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New
Beverly facility helps life science start-ups
A new facility for early-stage life sciences companies is opening in Cummings Center after the receiving a $50,000 grant from the Massachusetts Life Sciences Center.
The Biotech InnoVenture facility will serve as an incubator for companies with a life science focus in the early days of their ventures, said Dr. Martha Farmer, president of North Shore InnoVentures.
"It's much more than space, it also means that they can share some resources so their costs are greatly reduced," Farmer said, adding that each company in the program has access to a mentor with experience in the field.
The Mass. Life Sciences Center, which donated the money, is a quasi-public agency created by the Mass. legislature in 2006.
Housed at 100 Cummings Center, the facility will not have to pay rent their first year. While the companies will pay North Shore InnoVentures rent, "they're basically going to be getting substantially subsidized space," Farmer said.
According to farmer, the government funds poured into the new facility could help not only the companies, but also the economy.
'This kind of effort, it is an economic development effort," Farmer said. '"That's what we needed, that first piece of government support."
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