Life Sciences Center awards $980K to Acton startup
The Massachusetts Life Sciences Center (MLSC) has awarded $980,000 to Acton biotechnology startup Excellims Corp., which will provide the company with working capital to fund commercialization efforts, the MLSC said.
Founded in 2005, Excellims makes high performance ion mobility spectrometers (HPIMS) used in analytical life sciences applications. The $980,000 is a loan from MLSC’s Accelerator Loan Program, which seeks to “de-risk” startups by providing flexible working capital. MLSC said Excellims will use the money to build four HPIMS instruments for demonstrations, add to its management team, and hire sales and scientific staff.
Loan awards were issued on a competitive basis, subject to a “rigorous” peer review, according to MLSC. Excellims was awarded close to the $1-million maximum allowed by the program. Since 2009, the Accelerator Loan Program has awarded $18.7 million to 28 companies, MLSC said.
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