$3 million available to match federal grant funding for early-stage life sciences companies
Waltham, Massachusetts -The Massachusetts Life Sciences Center, a quasi-public agency tasked with implementing the state's ten year, $1 billion Life Sciences Initiative, announced today that the application period for the second year of the Center's Small Business Matching Grant (SBMG) Program will open on Wednesday, January 5th. The Program provides grant funding to match federal small business grants for early-stage life sciences companies in Massachusetts. $3 million will be made available for the program in this round. Applications can be submitted, and more information about the program can be accessed, via the Center's web site at www.masslifesciences.com. Applications are due by 1:00 p.m. on February 14, 2011.
The Small Business Matching Grant Program is targeted at commercialization-ready life sciences companies that have received Phase II or Post Phase II small business innovation research (SBIR) or small business technology transfer (STTR) grants from federal agencies such as the National Institutes of Health (NIH), National Science Foundation (NSF), Department of Defense (DOD) or equivalent. Target applicants are emerging life sciences companies whose products are production-ready and have high potential for market adoption and penetration, are poised for rapid growth that will create jobs in the Commonwealth, and are positioned for additional financing. To be eligible companies must be a small business as defined by the U.S. Small Business Administration (SBA).
The Program will provide matching grants of up to $500,000 to eligible life sciences companies. In 2010, the Program's first year, $1.5 million in grant funding was awarded to three companies. The Center's other programs for industry include the Life Sciences Accelerator, through which the Center provides loan financing to early-stage companies, the Internship Challenge, the Life Sciences Tax Incentive Program, and the Center's Cooperative Research Matching Grant Program.
"These grants help our small businesses grow, while creating new jobs in our innovation economy," said Secretary of Housing & Economic Development Gregory Bialecki, Co-Chairman of the Center's Board of Directors. "Through programs like this one, Governor Patrick's Life Sciences Initiative is making Massachusetts an even more attractive place for life sciences companies to locate and expand."
"Last year we provided grant support to three promising companies, and we expect a strong group of applicants in 2011" said Dr. Susan Windham-Bannister, President & CEO of the Massachusetts Life Sciences Center. "This program is providing important leverage on federal funding and fills a critical funding gap in the lifecycle of life sciences companies."
"The Small Business Matching Grant Program leverages the highly successful Small Business Innovation Research program at the federal level and provides a powerful incentive for life sciences companies to commercialize their products," said Robert Baker, President of the Smaller Business Association of New England (SBANE). "SBANE has aligned itself with the Massachusetts Life Science Center to promote this second round of funding."
"Supporting commercialization-ready life sciences and technology companies through the Small Business Matching Grant Program (SBMG) is a win-win for the Commonwealth, said Robert Nelson, Massachusetts District Director for the Small Business Administration. "By leveraging on the strengths of the Massachusetts economy and the federal funds our small businesses have already received through the SBIR and STTR programs, the program facilitates the creation of high quality manufacturing jobs and real economic development."
The Center will be holding information sessions on the following dates so that interested applicants can learn more about the program and how to apply:
Wednesday, January 12th, 2011 at 9 a.m.; 1100 Winter Street, 1st Floor Conference Room, WalthamThursday, January 13th, 2011 at 9 a.m.; 60 Prescott Street, WorcesterWednesday, January 19th, 2011 at 9:00 a.m.; 600 Suffolk Street, LowellTuesday, February 1st, 2011 at 9 a.m.; 1100 Winter Street, 1st Floor Conference Room, Waltham
To attend an information session please RSVP to [email protected]
About the Massachusetts Life Sciences Center
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. For more information, visit www.masslifesciences.com.