Three Worcester life science companies receive $750K state seed investment
Photo | Grant Welker
Jon Weaver, center, the president and CEO of Massachusetts Biomedical Initiatives, gives a tour in December 2019 of the incubator's new startup space under construction in Worcester. At left is Travis McCready, then-president and CEO of the Massachusetts Life Sciences Center. At right is Lt. Gov. Karyn Polito.
The Gov. Charlie Baker Administration announced on Tuesday it is awarding $750,000 in seed fund investments to three Worcester-based life science companies, including two located at the Massachusetts Biomedical Initiatives incubator.
The funds will be awarded through the Massachusetts Life Science Center’s Seed Fund and come in three separate investments of $250,000 convertible notes.
The awardees include 149 Medical, which is working on developing the first non-invasive medical device intended to measure real-time brain hemodynamics in preterm newborns. The tech is expected to include follow-on indications for ischemic stroke, Alzheimer’s, concussions, and traumatic brain injury.
The second awardee is iVexSol, a startup founded on next generation manufacturing technology to revolutionize the production of lentiviral vectors, according to a press release. The company’s proprietary methodology aims to lower costs and provide a supply of vectors for researchers and manufacturers, which could then shorten clinical development timelines and increase access for patients waiting to receive treatment.
The third awardee is Nutrimedy, a therapeutics startup focused on evidence-based clinical nutrition. It aims to simplify concerns for patients with complex dietary restrictions by enabling them to determine whether or not they can eat certain foods. The technology is already being used in areas like irritable bowel syndrome, short bowel syndrome, oncology and end-stage renal disease.
“These investments build on our administration's commitment to ensuring that businesses and communities across the commonwealth grow and share in the benefits of our thriving life sciences sector," said Lt. Governor Karyn Polito, in a statement.
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