MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Mass. Life Sciences Center awards $2.2M to 3 local startups | Funding Roundup

Mass. Life Sciences Center awards $2.2M to 3 local startups | Funding Roundup

By

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.”

Sign up to get our free newsletters delivered straight to your inbox

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. 

Funding

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

Cohera Medical wins $25M in Series C
Surgial adhesive maker Cohera Medical scored $25 million in a Series C funding round, $9 million of which was through new investors. Read more

Aspire Bariatrics raises $16M out of $20M target
King of Prussia-based weight losss device maker Aspire Bariatrics raised $16.2 million out of a $20 million target round. Read more

Zynex secures $7M
Zynex Medical Inc. entered into a $7 million loan & security agreement with Doral Healthcare Finance, according to an SEC filing. Read more

In case you missed it

RSS From Medical Design & Outsourcing

  • In vivo electroporation is an engineering solution for drug and gene delivery
    Why the new buzz about an old technique? Harness the potential of an existing technology for modern medicine. Daniel Friedrichs, Minnetronix Medical Reversible electroporation is the use of an electric field to open pores in a cell wall, allowing transport of drugs, DNA or other “cargo” into a cell — in particular, allowing delivery of… […]
  • FDA and VA Ventures Innovation Institute partner on new medical device testing tools
    The Department of Veterans Affairs’ VA Ventures Innovation Institute in Seattle will host up to a dozen FDA staffers in a new collaboration to develop and share new tools for medical device testing safety and efficacy. The agencies intend to provide developers of devices and new technology with off-the-shelf tools that can help streamline regulatory… […]
  • How Boston Scientific is managing labor shortages with cobots and Spanish
    Boston Scientific (NYSE: BSX) executives said two labor-shortage strategies are paying off in a big way for the medical device maker, which has around 41,000 employees across the globe. Collaborative robotics and Spanish-speaking shifts are helping Boston Scientific deal with labor shortages in the U.S. and elsewhere. That’s according to Global Operations EVP Brad Sorenson… […]
  • 6 power management considerations for developing and scaling smaller, smarter micromedical devices
    Supercharge every phase of micromedical device product development with these questions. Mitch Johnson, Intricon Some of the biggest considerations for designing, manufacturing and scaling today’s smaller, smarter medical innovations center on providing power to microelectronic systems. From mechanical functionality to data operations and wireless communications, effective power management drives continued device innovation. Addressing five fundamental… […]
  • Evonik, Coopmed agree on wound dressing distro deal
    Evonik announced today that it signed an agreement for medical technology company Coopmed to distribute the epicite wound dressing. Jena, Germany-based Evonik said Coopmed will distribute the epicite dressing made from biosynthetic cellulose exclusively to the German market for chronic wound care. Epicite represents part of the portfolio from JeNaCell, which Evonik acquired in 2021.… […]
  • Spartech hires Bosch VP Dan Gallo as chief operating officer
    Spartech today said it hired Dan Gallo as chief operating officer of the engineered thermoplastics and custom packaging manufacturer. Gallo started this month, according to his LinkedIn page. His career leading operations, supply chain and logistics functions spans more than three decades. He was most recently an operations VP at Robert Bosch. Before his time… […]
  • 3M launches Verify platform to spot counterfeit products
    3M (NYSE:MMM) announced today that it established a new 3M Verify platform to report potential counterfeit 3M products. The effort builds upon its anti-counterfeit efforts during the height of the COVID-19 pandemic. At the time, a number of sellers claimed to offer 3M respirators. Instead, many offered fake, defective and damaged N95 masks at inflated… […]
  • FDA will review fewer COVID-19 test EUA submissions
    The FDA is pushing COVID-19 test developers away from emergency use authorization (EUA) submissions in favor of more traditional pathways, the agency said today. The FDA said it intends to review “only a small subset” of new EUA submissions, encouraging test makers to seek regulatory approval through de novo classification or 510(k) clearance pre-market review… […]
  • Integra plans to shrink the C-suite after executive’s exit
    Integra Lifesciences (Nasdaq: IART) will eliminate the position of chief operating officer next week — though the office is already empty. Former COO Glenn Coleman’s last day at Integra was Friday, according to a separation agreement filed with the Securities and Exchange Commission that same day. Coleman was scheduled to start as the new EVP and… […]
  • Steris plans to build a new medical device testing facility
    Steris (NYSE: STE) plans to build a new packaging and microbiological testing facility for medical devices in Leipzig, Germany. The facility will offer packaging testing services such as accelerated and real-time aging, transportation and integrity testing. The new location will also offer microbiological testing in collaboration with the medical device manufacturer and sterilizer’s laboratory in… […]
  • 10 medical device startups you need to know
    Some of the most interesting medical device startups of 2022 are advancing a wide range of innovative medtech: robotics, catheter-delivered brain-computer interfaces and more. The editors here at Medical Design & Outsourcing and MassDevice are writing about medical device startups all the time. But there are some device companies starting out that have technologies that… […]

Leave a Reply