May 26, 2016

Massachusetts Life Sciences Center announces $1.5 million in Accelerator loans for promising early-stage companies

The Massachusetts Life Sciences Center (MLSC) announced today the awarding of $1.5 million in Accelerator loan financing to two promising early-stage companies, Lexington-based MX Orthopedics Corp, and Bedford-based First Light Biosciences Inc.

Read the Press Release Here

MX Orthopedics Corp., Lexington – $750,000

  • MX Orthopedics Corp. is a medical device company focused on the development and commercialization of innovative and effective orthopedic devices such as compression staples, screws, plates and intramedullary implants, made from the shape memory alloy Nitinol.
  • Their dynaMX line of fraction fixation implants is designed to address a problem with existing fracture fixation devices; using Nitinol’s properties, these devices will be able to generate and maintain greater compression across the fracture site.
  • Funding from the MLSC will help MX Orthopedics move towards commercialization. MLSC funds will accelerate the filling of key positions to scale up the launch efforts. Funds will also enable the purchasing of inventory for their potential OEM distribution partner.

First Light Biosciences Inc., Bedford – $750,000

  • First Light is commercializing products for rapidly detecting and treating deadly hospital infections.
  • The company’s technology focuses on delivering affordable rapid tests to detect multiple types of hospital infections, including C-difficile, MERSA and urinary tract infections and identify the infectious agent causing them.
  • Their technology enables not only the identification of the pathogen, but also the identification of the optimal antibiotic to treat the patient. They intend to deliver this product at a cost similar to culturing.
  • First Light’s MultiPath platform is an automated bench top analyzer that expects to be able to accommodate a menu of application-specific cartridges.
  • A loan from the MLSC will help First Light Biosciences accelerate the commercialization of their initial consumable diagnostic testing product, and hire and support 3 assay development scientists to accomplish that objective and push forward to achieve FDA approval.