The Massachusetts Life Sciences Center awarded a total of $2.2 million in loans to 3 Boston-area life sciences startups – Allurion Technologies, Paragonix Technologies and Intelligent Bio-Systems.
The quasi-public agency’s flagship Accelerator Program provides loans up to $750,000 to early-stage life sciences companies as a part of Massachusetts’ 10 year, $1 billion Life Sciences Initiative.
“The Life Sciences Center’s Accelerator Program is creating jobs and driving innovation by helping early-stage life sciences companies grow into larger companies,” the state’s secretary of Housing & Economic Development Gregory Bialecki, said in prepared remarks. “We look forward to working with these companies as they put down roots and grow in Massachusetts, supporting the future of life sciences and medical technology in our own backyard.”
Weight loss device maker Allurion Technologies Inc.’s flagship system is designed to induce weight loss by displacing volume in the stomach without surgery. The Wellesley, Mass.-based company plans to use the $750,000 loan to pave the way for first-in-man trials.
Paragonix Technologies landed $710,000 from the Life Sciences Center for its Sherpa organ transport devices. The Cambridge, Mass.-based startup currently has a device only for kidney transport but plans to expand its product line to other organs.
The Mass. Life Sciences Center awarded its final $750,000 to Waltham, Mass.-based DNA sequencing company Intelligent Bio-Systems Inc.
This was the 4th round of grants from the Life Sciences Center, which started its 1st round in Dec. 2008.
Here’s a roundup of other dealflow and investment news:
Grove Instruments secures $6M in Series B
Worcester, Mass.-based Grove Instruments Inc. closed a $6 million Series B funding round. The company plans to use the money to help develop the world’s first noninvasive glucometer. Read more