The Massachusetts Life Sciences Center 2012-13 Accelerator Loan Program
The Massachusetts Life Sciences Center is pleased to announce the launch of their 2012-2013 Accelerator Loan Program, the first round of the Program for FY2013. The Accelerator program reflects the Center's ongoing commitment to support early-stage life sciences companies that will expand employment opportunities and stimulate innovation across the Commonwealth. The primary objective of the Accelerator Loan Program is to provide working capital to promising early stage life sciences companies that are still in the process of developing their science/technology.
For this year's program Accelerator loans will be capped at $1 million per company (an increase from last year's maximum of $750,000). Another change is that therapeutics companies will be eligible to apply as long as they have not yet raised $15 million in equity financing (all other companies will continue to be capped at $7.5 million in equity financing).
Target applicants generally are early-stage life sciences companies with a high potential for technology commercialization, rapid growth, and private equity financing. The Accelerator Program is designed to help sustain these companies through a critical stage of development and financing. First launched in 2009, the Program has awarded twenty companies a total of $11.2 million in loans. Four of these companies have already paid back their loans with interest.
The Center has established a web-based interface where companies can apply for a loan under the Life Sciences Accelerator Loan Program. Applications are now being accepted, and are due by August 8, 2012 at noon EST. The Center anticipates that awards will be announced in late December 2012. Applications must be submitted online; the Center will not accept paper submissions.
The Center encourages eligible early-stage companies in Massachusetts to apply. For more information and/or to apply to the Accelerator Loan Program, please visit the Center's website. The Center will also be offering information sessions for interested applicants throughout the state starting tomorrow (Tuesday) morning in Waltham. Details about the information sessions are available on the web site.