or more in total equity financing
- You are majority owned (greater than 50%) by a parent company that is an operating or holding company and
- Have raised $5 million or more in total equity financing, or
- Have received $5 million or more in financing from your parent, or have raised/received $5 million or more as a combination of 1. and 2. above
- You are majority owned (greater than 50%) by a parent that is an investment company, investment partnership, or investment fund and have received $5 million or more in financing from your parent
The most recent solicitation period for applications closed on March 24, 2010. The Center anticipates that an additional round will be held in the fall.
Future solicitations will be announced on this web site.
Any questions about the accelerator program can be emailed to accelerator@masslifesciences.com
Click here for Press Release >>
See slide presentation from info session here >>
Click here to see the Solicitation >>