The Mass. Life Sciences Center doled out $2.5 million to four Commonwealth-based companies as part of its accelerator loan program.

The center grants loans to early-stage life science companies that its scientific advisory board deems to have a high potential for commercialization, rapid growth and the ability to raise substantial capital. Thirty-nine companies submitted applications for this round of loans.

The quasi-public agency oversees state dollars allocated to increase the life science industry’s footprint in the Bay State. The accelerator program is part of the Commonwealth’s 10-year, $1 billion life science initiative.

Duxbury-based Aura Medsystems received the maximum $750,000 loan to develop its photochemical bonding technology, used for skin repair, ophthalmology and orthopedics. The technology is being developed out of the Wellman Center for Photomedicine at Mass. General Hospital.

Connective Orthopedics also got $750,000 for its research on stimulating healing of intra-articular tissues, particularly the anterior cruciate ligament using a proprietary platelet matrix composite biomaterial.

The center rebooted the accelerator program in February. Firms that have raised more than $5 million in private financing, won accelerator loans in the past, or are part of a larger parent company are not eligible to receive the loans. In addition, any company that has applied to the center’s Small Business Matching Grant program will not be allowed to apply to the accelerator program.

The second round of 2010 loans will be granted in the fall.

The Center also provides matching grants and tax incentives to life science oriented businesses. The deadline for its 2010 tax incentive round is July 2, 2010 at noon.

Avaxia Biologics of Burlington ($375,000) and 4s3 Bioscience of Medford ($600,000) also pulled down MLSC loans.