A quasi-public state agency will give out up to $2 million to early stage life sciences companies, a move that industry insiders say will help fill a gap in funding for promising companies.
The Massachusetts Life Sciences Center will award up to $200,000 each to early stage companies selected by a panel of experts.
Pamela Norton, who is in charge of the MLSC's programs, said the grants will be a key piece in the center's support of the industry.
"This is to fuel the entire continuum of companies from the earliest to the latest," Norton said.
In a report released earlier this year, the Massachusetts Biotechnology Council, an industry trade group, identified increasing seed funding for startups as an important piece of the future of the state's biotech industry.
"This additional funding and focus will be a big help to the early state ecosystem," said John Hallinan, chief business officer for MassBio. "One of the things we identified (as an issue) is the lack of early stage funding."
Abi Barrow, director of the Massachusetts Technology Transfer Center, said even a little funding for an early stage company can do wonders.
"The hardest thing is for newly formed startups to get their first funding in," Barrow said. "Anything they can do to get a little bit of funding in and do a little bit of research to validate what they're doing can only be helpful."
Gov. Deval Patrick said in a statement that the state must continue to invest in all stages of life sciences development.
"The MLSC will deepen the pool of early stage companies that are creating jobs and new technologies here," he said.
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