Rhode Island officials on Wednesday touted the unveiling of the first members of the state’s new life science incubator as a sign of economic progress.
The incubator, due to open next year, is meant to spur the growth of innovative companies by bringing together researchers, investors and entrepreneurs. The project is to be housed in a new state health lab taking shape on previously vacant land in Providence’s I-195 District.
The first members of the incubator include companies working to address a cancer mutation, Alzheimer’s disease and the healing of ligament and tendon injuries.
“From gene therapy and tissue regeneration to cancer therapeutics and surgical enhancements, the companies announced today are just the latest indicators that the Life Science Hub is attracting innovative businesses and top talent to Rhode Island,” Gov. Dan McKee said in a statement.
McKee’s office offered this description of the initial members of the life science incubator.
- Pax Therapeutics, advancing gene-delivery technologies to optimize the healing of tendon and ligament injuries.
- XM Therapeutics, developing tissue repair and regeneration platforms for chronic disorders.
- P53 Therapeutics, pursuing a new class of small-molecule therapeutics designed to overcome p53 tumor suppressor mutations in cancer.
- OncoLux Inc., a MedTech company developing advanced optical imaging and AI technology to improve surgical procedures in the field of oncology.
- MindImmune Therapeutics, a biopharmaceutical company focused on neuroinflammation and Alzheimer’s disease.
“There are real companies investing, coming to Rhode Island, trying to grow their business here, create jobs and create medical therapies,” House Speaker Joe Shekarchi said in an interview. “It’s a beautiful day in spite of the bad weather because it’s a Rhode Island success story.”
While the biotech and life science sector in Massachusetts is facing difficulties, Shekarchi said he believes that Rhode Island has a good opportunity to bolster its economy through research and innovation.
The incubator will be located on the fourth floor of 150 Richmond St., in Providence’s former Jewelry District. It will provide more than 30,000 square feet of office and lab space and could host up to 30 companies.
State officials said the incubator, to be known as Ocean State Labs, will be managed by Portal Innovations, a venture development firm. It is being developed in a collaboration with Brown University and $45 million in investment as part of the state Life Science Hub.
Dr. Mark A. Turco, president and CEO of the hub, said the unveiling of the new incubator is an important milestone for the life sciences in the Ocean State.
“By pairing local innovation with Portal’s proven model for nurturing early-stage science,” he said, “we are creating an environment where founders can build successful companies, bringing novel therapies and technologies to the market with the hopes of improving health and well-being across the globe.”
