PROVIDENCE – The Rhode Island Life Science Hub announced on Thursday it has awarded nearly $1 million in new funding to six companies.
“We are excited about investing into R.I.’s future and helping to grow its economic base. The quality of science and technology arising from our academic institutions and health systems is profound,” said Dr. Mark Turco, CEO and president of the hub. “With the efforts of the RI Life Science Hub and other partners far and wide, we hope to continue to grow our Life Science efforts here in R.I.”
The funds were approved during a June 24 board meeting. This brings the total funding committed by the hub for its Business Development, Innovation Bridge, and Life Science Partner programs to $12 million.
The six recipients were chosen through a competitive process and the awards fall into three different categories: Life Science Partner, a program supporting mission-driven organizations that boost growth in Rhode Island’s commercial life sciences sector; Rhode Island Growth Catalyst, which offers investments to expand life science companies in the state and improve local capabilities; and Innovation Bridge, which closes gaps in technology development and helps with commercialization.
Life Science Partner awardees are:
- Ursanex Ventures, $150,000: A physician-led platform helping early-stage e-health care and life science startups. Funding will expand Ursanex’s clinical, regulatory and strategic leadership in Rhode Island.
- Wearable Biosensing Lab at the University of Rhode Island, $50,000: An interdisciplinary lab focused on biomedical engineering, digital health and wearable technologies. Funding will support HealthHacks RI and the launch of an Industrial Immersion program within the Biomedical Engineering Capstone.
The Rhode Island Growth Catalyst awardee is:
- Reach Neuro, $500,000: A medical device company creating technology to restore motor function and reduce spasticity in chronic stroke patients. Funding will support prototype development.
Innovation Bridge awardees are:
- GeroSen Biotechnologies, $75,000: A company that provides analytical solutions, including a software platform and diagnostic assays, for detection of senescent cells in aging and regenerative medicine. The funding will help with development.
- Lilac BioSciences, $75,000: A company that creates assay workflows for quantifying specific RNA modifications, identity, stability, purity and integrity needed for advancing research and therapeutic discoveries in cancer and neurodegenerative diseases. Funding will support development of a commercial entity.
- Neuroam, $70,000: A company developing a subdermal device to improve epilepsy diagnosis and management, funding will help commercial development.
(UPDATES throughout with grant amounts.)
Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.
