The state-run Massachusetts Life Sciences Center just launched a new, $2 million grant program called the Life Sciences Milestone Achievement Program which will award funding to area early-stage companies.
“Major global companies have been coming to Massachusetts in part because of the presence of promising early-stage companies that are leading the way in innovation,” Massachusetts Gov. Deval Patrick said in a statement. “Through this new program, the MLSC will deepen the pool of early-stage companies that are creating jobs and new technologies here.”
The program’s aim is to fill up some gaps in the funding space and help companies attract outside funding. Though the grants will be relatively small, it should be enough for startups to help with, say, medical device prototype development or market research. It’s meant to support companies that are too early stage for the MSLC’s accelerator program, which offers up to $1 million in loans to growing life sciences companies, a spokesman told the Boston Globe.
“Our industry and VC partners have identified a gap in the availability of funding to help young companies achieve milestones,” MLSC President and CEO Susan Windham-Bannister said in a statement. “This program is designed to fill that gap by positioning companies for success in attracting private capital.”
The program will begin accepting applications from life sciences startups December 8, and the cut-off date will be February 2, 2015. Winners will be announced in May 2015.
