PROVIDENCE – The R.I. Life Science Hub has awarded $4.5 million to help seven companies either relocate or launch their businesses in the state.
An eighth company that received a grant is already located in Providence.
“These investments underscore the momentum building across Rhode Island’s life sciences sector and the growing number of companies choosing to advance their work here, a reflection of Rhode Island’s emergence as a competitive destination for global biotech innovation, attracting new talent, and driving long-term economic growth for the state,” said Mark A. Turco, CEO and president of the Rhode Island Life Science Hub.
With the commitment announced Wednesday, the quasi-public agency now has distributed a total of $20 million to help launch, grow and attract life science companies in Rhode Island, the hub said.
This latest round of funding includes companies that are advancing breakthrough work across neuroscience, oncology, women’s health, regenerative medicine, and next-generation medical technologies.
“These latest investments further strengthen Rhode Island's position in one of the fastest-growing sectors of the economy,” Gov. Daniel J. McKee said in a statement. “By supporting companies that are choosing to build and scale here, we’re attracting new jobs, strengthening our tax base, and positioning Rhode Island as a serious player in the life sciences market. This is the kind of targeted economic development that delivers real returns for our communities, drives private investment, and keeps Rhode Island’s momentum moving in the right direction.”
Businesses that received funding to relocate to Rhode Island are:
- Lyora Therapeutics, a Massachusetts-based biotech company developing novel genetic medicines for inherited retinal degenerations and hearing disorders. Lyora is receiving support to establish a presence in Rhode Island and advance technology development.
- SymPhysis Medical, a medical device company developing and advancing a device for treating fluid build-up in the chest. The goal is to improve the quality of life and provide independence for these terminally ill patients
- Origyn Solutions, a venture studio focused on accelerating medtech innovation in the field of women’s health. It is receiving support to relocate its portfolio technologies and company headquarters to Rhode Island. Origyn Solutions is currently based in Massachusetts.
- p53-Therapeutics, a biotech company that recently announced it would be part of the Ocean State Labs incubator in the I-195 District. P53-Therapeutics is developing a new class of small-molecule cancer therapeutics targeting mutations in the p53 tumor suppressor gene. The company is receiving funding to establish Rhode Island headquarters and advance IND-enabling work.
Companies receiving RI Innovation Bridge Grants are:
- Homer Therapeutics, a biotech company developing RNA-targeting therapeutics for select oncology indications and other diseases. The company is receiving support for early-stage development milestones and to establish a Rhode Island base.
- Liseva Bio, an innovative biotech company advancing its Liseva Cellular Armor Technology (LCAT), a breakthrough immune cell therapy that enhances the survival, function and anti-tumor activity of T cells and NK cells to fight treatment-resistant solid tumors. Liseva Bio has been awarded funding to support key early-stage milestones.
- EnkaBio Inc., a company advancing orthopedic medicine by developing Celluvoir, a first-of-its-kind cell-based therapy designed to repair meniscus tears with superior healing and long-term joint protection compared to standard suture repair. EnkaBio is receiving funding to support early-stage milestones and company development.
SMOLTAP Inc.
, a Providence-based medical technology startup developing a Class I device to aid in infant and neonatal spinal tap procedures, received an R.I. Lift Grant.
It wasn't immediately clear how many people are employed by each of these companies.
“Each awardee represents an area of the life sciences where Rhode Island has the talent, infrastructure, and research leadership to compete and lead. By supporting these companies at pivotal stages of development, RILSH is helping accelerate breakthroughs that will ultimately improve patient care while strengthening our commitment to building a world-class innovation ecosystem right here in the Ocean State,” Turco said.
